Luxury Trends Truckee/Tahoe 2nd Quarter 2020

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.