Real Estate News

North Lake Tahoe, Truckee area luxury home sales soared in 2016

Luxury home sales in the North Lake Tahoe and Truckee area, which dropped off the table during the recession, shot up 50 percent in 2016, according to the regional office of Coldwell Banker Residential Brokerage.

Coldwell said 280 single-family homes and condominiums priced at $1 million and higher sold last year in the North Lake Tahoe/Truckee market, up from 187 unit sales in 2015. The data was compiled by the Multiple Listing Service.

Sales activity was strongest in the single-family home sector. There were 245 sales of single-family homes priced $1 million and higher in 2016, compared with 156 the prior year. The median selling price for a luxury single-family home dipped about 5 percent year-over-year to $1.65 million from $1.73 million in 2015.

Michael Lombardi, manager of the Coldwell offices in the Tahoe region, said “sales activity was fueled by our healthy economy and consumers who continue to see value in owning and investing in vacation homes and other residential property in the region.”

Mark Glover: 916-321-1184, @markhglover