Mid-Year 2019 Luxury Trends Newsletter - Truckee/Tahoe

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.