Luxury Insights

Q3 luxury insights

Lake Tahoe

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%.

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.

Truckee

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.

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.