Truckee, CA, August 11, 2011 --(PR.com
)-- Luxury home sales in the North Lake Tahoe and Truckee region moved higher in the second quarter of 2011 but trailed sales during the same period a year ago, according to Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
A total of 23 homes sold for more than $1 million from April through June, up from just 15 homes sold in the first three months of the year. Luxury home sales were off from the second quarter of 2010 when 32 homes sold for more than a million dollars.
After spiking during the first quarter, the median sale price of million-dollar homes dipped in the second quarter to $1.4 million. That was down from $1.7 million during the second quarter last year and $1,875,000 during the first three months of this year.
Other key indicators showed a fairly flat market. There were five sales of $2 million or more during the second quarter compared to six during the first quarter, but down from 12 a year ago. In addition, homes sold for an average of 91 percent of their asking price, the same as the first quarter and up from 90 percent during the second quarter of 2010.
The figures were derived from Multiple Listing Service data of all homes sold in the region for more than $1 million during the most recent quarter.
“We had a fairly strong second quarter in terms of luxury home sales, but measuring against the second quarter a year ago was a pretty high bar to reach,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region. “Last year at this time the economic news was somewhat better. In addition, the federal homebuyer tax credit was still in effect, which could have played a small role, too.”
Lombardi noted that although the tax credit was aimed at the entry to mid-level range of properties, it generated activity across the board, including move-up buyers looking to take advantage of attractive values in the higher end of the market.
The Tahoe housing market is still facing a number of headwinds, Lombardi noted, including the sluggish economic recovery, a skittish stock market and anemic job growth. “Until we see some strong economic numbers, it will be hard for the housing market to have a strong, sustainable recovery of its own,” he said.
Some key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:
* The most expensive sale in Tahoe-Truckee region was a six-bedroom, seven-bath 5,200-square-foot Norden property that sold for $3.35 million;
* Truckee again boasted the most million-dollar sales 11, followed by Olympic Valley with four, and Tahoe City and Carnelian Bay with two each;
* Homes sold in an average of 288 days, up from 205 the previous quarter and 241 a year ago.
The North Tahoe Luxury–Truckee Housing Report is a quarterly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage serves the North Lake Tahoe-Truckee area with five offices: 531 North Lake Tahoe Blvd. in Tahoe City, 475 North Lake Tahoe Blvd. in Tahoe City, 17400 Northwood’s Boulevard, Truckee, 10095 Dorchester Drive in Glenshire, and 6921 North Lake Boulevard in Tahoe Vista. For more information, please call 530.581.7779.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 750 offices and 45,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE # 00313415.