LUXURY TRENDS The Market Report from the Market Leader
3rd Quarter 2014 DicksonLuxury.com Š Copyright 2014 Dickson Realty
Welcome 3rd Quarter 2014 Executive Summary October 2014
Welcome to our 2014, 3rd Quarter Luxury Market Report. We are pleased to report the news and trends in our luxury marketplace of homes listed and sold over one million dollars. In the 3rd Quarter of 2013, we began to see buyers cautiously enter the market for homes priced over one million dollars. In the 3rd Quarter of 2014, the number of sales doubled and the median sales price ticked up 5%. Of the 24 sales over one million in this quarter 75%, were less than 1.5 million and none were over 2.5 million. Our Montreux community continued leading the luxury market in sales while other area markets were less active. So let’s talk about Tesla! Many of our valued sellers and buyers are asking about the “Tesla Effect” on home values. We are very excited about Tesla and the positive impact on our housing market over the next few years. While the estimates for job creation are upwards of 6,500 new jobs over the next 8 years, the number of luxury buyers may be a small percentage of that work force. Yes, Tesla is very good news but other news that may be more relevant to luxury home sales are companies already here and growing; such as, Apple, Amazon, Zulily, ASHIMA, Dragonfly, and Flirty, just to name a few! Northern Nevada continues to see an exodus from California by companies such as these seeking favorable tax structures. A majority of our luxury home buyers coming from California and other states are finding our tax friendly state a wise option in their estate planning. At Dickson Realty, our marketing continues to target home buyers from around the world, who are seeking all that our northern Nevada region has to offer; personal and business tax advantages, rich art and cultural diversity, and world class outdoor adventure activities. Our home is truly one of the greatest places to live in the West. We hope you enjoy this edition of our Luxury Trends. Please visit us at www. DicksonLuxury.com to view the many beautiful homes we have to offer, or contact us to get more indepth information about the value of your home in today’s market. Sincerely,
Nancy Fennell CEO Dickson Realty © 2014 Dickson Realty. All rights reserved.
Luxury Market Report 3rd Quarter 2014 Total Truckee/North Lake Tahoe home sales rose 53% from the 3rd quarter of last year although the Average Sales Price decreased by 4%. n In the 3rd quarter of 2014, sales of homes one million dollars or more doubled. Both the Average Sales Price and the Average Price per Square Foot increased 5 to 6%. Of note is the 52% increase in listed time on the market, which correlates with an increase of supply standing at 175 homes for sale over one million ending the 3rd quarter. n
Truckee/North Lake Tahoe Luxury Home Sales: $2 Million and Higher
3rd Qtr 2014
3rd Qtr 2013
% Change
26
17
53%
Total Dollar Volume
$107,318,698
$73,448,450
46%
Average Sales Price
$4,127,642
$4,320,497
-4%
Median Sales Price
$3,355,349
$4,350,000
-23%
Average Days on Market
167
166
1%
Average Price Per Sq. Ft.
$1,047
$900
16%
Solds
Reno/Sparks Luxury Home Sales: $2 Million and Higher
3rd Qtr 2014
3rd Qtr 2013
% Change
2
1
100%
Total Dollar Volume
$7,500,000
$2,175,000
245%
Average Sales Price
$3,750,000
$2,175,000
72%
Median Sales Price
$3,750,000
$2,175,000
72%
Average Days on Market
47
330
-86%
Average Price Per Sq. Ft.
$468
$247
89%
Solds
Reno/Sparks Luxury Home Sales: $1 Million and Higher
3rd Qtr 2014
3rd Qtr 2013
% Change
24
12
100%
Total Dollar Volume
$34,474,422
$16,224,000
112%
Average Sales Price
$1,436,434
$1,352,000
6%
Median Sales Price
$1,202,711
$1,185,000
1%
Average Days on Market
201
132
52%
Average Price Per Sq. Ft.
$274
$262
5%
Solds
Š 2014 Dickson Realty. All rights reserved.
Luxury Market Report 3rd Quarter 2014 Homes selling between $1 Million and $2 Million continue to represent the most active price range in the Truckee/North Lake Tahoe area. n A Carnelian Bay, CA sale, which sold for $9,250,000 represented the top sale in the entire Truckee/ North Lake Tahoe area. n
Truckee/North Lake Tahoe Luxury Home Sales Price Range
3rd Qtr 2014
3rd Qtr 2013
% Change
$1,000,000 - $1,999,999
26
23
13%
$2,000,000 - $2,999,999
8
7
14%
$3,000,000 - $4,999,999
12
4
200%
$5,000,000 and higher
5
6
-17%
Market Totals
51
40
28%
3rd Qtr 2014
3rd Qtr 2013
% Change
$1,000,000 - $1,499,999
18
8
125%
$1,500,000 - $2,499,999
4
4
0%
$2,500,000 - $4,999,999
2
0
200%
$5,000,000 and higher
0
0
0%
Market Totals
24
12
100%
Reno/Sparks Luxury Home Sales Price Range
Luxury Home Sales Prices by Percentage Truckee/No. Lake Tahoe Market
Reno/Sparks Market
$2,000,000– 2,999,999
$5,000,000 and higher
16%
9%
$2,500,000 and higher
8% $1,500,000– 2,499,999
17% $3,000,000– 4,999,999
24%
$1,000,000– $1,999,999
51%
$1,000,000– $1,499,999
75% © 2014 Dickson Realty. All rights reserved.
Luxury Market Report 3rd Quarter 2014 Martis Camp, CA was again the number one choice for luxury home buyers in the Truckee/North
n
Lake Tahoe region, as 8 of the 12 home sales were in this prestigious neighborhood. The community of Montrêux had the highest number of sales in our region, and the biggest sale of the year, at $4,600,000. Following closely were the Old South Suburban and South Suburban neighborhoods in Reno, with 5 sales each.
n
Truckee/North Lake Tahoe Luxury Home Sales: $2 Million and Higher Neighborhood
# of Sales
Average Sale Price
Highest Sale Price
Truckee, CA
12
$3,550,891
$5,850,000
Carnelian Bay, CA
3
$5,227,666
$9,250,000
Olympic Valley, CA
1
Rubicon Bay, CA
0
$0
$0
Tahoe City, CA
1
$5,850,000
$5,850,000
$4,000,000 $4,000,000
Reno/Sparks Luxury Home Sales: $1 Million and Higher Neighborhood
# of Sales
Average Sale Price
Highest Sale Price
South Suburban Reno
5
$1,496,200
$2,900,000
Southwest Suburban Reno
8
$1,738,928
$4,600,000
West Washoe Valley
1
$1,000,000
$1,000,000
West Southwest Reno
3
$1,296,667
$1,650,000
Southwest Reno
2
$1,176,500
$1,285,000
Old South Suburban Reno
5
$1,167,800
$1,250,000
Luxury Home Sales by Area Truckee/No. Lake Tahoe Market Truckee Carnelian Bay Olympic Valley Rubicon Bay Tahoe City
Reno/Sparks Market SW Reno S Suburban Reno W SW Reno
Old S Suburban Reno SW Suburban Reno W Washoe Valley
12 3 1
2
3
5
1
5 0
8
1 © 2014 Dickson Realty. All rights reserved.
Luxury Market Report 3rd Quarter 2014 Dickson Realty Luxury Market Share Reno/Sparks $1 Million and Higher
Reno/Sparks $1.5 Million and Higher 60
50
48.46%
50
40
50.06% 40
30 30 20 20 10
10
10.47% 6.26%
0
5.02%
4.71%
9.20%
0
Dickson Realty
Dickson Realty
Chase International
Tahoe Luxury Properties
RE/MAX Affiliates
Chase International
Tahoe Luxury Properties
RE/MAX Affiliates
Ferrari-Lund
5.91%
5.81%
Non MLS Office
Source: Northern Nevada Regional MLS
Source: Northern Nevada Regional MLS
Reno/Sparks $2 Million and Higher
Reno/Truckee Overall Market Share 15
50
40
10.84%
12
42.26%
13.1%
9
30
6
20
6.1%
18.98% 10
12.49%
0
Dickson Realty
Tahoe Luxury Properties
Ferrari-Lund
Chase International
Chase International
Non MLS Office
Coldwell Banker NorCal
Sierra Nevada Properties
4.6%
10.17%
Dickson Realty
Source: Northern Nevada Regional MLS
5.2%
3
5.88%
0
5.7%
Coldwell Banker Select
Source: Northern Nevada Regional MLS, Tahoe Sierra MLS
Š 2014 Dickson Realty. All rights reserved.
DicksonLuxury Unique Private Estate in Montrêux 6573 Champetre | $2,599,000 Privately tucked away sits this truly unique and magical property overlooking the 18th green and lakes of the Jack Nicklaus Signature golf course offering one of the very best locations in Montrêux. Built by Lakecrest using Concrete Form construction with the very finest of finishes and details throughout. Private Courtyard entrance with a large private separate entrance casita. Stunning landscaping, water features, impressive 2,000 bottle wine cellar. Wonderful floor plan bringing the outside in. MLS#140014182
Beautiful Silver Wolf Home 1260 Springer Court | $1,225,000 This lovely home located in the gated community of Silver Wolf in South Reno is situated on .95 of an acre all beautifully landscaped. A stone archway and wrought iron gate lead to the courtyard and main entrance. Courtyard features pavers and a fountain. Outdoor living expands in the backyard which includes a covered patio with wood burning fireplace and a built in BBQ. 4,487 SF all on one level. The large great room includes tall beamed ceilings, stone fireplace with custom mantel. MLS#140012514
Period Ranch with Spectacular Views 3305 Mario Road | $2,125,000 One’s life can be improved by one’s surroundings which is what we believe will happen when you choose to live in and around this “Period” residence overlooking the cool rushing waters of our picturesque Truckee River (Trout!). Some of the most spectacular views of our Truckee Meadows. Nestled on 3.65 lush acres with fertile pastures complete the picture! The attention to detail, the quality of construction, the thoughtful floor plan, the ideal outbuildings help create the ultimate “Gentleman’s Ranch". MLS#140012423
Prestigious Equestrian Estate 4265 Basque Lane | $2,450,000 Unique 5 acre equestrian estate located in prestigious Juniper Hills with water rights! This estate offers privacy with its dramatic gated entrance serenity with beautiful peaceful ponds and waterfalls and elegance with its warm inviting ranch style home. Superbly custom built 4,688 SF home was rebuilt and renewed inside and out in 2006. Attention to detail quality and architectural elements. Enjoy the views and open space from your riding arena and viewing gazebo. MLS#140008664 Find more information on these properties on DicksonRealty.com. For personalized service on these featured properties, contact luxury@dicksonrealty.com. © 2014 Dickson Realty. All rights reserved.
CAUGHLIN RANCH 775.746.7000
DAMONTE RANCH 775.850.7000
SOMERSETT 775.746.7222
MONTRÊUX 775.849.9444
SPARKS 775.685.8800
TRUCKEE 530.587.7444
NEW OFFICE! DOWNTOWN RENO 775.324.7000
DicksonLuxury.com | luxury@dicksonrealty.com
© 2014 Dickson Realty. All rights reserved. Although the information above is deemed reliable, Dickson Realty does not guarantee its accuracy.