Real Estate News

Luxury home sales in North Lake Tahoe, Truckee area down from year ago

Luxury home sales in North Lake Tahoe and the Truckee area fell in this year’s first quarter compared with the same period a year ago, but the median sales price increased, according to the regional office of Coldwell Banker Residential Brokerage.

Thirty-five homes sold for more than $1 million during the January-to-March period, down 24 percent from 46 high-end sales in the opening quarter of 2014.

The median sale price of the million-dollar homes in the first quarter was $2.02 million, up 15.7 percent from the same period a year ago. The average sales price was $2.89 million, up 17.6 percent from last year.

Michael Lombardi, manager of Tahoe region brokerage, said the year-over-year sales decline “could be expected as 2014 was a banner year for luxury sales, which produced the highest level of sales in the last nine years.”