North Lake Tahoe-Truckee Luxury Home Sales Rise, Coldwell Banker Residential Brokerage Reports

Truckee, CA, May 05, 2012 --(PR.com)-- The luxury housing market in the North Lake Tahoe and Truckee area began the new year on a positive note with sales in the first quarter rising over last year's level, according to a new report by Coldwell Banker Residential Brokerage, Northern California’s leading luxury real estate services company.

A total of 21 homes sold for more than $1 million from the January through March period, up from just 15 high-end sales in the first quarter of 2011 – a 40% increase. Luxury sales were down from the fourth quarter, however, when 28 home sales were recorded.

The median sales price of a million-dollar plus home in the Tahoe region dipped 5.5 percent from the previous quarter to $1.3 million and was down from the first quarter of 2011, when the median sales price was $1,875,000.

Other key indictors offered a mixed bag for the high-end market. Sellers received on average 90 percent of their list price, the same as the previous quarter and down fractionally from 91 percent a year ago. But homes took a little longer to sell on average at 272 days on the market versus 207 the previous quarter and 205 in first quarter 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 luxury market in our area continues to show encouraging signs of improving as evidenced by the good sales gains in the first quarter versus last year,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe-Truckee region.

“Buyers who have been sitting on the sidelines are gradually coming back into the market to take advantage of lower home prices along with a good selection of properties," he said. "The recovery in the luxury market, like the overall market, won't always be a straight line up. But we certainly are heading in the right direction once again."

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 5,105-square-foot Carnelian Bay home that sold for $8.6 million;

* The Truckee-Northstar area boasted the most million-dollar sales with 12 while the North Lake Tahoe-Squaw area realized nine luxury sales;

* Homes sold in an average of 272 days, up from 207 days the previous quarter 205 days a year ago.

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 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 #01908304.