Luxury home sales in the North Lake Tahoe and Truckee areas took off in the first half of 2016, more than doubling numbers reported in the first six months of 2015, according to the regional office of Coldwell Banker Residential Brokerage.
Multiple Listing Service data showed 131 single-family homes and condo-town houses selling for $1 million or more in the January-June period, up from 65 in the first half of 2015. Most of those, 117, were single-family houses.
The biggest increase in this year’s single-family house sales came in the $1 million to $2,499,999 segment, with 79 transactions, up 114 percent from 37 sales a year ago. There were 29 sales between $2.5 million and $4,999,999, up from 11 in 2015. Nine sales topped $5 million in this year’s first half.
Coldwell Banker said the median sales price of a single-family luxury home in the region in the first half of 2016 was $1,505,000, down 18 percent from the same period a year ago, when the median was $1,837,500. Officials attributed the decline to more “lower end” luxury homes sold so far this year.
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The median sales price of condos and town houses in North Lake Tahoe/Truckee increased 11 percent in 2016 to $1,475,000.
“Some of the things driving our market are the strong stock market, vibrant Bay Area economy, especially in the tech sector, and interest rates that remain near all-time lows,” said Michael Lombardi, manager of Coldwell Banker in the Tahoe region. “All of those factors add up to positive consumer sentiment and a desire to invest in a vacation home in areas like North Lake Tahoe and Truckee.”
Single-family homes changing hands were on the market for a median 94 days in the first half of 2016, compared with 155 days a year ago.