The wobbly economy doesn’t seem to have put a dent in the market for million-dollar homes around Tahoe.
Luxury home sales and the median sale price of million-dollar homes in the North Lake Tahoe and Truckee areas nearly doubled in the fourth quarter of 2012 compared to the same period a year before, according to a new report by Coldwell Banker Residential Brokerage.
The figures were derived from Multiple Listing Service data of all homes sold in the region with a sales price of more than $1 million during the most recent quarter.
A total of 50 homes sold for more than $1 million during the October-December period, up more than 78 percent from the 28 luxury sales during the same period in 2011. Fourth quarter luxury sales were also up solidly from the 41 transactions closed during the previous quarter.
This comes at a time when, despite the recession, the top 1 percent are earning 11 percent more than they did a few years ago, while the other 99 percent of the nation’s taxpayers have seen a .4 percent drop in earnings, according to an analysis of U.S. incomes from 2009 to 2011 by UC Berkeley economist Emmanuel Saez.
The median sale price of a million-dollar Tahoe home in the fourth quarter spiked to $2,350,000, up 71 percent from the median price a year before, when it stood at $1,375,000. Last quarter’s median was also up sharply from the previous quarter’s price of $1,539,000.
“The luxury market in the North Lake Tahoe and Truckee area closed out 2012 the way it began, with healthy sales and strong buyer interest,” said Michael Lombardi, manager of Coldwell Banker Residential Brokerage in the North Lake Tahoe/Truckee region.
Lombardi noted that some of the increase in sales could be due to luxury homeowners deciding to sell before the expected increase in the capital gains tax rate, which took effect in January. He added that sales remained strong despite declining inventory levels of homes on the market.
Some other key findings from the Coldwell Banker Residential Brokerage luxury report for the latest quarter:
• The most expensive sale in the Tahoe/Truckee region was a five-bedroom, seven-bath West Shore Tahoe home that sold for $17.25 million;
• The Truckee area boasted the most million-dollar sales with 16, followed by Tahoe City and the West Shore with 11, Kings Beach with six, and Homewood with five;
• Homes sold in an average of 275 days on the market compared to 209 days a year ago and 198 days the previous quarter;
• Sellers received an average of 90 percent of their asking price, the same as a year ago but down from 92 percent the previous quarter.
~ The North Tahoe–Truckee Luxury Housing Report is a quarterly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales with five local offices. Info: (530) 581-7779
