Luxury Trends 2nd Quarter 2020 Tahoe/Truckee Market Report
10629 Carson Range Road Schaffer's Mill PENDING in 8 days with multiple offers! IN ESCROW IN ONE WEEK! $40,000 over asking price
DicksonLuxury.com
COVER PROPERTY FEATURED:
WELCOME TO OUR 2ND QUARTER 2020
10629 CARSON RANGE RD SCHAFFER'S MILL $3,250,000
LUXURY HOME MARKET REPORT
MLS# 20201687
As we’ve navigated through the past 90 days of the COVID-19 pandemic as well as civil rights unrest across our cities and communities, the TruckeeTahoe real estate market has simply been on fire, not literally, but certainly economically. On an incredibly positive note, we are seeing unprecedented sales occurring during what is typically a slow time of year, after the ski season ends (which shut down early this year due to the pandemic) and then picking up at the beginning of July. In the luxury market of $1M+, from May 1 through June 30th this year, 153 homes went under contract, as opposed to 49 during the same period in 2019, an increase of 212%. Median prices increased 18.9% to $1,695,000. Average prices increased by 11.6% to $2,454,403. For Sellers, if you are looking to make a move, demand is high, and supply is low. For Buyers, let us show you why we love the area we call home. We have fully embraced the State and Health Department regulations and guidelines for keeping our agents and clients safe in both listing and selling property. We continue to stand ready to help you with any of your real estate needs.
—Broker/Manager, Dickson Realty Truckee
Luxury Home Averages Over $1 Million January - june 2020 compared to January - june 2019
+9%
-13.6%
-8%
+5%
TOTAL UNITS SOLD
AVERAGE SOLD PRICE
AVERAGE PRICE PER SF
AVERAGE DAYS ON MARKET
2020: 140 2019: 129
2020: $2,164,744 2019: $2,506,440
2020: $648.15 2019: $701.23
2020: 115 2019: 110
Data Source: Tahoe Sierra Multiple Listing Service (TSMLS) as of July 7, 2020
Luxury Home Sales over $1 Million Truckee NUMBER OF SALES AVERAGE SALES $ HIGHEST SALE $
Alpine Meadows NUMBER OF SALES
101 $2,222,061 $9,500,000
NUMBER OF SALES
0 $0
AVERAGE SALES $
$1,820,000
HIGHEST SALE $
$0
HIGHEST SALE $
$2,250,000
West Shore, Lake Tahoe, CA NUMBER OF SALES
17
13
AVERAGE SALES $
$1,933,294
AVERAGE SALES $
$2,260,769
HIGHEST SALE $
$7,619,000
HIGHEST SALE $
$7,150,000
Sold Listings Over $1 Million $5,000,000 and higher
6%
9
AVERAGE SALES $
North Shore, Lake Tahoe, CA NUMBER OF SALES
Squaw Valley
Active Listings Over $1 Million $5,000,000 and higher
$1,000,000– $1,999,999
66%
$3,000,000– $4,999,999
10%
10%
$1,000,000– $1,999,999
53%
$3,000,000– $4,999,999
17%
$2,000,000$2,999,999
17%
$2,000,000$2,999,999
19% $1,000,000– 93 Sold Listings $1,999,999 $1,399,034 Average Price
$1,000,000– 80 Active Listings $1,999,999 $1,493,572 Average Price
$2,000,000– 24 Sold Listings $2,999,999 $2,420,625 Average Price
$2,000,000– 29 Active Listings $2,999,999 $2,545,068 Average Price
$3,000,000– 14 Sold Listings $4,999,999 $3,917,682 Average Price
$3,000,000– 26 Active Listings $4,999,999 $3,777,190 Average Price
$5,000,000 9 Sold Listings and higher $6,667,944 Average Price
$5,000,000 15 Active Listings and higher $9,598,333 Average Price
95 Average Days On Market
122 Average Days On Market
184 Average Days On Market
191Average Days On Market
103 Average Days On Market
97 Average Days On Market
106 Average Days On Market
186 Average Days On Market
Data Source: Tahoe Sierra Multiple Listing Service (TSMLS) as of July 7, 2020
Recent Dickson Sales
$3,333,500
Buyer Representation by Dickson Realty
$2,000,000
Seller Representation by Dickson Realty
$1,250,000
Seller Representation by Dickson Realty
Donner Lakefront
Truckee River
Tahoe Donner
$3,200,000
Northstar
Buyer Representation by Dickson Realty
$1,415,000
Seller Representaion by Dickson Realty
$1,185,000
Seller Representation by Dickson Realty
Tahoe Donner
Donner Lake
Recent Dickson Sales
$1,185,000
Buyer Representation by Dickson Realty
$1,100,000
Buyer Representation by Dickson Realty
$1,075,000
Seller Representation by Dickson Realty
Gray's Crossing
The Meadows
Tahoe Donner
$1,175,000
Buyer Representation by Dickson Realty
$1,094,500
Buyer Representation by Dickson Realty
$1,005,000
Buyer Representation by Dickson Realty
Tahoe Donner
Tahoe Donner
Prosser Lake Heights
Current Luxury Listings D
$3,400,000
10111 Bunny Hill Road MLS# 20201368
$2,300,000
1809 Woods Point Way MLS# 20201854
Donner Summit
Northstar
In Escrow
$3,250,000
10629 Carson Range Road MLS# 20201687
$1,995,000
10041 Church Street MLS# 20201437
Schaffer's Mill
Downtown Truckee
Current Luxury Listings In Escrow
$1,600,000
12240 Brookstone Drive MLS# 20201302
Tahoe Donner
In Escrow
$1,198,000
15522 Foxboro Drive MLS# 20200438
$1,259,000
11710 Rocky Ridge Road
Martiswood Estates
In Escrow
Juniper Hills
$1,049,000
11726 Kitzbuhel Road MLS# 20200879
Tahoe Donner
Old Greenwood
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$1,608,229
-10.9%
$1,805,000
FROM LAST YEAR
MEDIAN PRICE
$1,575,000 $1,665,000
-5.4% FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
+96%
FROM LAST YEAR
UNITS SOLD
0%
FROM LAST YEAR
96
46
DAYS ON MARKET
3 UNITS SOLD
3
Gray’s Crossing
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$1,499,833
-2%
$1,530,500
FROM LAST YEAR
MEDIAN PRICE
$1,425,000
-8.1%
$1,550,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
-37%
FROM LAST YEAR
UNITS SOLD
+50% FROM LAST YEAR
75
119
DAYS ON MARKET
15 UNITS SOLD
10
Lahontan
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price AVERAGE $
2020 2018 2019
AVERAGE PRICE
-20.5%
$2,353,500 $2,961,428
FROM LAST YEAR
MEDIAN $
MEDIAN PRICE
-12.8%
$2,450,000 $2,810,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
-33%
FROM LAST YEAR
UNITS SOLD
+43%
FROM LAST YEAR
83
124
DAYS ON MARKET
10 UNITS SOLD
7
Schaffer’s Mill
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price AVERAGE $
2020 2018 2019
AVERAGE PRICE
+19.3%
$1,671,500 $1,401,500
FROM LAST YEAR
MEDIAN $
MEDIAN PRICE
10%
$1,592,000 $1,447,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
-70%
FROM LAST YEAR
UNITS SOLD
0%
FROM LAST YEAR
21
69
DAYS ON MARKET
6 UNITS SOLD
6
Martis Camp
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$4,696,397
-5.2%
$4,955,195
FROM LAST YEAR
MEDIAN PRICE
$4,312,050
-6.7%
$4,620,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
+29%
FROM LAST YEAR
UNITS SOLD
+46% FROM LAST YEAR
197
153
DAYS ON MARKET
19 UNITS SOLD
13
Northstar
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$1,711,823
-7%
$1,839,812
FROM LAST YEAR
MEDIAN PRICE
$1,659,000
+.6%
$1,649,500
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
-15%
FROM LAST YEAR
UNITS SOLD
+6%
FROM LAST YEAR
162
190
DAYS ON MARKET
17
16
UNITS SOLD
Squaw Valley-Alpine Meadows
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$1,820,000
+.6%
$1,809,950
FROM LAST YEAR
MEDIAN PRICE
$1,995,000
+35.3%
$1,475,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
+48% FROM LAST YEAR
UNITS SOLD
-10%
FROM LAST YEAR
178
120
DAYS ON MARKET
9 UNITS SOLD
10
Lake Tahoe – North Shore
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$1,933,294
-10.5%
$2,159,111
FROM LAST YEAR
MEDIAN PRICE
$1,230,000
-21.4%
$1,565,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
-47%
FROM LAST YEAR
UNITS SOLD
-6%
FROM LAST YEAR
59
112
DAYS ON MARKET
17 UNITS SOLD
18
Lake Tahoe – West Shore
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$2,260,769
-58.2%
$5,404,428
FROM LAST YEAR
MEDIAN PRICE
$1,525,000
-43.5%
$2,700,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
+132% FROM LAST YEAR
UNITS SOLD
-7%
FROM LAST YEAR
151
65
DAYS ON MARKET
13
14
UNITS SOLD
Tahoe Donner
January-June 2020 vs. 2019 Average vs. Median Average vs. Median Price
MEDIAN $
AVERAGE $
2020
2019
AVERAGE PRICE
$1,257,966
-6.1%
$1,340,019
FROM LAST YEAR
MEDIAN PRICE
$1,190,000
-9.8%
$1,320,000
FROM LAST YEAR
Average Days on Market vs. Units Sold 2020
2019
DAYS ON MARKET
+59%
FROM LAST YEAR
UNITS SOLD
-12%
FROM LAST YEAR
78
49
DAYS ON MARKET
15 UNITS SOLD
17
PARADISE ISLAND, BAHAMAS | $39,500,000
THE GREAT WELLNESS SURGE: BRINGING THE BEST LIFE HOME 2020
Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
Trend: Total wellness includes mind, body and soul A healthy mind, body and soul are of paramount importance for luxury homeowners. As people live longer, it is a priority to take care of the whole person. For example, 90% of luxury homeowners are focused on a healthy body through factors such as exercise/sports/ running, avoiding alcohol and smoking, and regular doctor visits. To cultivate a healthy soul, 83% of luxury homeowners focus on relationships and quality time, volunteering, and quiet contemplation through prayer or meditation. Last, but not least, 82% are focused
on healthy mind activities such as reading, taking continuing education courses, participating in creative activities, and even seeking professional help for stress management or emotional issues. Globally, the trend to eating green is both literal and figurative. Wellness is a whole-body experience that includes better eating and drinking habits and taking the right vitamins and supplements.
WHICH OF THE FOLLOWING HAVE YOU EVER DONE SPECIFICALLY FOR WELLNESS PURPOSES?
63%
EXERCISED MORE OFTEN
54%
CHANGED MY EATING AND DRINKING HABITS
42%
TAKEN VITAMINS/SUPPLEMENTS
37%
SPENT TIME ON A HOBBY
30%
HELPED SOMEONE IN NEED
PURPOSELY TURNED OFF DEVICES TO DISCONNECT
23%
Two-thirds (68%) of luxury homeowners follow a non-traditional diet that focuses on limiting processed foods, fewer carbohydrates and farm-raised meats. These choices are not only healthier, but better for the environment and local economy. Low carb, vegetarian and vegan dietary practices are also more popular with homeowners above $2,000,000 USD. DIETARY PRACTICE
Wellness is also impacting the food-buying experience both in and out of the home. More than half will frequent the local farmer’s market (59%) and put a priority on restaurants that source food responsibly (61%). This trend is teaching consumers to be careful about what they take in and to know the origin of their food.
WHICH, IF ANY, OF THESE DIETARY PRACTICES DO YOU FOLLOW?
Traditional
32%
NonTraditional
Limited processed foods Low carb (e.g. Keto) Farm-raised meats
68%
Organic only Vegetarian Pescitarian Vegan
TOTAL $1M+
43% 24% 22% 15% 10% 9% 5%
INSIGHT: As buyers move to urban, walkable areas the desire for accessibility to healthy foods is going to increase. Local farmer’s markets and responsibly sourced products will also be important to wellness-influenced buyers.
BRUSSELS, BELGIUM | PRICE UPON REQUEST
Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
CHICAGO, ILLINOIS, USA | $2,600,000
Trend: Wellness is key to managing the stress of success In a global economy that seems to fluctuate between boom and doom, affluent consumers have decided that it is important to focus on work to maintain their status quo. As work time encroaches on personal time, wellness-minded consumers push back.
50% agree:
I prioritize work over my personal life
It is not just about working too much; more than half of luxury homeowners feel that money can add undue stress from having to manage wealth, deal with family matters, and basically worry about money.
Increased 16% since 2018
WHICH OF THE FOLLOWING WOULD YOU SAY ARE TRUE ABOUT HAVING MONEY? PLEASE SELECT ALL THAT APPLY.
EMPOWERING (NET) Money gives me freedom Having money contributes to my self-esteem Money gives me power Money buys happiness STRESSFUL/ABSORBING (NET) You can never have enough money I think about my net worth all the time Money has changed me Money can be isolating Managing my personal assets is stressful Family and friends want access to my money
TOTAL $1M+
$1M to $2M
$2M to $5M
$5M+
79% 65% 32% 28% 17% 53% 23% 14% 12% 12% 12% 8%
82% 70% 31% 27% 16% 50% 24% 14% 9% 11% 12% 7%
76% 56% 33% 27% 14% 55% 19% 15% 16% 15% 11% 7%
77% 64% 35% 39% 28% 62% 29% 16% 15% 11% 17% 18%
Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
Consumers are taking back control of their personal time with improved time-management. Boutique wellness consulting firms help busy executives design fitness and nutrition plans that work while traveling, increase exercise efficiency, and use body weight to reduce the
need to hit the gym or have bulky equipment. To treat the mind, they focus on stress management, self-care, and creating balance for much needed personal and family time.
WHICH OF THE FOLLOWING HAVE YOU EVER DONE SPECIFICALLY FOR WELLNESS PURPOSES?
46%
IMPROVED MY SLEEPING HABITS
40%
REMOVED MYSELF FROM STRESSFUL SITUATIONS
37%
MANAGED MY TIME BETTER
35%
FOCUSED ON LIVING IN THE MOMENT
SCHEDULED TIME TO CONNECT WITH OTHERS
WORK LESS
28%
26%
INSIGHT: Consumers are optimizing their life from the inside out. Personal time is spent on mitigating the negatives (stress) and accentuating the positives (socializing, physical activity and mental stimulation). Several amenities can help with this issue, from a spa-like bathroom in the master suite to a private terrace courtyard, to indoor/outdoor living, which is not only convenient but offers quiet relaxation.
Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
Key Takeaways 1 A life well-lived is the ultimate goal
for today’s luxury homeowner.
Consider it the foundational value they have, upon which care for health, family, learning, doing and working are built upon.
2 Wellness amenities in the home are
increasingly desirable.
This fairly recent development has made for a new level of excitement and complexity in the home purchase. Learning about what is available— and what is worth it to have—are questions buyers are likely to ask.
3 Precious free time is being
committed to wellness activities. Whether it is a leisure trip or the hour before bed, people are taking time for self-care, social bonding and feeling at one with themselves. As people learn more about what helps them get to a place of relaxation, they will want to find ways to incorporate it into their daily life.
4 Wellness is about transformational
experiences.
The point of a life well-lived is not to have many luxurious items and all the hottest brands (for most people, anyway). It is the extension of life-long learning pointed inward. As people live longer, they want their mind, body and soul to operate at peak levels for the long haul.
5 Success breeds stress. With increased personal and professional success comes complexities to the management of life. This is especially true for wealthy homebuyers and sellers which can hit a high point around the sale or a purchase of a new home. Incorporating elements of wellness for the mind, body and soul, into every aspect of real estate—even the transaction itself—will assist with reducing stress for all parties throughout the process. Article and images used with permission from Luxury Portfolio International. For more info, visit www.LuxuryPortfolio.com/blog
TRUCKEE 530.587.7444 DOWNTOWN RENO 775.324.7000
CAUGHLIN RANCH 775.746.7000
PORTOLA 530.832.1700 DAMONTE RANCH 775.850.7000
NORTHSTAR 530.562.1140 SOMERSETT 775.746.7222
MONTRÊUX 775.849.9444
SPARKS 775.685.8800
DicksonLuxury.com | luxury@dicksonrealty.com
© 2020 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.