Q3
luxury insights
Lake Tahoe
Truckee
Now that Q3 is in the books, it’s time to take a closer look at how the luxury real estate market is performing in 2020. WOW, is the response! The market has been explosive in properties sold over $1 million for a total of 497 units. Leading the way, West and North Shore, CA witnessed a whopping 87% increase in properties over $1 million, followed by East Shore, NV which recorded a staggering 72% with Incline Village a close 71% increase. South Lake Tahoe was up 66%.
Truckee saw 323 properties sell over $1 million, up an astounding 84% from this time last year. The median price in Truckee was $1,695,000 in the luxury arena. Martis Camp continues to be the most affluent area in the Truckee market.
These numbers are historic because, as of June 2020, the entire market was down across the board. These gains all came in a three-month period. We have not seen such a vigorous market swing in a short period of time in recent history. The top sale in 2020 so far was a lakefront on the East Shore that sold for $38,000,000. Leading the lakefront sales was the North and West Shore with 18 through Q3 versus 11 in 2019. Incline had 11 lakefront sales in 2020 versus 3 in 2019 and East Shore was 9 verses 6. South Shore saw a robust lakefront market with 10 sales compared to 2 in 2019.
Reno-Sparks Reno-Sparks increased through Q3 in 2020, with a 21% increase in homes sold over $1 million, representing 207 versus 171 in 2019. The highest priced home in Reno-Sparks sold for $5,200,000 ($250,000 over list price). Only two other homes have sold higher than $5.2 million in history.
Carson Valley Carson Valley has seen the most tremendous growth through Q3 in 2020 with a 133% increase of units sold over $1 million. 35 homes so far in 2020 over a million versus 15 in 2019. The highest priced property sold in the Carson Valley was $12 million with the second at $6,950,000.
4
