Luxury Trends 2nd Quarter 2019 Tahoe/Truckee Market Report
DicksonLuxury.com
COVER PROPERTY FEATURED:
WELCOME
TO OUR 2ND QUARTER 2019 LUXURY MARKET REPORT
2221 SILVER FOX COURT NORTHSTAR $5,195,000
The summer months have arrived bringing beautiful warm days and nights. Local area offerings come alive with exuberant events for individuals and families. Along with the profusion of physical activities available, there is an abundance of on-going happenings such as festivals, live concerts, music in the parks and star gazing. If you just want to chill and relax, this is one of the most pristine environments to enjoy the crisp, clean air of the mountains, rivers and lakes, be it on a beach or on your deck. The Luxury homes market, while slightly slower than last year, continues to show good results. There were 125 sales of Luxury Home properties through the 2nd quarter 2019, compared to 156 in the same period 2018. We attribute at least some of the slowing to be the result of an unusually long, protracted winter season. The Luxury Home market continues to demonstrate significant results. A majority of the sales, 67%, achieved an average pricing of $1.4 million; 10% were at $2.5 million; 15% averaged $3.8 million and 8% sold at an average $9.0 million. Sale leaders are North Lake Tahoe at 14%, followed by Northstar at 13% of the sales. Current inventory remains low with only 250 active listings. Based on the continued low inventory, we expect the market pricing to remain relatively stable. We trust you will find the information useful in planning your next real estate sale or purchase. Our team of Dickson Realty Luxury Specialists are here, as always, to provide you with an extraordinary experience based on its unique market knowledge.
—Broker/Manager, Dickson Realty Truckee
Luxury Home Averages Over $1 Million January - June 2019 compared to January - June 2018
-21%
-6%
-4%
+13%
TOTAL UNITS SOLD
AVERAGE SOLD PRICE
AVERAGE PRICE PER SF
AVERAGE DAYS ON MARKET
2019: 84 2018: 106
2019: $2,216,313 2018: $2,364,920
2019: $612.57 2018: $640.45
2019: 116 2018: 103
Data Source: Tahoe Sierra Multiple Listing Service (TSMLS) as of July 8, 2019
Luxury Home Sales over $1 Million Truckee NUMBER OF SALES AVERAGE SALES $ HIGHEST SALE $
84 $2,216,313 $7,450,000
Alpine Meadows NUMBER OF SALES AVERAGE SALES $ HIGHEST SALE $
North Shore, Lake Tahoe, CA NUMBER OF SALES AVERAGE SALES $ HIGHEST SALE $
18
8%
NUMBER OF SALES
$2,115,000 $3,650,000
$2,159,111
AVERAGE SALES $
$5,475,000
HIGHEST SALE $
$3,000,000– $4,999,999
15%
HIGHEST SALE $
$1,679,214 $3,200,000
13 $5,333,230 $37,000,000
Active Listings Over $1 Million $5,000,000 and higher
$1,000,000– $1,999,999
67%
AVERAGE SALES $
7
West Shore, Lake Tahoe, CA NUMBER OF SALES
Sold Listings Over $1 Million $5,000,000 and higher
3
Squaw Valley
10%
$1,000,000– $1,999,999
58%
$3,000,000– $4,999,999
14%
$2,000,000$2,999,999
$2,000,000$2,999,999
10%
18% $1,000,000– 84 Sold Listings $1,999,999 $1,402,724 Average Price
$1,000,000– 145 Active Listings $1,999,999 $1,443,444 Average Price
$2,000,000– 12 Sold Listings $2,999,999 $2,538,708 Average Price
$2,000,000– 46 Active Listings $2,999,999 $2,332,130 Average Price
$3,000,000– 19 Sold Listings $4,999,999 $3,823,554 Average Price
$3,000,000– 35 Active Listings $4,999,999 $3,907,371 Average Price
$5,000,000 10 Sold Listings and higher $9,152,500 Average Price
$5,000,000 24 Active Listings and higher $7,938,250 Average Price
102 Average Days On Market
92 Average Days On Market
122 Average Days On Market
187 Average Days On Market
128 Average Days On Market
143 Average Days On Market
132 Average Days On Market
183 Average Days On Market
Data Source: Tahoe Sierra Multiple Listing Service (TSMLS) as of July 8, 2019
Recent Dickson Sales
SOLD $5,475,000
Buyer Representation by Dickson Realty
SOLD $1,700,000
Buyer & Seller Representation by Dickson Realty
SOLD $1,600,000
Buyer Representation by Dickson Realty
Lake Tahoe
Tahoe Donner
Tahoe Donner
SOLD $2,545,000
Buyer Representation by Dickson Realty
SOLD $1,700,000
Seller Representation by Dickson Realty
SOLD $1,589,000
Buyer Representation by Dickson Realty
Soda Springs
Tahoe Donner
Gray’s Crossing
Recent Dickson Sales
SOLD $1,500,000
Buyer Representation by Dickson Realty
SOLD $1,495,000
Seller Representation by Dickson Realty
SOLD $1,250,000
Buyer & Seller Representation by Dickson Realty
Tahoe Donner
Donner Lake
Tahoe Donner
SOLD $1,500,000
Buyer Representation by Dickson Realty
SOLD $1,420,000
Buyer Representation by Dickson Realty
SOLD $1,165,000
Seller Representation by Dickson Realty
Tahoe Donner
Donner Lake
Northstar
Recent Dickson Sales
SOLD $1,150,000
Seller Representation by Dickson Realty
SOLD $1,100,000
Seller Representation by Dickson Realty
SOLD $1,050,000
Buyer Representation by Dickson Realty
Tahoe Donner
Tahoe Donner
Old Greenwood
SOLD $1,125,000
Buyer Representation by Dickson Realty
SOLD $1,075,000
Seller Representation by Dickson Realty
SOLD $1,025,000
Buyer & Seller Representation by Dickson Realty
Tahoe Donner
Tahoe Donner
Tahoe Donner
Current Luxury Listings Cover Home
$5,195,000
2221 Silver Fox Court
MLS# 20191481
$2,297,000 2009 Red Tail Court
MLS# 20191477
Pending
$1,980,000
13972 Skislope Way
$1,395,000 735 Conifer
MLS# 20191669
MLS# 20191498
$1,349,000 15522 Foxboro
$1,300,000 16356 Greenlee
MLS# 20191371
MLS# 20190894
Current Luxury Listings
$1,175,000 237 Basque
$1,149,000
11726 Kitzbuhel Road
MLS# 20191483
MLS# 20190510
$1,149,900
13770 Pathway Avenue
$1,050,000 1026 Martis Landing
MLS# 20190388
MLS# 20191478
Pending
$1,035,000 12838 Skiview Loop
MLS# 20191435
$1,000,000 13988 Swiss Lane
MLS# 20191700
Old Greenwood
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$2,155,000
-4.2%
$2,249,333
FROM LAST YEAR
MEDIAN PRICE
$2,155,000
-3.9%
$2,243,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
+331% FROM LAST YEAR
UNITS SOLD
-67%
FROM LAST YEAR
138
32
DAYS ON MARKET
1 UNITS SOLD
3
Gray’s Crossing
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$1,530,500
+14.8%
$1,333,125
FROM LAST YEAR
MEDIAN PRICE
$1,550,000
+22%
$1,270,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
+12%
FROM LAST YEAR
UNITS SOLD
+25%
FROM LAST YEAR
119
106
DAYS ON MARKET
10 UNITS SOLD
8
Lahontan
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price AVERAGE $
2019 2018 2018
AVERAGE PRICE
+41.7%
$2,961,428 $2,089,325
FROM LAST YEAR
MEDIAN $
MEDIAN PRICE
+57.6%
$2,810,000 $1,783,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
-12%
FROM LAST YEAR
UNITS SOLD
-42%
FROM LAST YEAR
124
141
DAYS ON MARKET
7 UNITS SOLD
12
Schaffer’s Mill
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price AVERAGE $
2019 2018 2018
AVERAGE PRICE
+5.3%
$1,401,500 $1,255,000
FROM LAST YEAR
MEDIAN $
MEDIAN PRICE
+15.3%
$1,447,000 $1,255,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
+109% FROM LAST YEAR
UNITS SOLD
+20% FROM LAST YEAR
69
33
DAYS ON MARKET
6 UNITS SOLD
5
Martis Camp
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$4,955,195
+0.5%
$4,928,944
FROM LAST YEAR
MEDIAN PRICE
$4,620,000
+1.5%
$4,550,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
-16%
FROM LAST YEAR
UNITS SOLD
-46% FROM LAST YEAR
153
183
DAYS ON MARKET
13
24
UNITS SOLD
Northstar
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$1,839,812
-16.6%
$2,207,066
FROM LAST YEAR
MEDIAN PRICE
$1,649,500
-2.7%
$1,695,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
+36%
FROM LAST YEAR
UNITS SOLD
+7%
FROM LAST YEAR
190
140
DAYS ON MARKET
16 UNITS SOLD
15
Squaw Valley-Alpine Meadows
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$1,809,950
+24.4%
$1,455,416
FROM LAST YEAR
MEDIAN PRICE
$1,475,000
+8%
$1,366,250
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
-47%
FROM LAST YEAR
UNITS SOLD
+67%
FROM LAST YEAR
120
225
DAYS ON MARKET
10 UNITS SOLD
6
Lake Tahoe – North Shore
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$2,159,111
-28.3%
$3,013,104
FROM LAST YEAR
MEDIAN PRICE
$1,565,000
-10.1%
$1,740,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
-2%
FROM LAST YEAR
UNITS SOLD
-36%
FROM LAST YEAR
112
114
DAYS ON MARKET
18
28
UNITS SOLD
Lake Tahoe – West Shore
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$5,333,230
+7.8%
$4,948,800
FROM LAST YEAR
MEDIAN PRICE
$2,000,000
+13.6%
$1,760,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
-24%
FROM LAST YEAR
UNITS SOLD
-13%
FROM LAST YEAR
66
87
DAYS ON MARKET
13 UNITS SOLD
15
Tahoe Donner
January-June 2019 vs. 2018 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2019
2018
AVERAGE PRICE
$1,340,019
+10.8%
$1,209,777
FROM LAST YEAR
MEDIAN PRICE
$1,320,000
+12.8%
$1,170,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2019
2018
DAYS ON MARKET
+11%
FROM LAST YEAR
UNITS SOLD
-37% FROM LAST YEAR
49
44
DAYS ON MARKET
17
27
UNITS SOLD
I’M LOCAL I’M GLOBAL
®
INDUSTRYLEADING SALES. WORLD-CLASS SERVICE.
MORE U.S. HOME SALES VOLUME $32 BILLION MORE U.S. HOME SALES VOLUME IN 2018 THAN OUR CLOSEST COMPETITOR AMONG THE TOP 500 FIRMS 300
Leading Real Estate Companies of the World® Keller Williams
565 COMPANIES
4,300 OFFICES
130,000 SALES ASSOCIATES
OVER 70 COUNTRIES
250
Non-LeadingRE Independents Berkshire Hathaway Home Services RE/MAX
$222
Sotheby’s International Realty Century 21
200
HomeSmart
$192
ERA
$182
Better Homes & Gardens Realty Executives Exit Realty
150
100
®
Leading Real Estate Companies of the World
1.1 MILLION GLOBAL TRANSACTIONS
Coldwell Banker
$254
$89
$83 $72
50
$30 $14
$14
$12
$7
$.5
0
Volume shown in billions of dollars This bar chart is sourced from REAL Trends Top 500 for 2018, realtrends.com
®
© 2019 Leading Real Estate Companies of the World. All Rights Reserved. C–Sales Volume. 04.19
Equal Housing Opportunity.
As an affiliate of Leading Real Estate Companies of the World,® Dickson Realty is a local and global market leader working on your behalf. LeadingRE’s world-class marketing resources and connections allow us to provide you with a truly exceptional real estate experience.
GLOBAL EXPOSURE LOCAL EXPERTISE In the luxury market, no other real estate services company offers today’s experienceoriented and increasingly sophisticated clientele the global reach and local expertise of Dickson Realty and Leading Real Estate Companies of the World. As the region’s most respected brokerage and a member of Luxury Portfolio International, your extraordinary property will be represented by some of the most competent, connected and highly respected professionals, who will deliver the broadest possible exposure to more than 55 million affluent consumers locally and around the world.
300
200 SALES VOLUME SHOWN IN BILLIONS OF DOLLARS
100
C O
M LE PA AD NI IN ES G O RE F A TH L E EST W A O TE ke RL l c l r D®
o er e/ be l dw w i m a rk e l l x sh l l i a m ir b a s e ha n k th e r aw ay
0
For informational purposes only. Based on available data for average sales units per agent and average sales prices per firm. In compiling this report, LeadingRE relies on third party sources including REAL Trends National Network 2018 Totals Final Report and REALTOR® Magazine 2017 Franchise Report. LeadingRE is not responsible for the accuracy of third party data.
Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
MEDIA AS LIFE Media consumption, for all age groups and affluence levels, is no longer about just entertainment or education. Today, media use is as much a part of life as the 8-hour workday. In fact, the average affluent homeowner2 spends more time with media than they do at work. AVERAGE NUMBER OF HOURS SPENT PER WEEK
41.4
At work
44.4
Consuming media
BREAKING DOWN THE HOURS Time online rivals television for the single-most timeconsuming activity among homeowners. The shift to time on screen is led by the Millennials (ages 20–39) who in fact are substituting screen for TV time. An enduring myth is that Millennials do not read, which is not the case among the affluent homeowner population. With that group, we see reading books is a significant part of their media consumption each week, outstripping Gen Xer reading habits. Boomers remain the largest consumer of newspapers by age.
ON AVERAGE, HOW MANY HOURS DO YOU SPEND EACH WEEK ON EACH OF THE FOLLOWING?
TOTAL: Media hours per week Watch TV (on a TV or any other device) NET: Hours online or social media • Spend time online
(other than social network or email)
• Use social network sites Listen to radio or streaming music NET: Hours reading (print or digital) • Read books • Read newspapers • Read magazines
All
Buyers
Sellers
Millennials
Gen X
Boomers
44.4 10.5 15.9 10.5 5.4 6.4 11.6 4.8 3.9 2.9
50.1 9.7 19.0 11.4 7.6 6.9 14.5 5.8 4.6 4.1
49.9 10.2 18.0 11.2 6.8 6.8 14.9 5.0 5.2 4.7
45.2 8.1 19.9 11.6 8.3 6.0 11.2 5.1 3.0 3.1
42.9 11.3 15.4 10.8 4.6 6.6 9.6 3.8 3.7 2.1
44.4 12.3 11.7 9.0 2.7 6.9 13.5 5.2 4.9 3.4
It is then no surprise that, as of 2017, it was estimated that Americans are exposed to between 4,000 and 10,000 ads daily.3 Globally, companies spent an estimated $629 billion on advertising in 20184 with 43.5% going to digital ads (mostly on those optimized for mobile). This onslaught of messaging has created a consumer who is eager to block out unwanted communications and find ways to take greater control over their experiences.
% AGREE
77%
There is so much advertising I don’t really pay attention to it
2
60%
I consume media that helps me avoid advertising
Hereafter in this paper every reference to “homeowner, buyer or seller” refers specifically to those that own or are in the market to buy or sell a property valued at $1M USD or more. 3 Forbes, Finding Brand Success in the Digital World, August 2017 4 The eMarketer Forecast for 2018: Global Ad Spending, May 4, 2018
Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
lux¡u¡ry (luhk-shuh-ree) noun 1. the state of great comfort and extravagant living. synonyms: opulence, luxuriousness, sumptuousness, grandeur, magnificence, splendor, lavishness, the lap of luxury, a bed of roses, (the land of) milk and honey.
TRUCKEE 530.587.7444 DOWNTOWN RENO 775.324.7000
CAUGHLIN RANCH 775.746.7000
PORTOLA 530.832.1700
DONNER LAKE 530.587.4811
DAMONTE RANCH 775.850.7000
SOMERSETT 775.746.7222
NORTHSTAR 530.562.1140 MONTRÊUX 775.849.9444
SPARKS 775.685.8800
DicksonLuxury.com | luxury@dicksonrealty.com
© 2019 Dickson Realty. All rights reserved. Although the information above is deemed reliable, Dickson Realty does not guarantee its accuracy. If your property is currently listed for sale, this is not intended to be a solicitation.