Truckee, CA, August 11, 2012 --(PR.com
)-- Luxury home sales and the median sale price in the North Lake Tahoe and Truckee areas edged higher in the second quarter, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.
A total of 22 homes sold for more than $1 million from the April-June period, up from 21 high-end sales in the first quarter of the year. The median sale price of a luxury home also rose 3.8 percent from the previous quarter to $1.35 million.
On a year-over-year basis, luxury home sales were down fractionally from the 24 transactions in the second quarter of 2011 and the median sale price was off 3.6 percent from the same period last year.
Other key indictors offered more encouragement for the high-end market. Sellers received 95 percent of their asking price on average for homes that closed during the second quarter, up from 90 percent the previous quarter and 91 percent a year ago.
Additionally, luxury homes sold at a much faster pace in the second quarter with an average of 75.5 days on market compared to 272 days in the first quarter and 285 days in the second quarter of 2011.
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.
“The North Lake Tahoe and Truckee luxury markets have come a long ways since the recessionary downturn," said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region. "The market continues to firm up and move back towards normalcy as more buyers take advantage of the outstanding values to be had in our housing market."
Some other 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, five-bath west shore Tahoe home that sold for $11 million;
* The Truckee area boasted the most million-dollar sales with 10, followed by the west shore Tahoe with seven and the north shore Tahoe with five;
* Five homes sold for more than $2 million in the quarter, exactly the same number as the prior quarter and year ago periods.
The North Tahoe–Truckee Luxury 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 725 offices and 41,500 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 #01908304.