Coldwell Banker Residential Brokerage Launches Quarterly Luxury Home Price Report for Truckee-Tahoe Area
Truckee, CA, August 05, 2009 --(PR.com)-- Coldwell Banker Residential Brokerage, the leading provider of real estate services in Northern California, has launched a new monthly luxury housing market report for the Truckee-Tahoe area with the first report finding a median price of $1.25 million and 19 property sales in excess of $1 million during the most recent quarter.
The median price of million-dollar properties sold from April through June was down nearly 6 percent from last year’s second quarter median of $1.33 million, while sales were about half of the 37 luxury homes that sold a year ago.
The average sale price of luxury homes last quarter dipped to $1.66 million, down from $1.77 million in the first quarter of 2009 and $1.91 million in the second quarter last year. The new report includes all sales over $1 million that closed escrow during the quarter, as reported by the Multiple Listing Service.
Luxury home prices and sales in the Lake Tahoe area, like those elsewhere in the U.S., have been affected by the housing market slowdown over the past two years, Coldwell Banker Residential Brokerage reported. The real estate market is starting to see improvement in recent months, but much of the increased activity has been in the lower price ranges.
“The Lake Tahoe area certainly is not immune from the challenging housing market we’re seeing in the rest of the country,” said Mike Lombardi, manager of Coldwell Banker Residential Brokerage in the Truckee-Tahoe region. “But there are some encouraging signs that we may be leveling off and even starting to recover. We’ve seen strong interest in the more affordable price ranges, and that will eventually cascade to the rest of the market.”
Lombardi said there a number of factors that have created a promising buyer’s market in Tahoe. “Lake Tahoe and Truckee properties are priced at levels we have not seen in five years and, coupled with today’s low mortgage rates, this presents great opportunities for savvy buyers,” he said.
Coldwell Banker Residential Brokerage decided to launch the quarterly Truckee-Tahoe Luxury Housing Report because the company has a special expertise in marketing high-end properties through its internationally renowned Previews® program.
“This was a natural fit for us as a high-end, luxury brokerage, and it was something no one else was doing,” Lombardi said. “We see this as a useful tool for Lake Tahoe homeowners and buyers, and we think this will serve as a key barometer of the local housing market in the future.”
Some other findings from the initial Truckee-Tahoe luxury report:
The most expensive sale was $6,288,000 for a seven-bedroom, four-bath Homewood property on Lake Tahoe;
Truckee boasted the most multi-million-dollar sales during the past quarter with 10, followed by Homewood with three;
Homes sold for 72 percent of their average list price of $1.25 million, compared to 77 percent the previous quarter and 91 percent a year ago.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California, serving communities from the Monterey Bay to Lake Tahoe and nearly every market in between. The company has 61 offices and more than 3,600 sales associates throughout Northern California. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than one out of four properties priced above $3 million and one out of every three properties above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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.
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The median price of million-dollar properties sold from April through June was down nearly 6 percent from last year’s second quarter median of $1.33 million, while sales were about half of the 37 luxury homes that sold a year ago.
The average sale price of luxury homes last quarter dipped to $1.66 million, down from $1.77 million in the first quarter of 2009 and $1.91 million in the second quarter last year. The new report includes all sales over $1 million that closed escrow during the quarter, as reported by the Multiple Listing Service.
Luxury home prices and sales in the Lake Tahoe area, like those elsewhere in the U.S., have been affected by the housing market slowdown over the past two years, Coldwell Banker Residential Brokerage reported. The real estate market is starting to see improvement in recent months, but much of the increased activity has been in the lower price ranges.
“The Lake Tahoe area certainly is not immune from the challenging housing market we’re seeing in the rest of the country,” said Mike Lombardi, manager of Coldwell Banker Residential Brokerage in the Truckee-Tahoe region. “But there are some encouraging signs that we may be leveling off and even starting to recover. We’ve seen strong interest in the more affordable price ranges, and that will eventually cascade to the rest of the market.”
Lombardi said there a number of factors that have created a promising buyer’s market in Tahoe. “Lake Tahoe and Truckee properties are priced at levels we have not seen in five years and, coupled with today’s low mortgage rates, this presents great opportunities for savvy buyers,” he said.
Coldwell Banker Residential Brokerage decided to launch the quarterly Truckee-Tahoe Luxury Housing Report because the company has a special expertise in marketing high-end properties through its internationally renowned Previews® program.
“This was a natural fit for us as a high-end, luxury brokerage, and it was something no one else was doing,” Lombardi said. “We see this as a useful tool for Lake Tahoe homeowners and buyers, and we think this will serve as a key barometer of the local housing market in the future.”
Some other findings from the initial Truckee-Tahoe luxury report:
The most expensive sale was $6,288,000 for a seven-bedroom, four-bath Homewood property on Lake Tahoe;
Truckee boasted the most multi-million-dollar sales during the past quarter with 10, followed by Homewood with three;
Homes sold for 72 percent of their average list price of $1.25 million, compared to 77 percent the previous quarter and 91 percent a year ago.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California, serving communities from the Monterey Bay to Lake Tahoe and nearly every market in between. The company has 61 offices and more than 3,600 sales associates throughout Northern California. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than one out of four properties priced above $3 million and one out of every three properties above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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.
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Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
Stephen Maita
510.739.0620
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