Truckee/Tahoe Luxury Trends Q2 2024

Luxury 2ND QUARTER 2024

Trends

14246 South Shore Drive Donner Lake $5,200,000 DicksonRealty.com Deck is Virtually Staged DOWNTOWN RENO | CAUGHLIN RANCH | DAMONTE RANCH | SOMERSETT | MONTRÊUX | SPARKS | CARSON CITY | GARDNERVILLE | INCLINE VILLAGE | TRUCKEE | PORTOLA | NORTHSTAR

Quarterly Update, 2nd Quarter 2024

The Pulse of Luxury Real Estate I hope you are enjoying the beautiful summer season in our vibrant community. As we navigate through an everevolving real estate landscape, I wanted to take a moment to share some important insights and updates with you regarding our luxury housing market.

Firstly, you may be aware of the recent National Association of Realtors Settlement and the accompanying changes that will impact our industry. One of the immediate shifts is in how real estate agents search for past and present properties and trends on the multiple listing service. While the “old” methods are being phased out, we are rapidly adapting to new techniques to ensure we continue providing you with the most valuable and accurate information.

Given the recent unpredictability of the market, I undertook a comprehensive review of our luxury markets over the past eight years to gain a fresh perspective. Despite a whirlwind of recent events—from extreme weather (it hit 106 degrees in Reno last week) to the shifting political climate and other significant news—the luxury real estate market has shown remarkable resilience.

I am pleased to report that the sales volume from January to June 2024 ranks as the third-best in our local history.

This is an impressive feat considering the numerous distractions and challenges we have faced. One notable observation is the impact of increased active listings, which has slightly slowed the sales process. However, this is a sign of a healthy, competitive market, and after this review, I am feeling more optimistic about our future.

Here are some specific findings from my analysis of luxury sales from $2,000,000 and above from January to early July for the years 2017 to 2024: •

Reno/Sparks Sales (Jan - June 2024): There have been 48 sales year-to-date, with only 2021 (50 closings) and 2022 (55 closings) having higher numbers. Dollar volume remains slightly lower than in 2021, and the days on market have increased modestly, with luxury homes now taking about 82 days from contract to closing, compared to a median of 61-68 days in those two previous years.

•

Carson City: Sold 5 homes priced at $2,000,000+ year-to-date, just below the 7 homes sold in 2021.

•

Carson Valley (Genoa, Minden, Gardnerville): Sold 14 homes from January to early July priced at $2,000,000+, surpassing the previous best year (2021) which had 5 sales.

•

Incline Village: Maintained steady performance with 21 homes sold over $1,000,000, consistent with last year's figures.

•

Truckee, California: Experienced a stronger second quarter in 2024 for homes priced at $1,500,000 and above, though the year-to-date sales are slightly down (96 units in 2024 versus 109 units in 2023).

Despite the growing inventory across all our markets, prices remain stable. We will continue to monitor supply and demand dynamics, interest rates, and the potential impacts of the National Association of Realtors settlement to gauge future pricing trends. Our commitment is to keep you informed and confident in your real estate decisions.

In addition to our market performance, there are several delightful events and exhibitions to look forward to this July, including Artown's diverse events for all ages, the Maynard Dixon Show at the Nevada Museum of Art running through July 26, and the upcoming exhibit following the Dixon show. These cultural activities, along with the strength of our local luxury markets, bring me joy (and I hope, you also) and a sense of community.

Thank you for your continued trust and partnership. Have a wonderful summer, and let us stay optimistic about the future of our luxury real estate market.

CEO, Dickson Realty Nv. License B.0019733CORP 775-691-2674

Welcome to Our Luxury Home 2nd Quarter Market Report Luxury Home Sales over $1.5 Million

NUMBER OF SALES

Ski Areas

31

NUMBER OF SALES

16

MEDIAN SALES $

$1,975,000

MEDIAN SALES $

$2,205,00

HIGHEST SALE $

$6,400,000

HIGHEST SALE $

$6,045,000

North Shore NUMBER OF SALES

West Shore

3

NUMBER OF SALES

10

MEDIAN SALES $

$3,060,000

MEDIAN SALES $

$2,389,000

HIGHEST SALE $

$8,200,000

HIGHEST SALE $

$5,561,000

Sold Listings Over $1.5 Million $5,000,001– $10,000,000

12%

$10,000,001 and higher

$1,500,000– 45 Sold Listings $2,500,000 67 Average Days On Market

0%

$2,500,001– 12 Sold Listings $5,000,000 64 Average Days On Market $2,500,001– $5,000,000

$1,500,000– $2,500,000

19%

69%

$5,000,001– 8 Sold Listings $10,000,000 127 Average Days On Market $10,000,001 0 Sold Listings and higher 0 Average Days On Market

Active Listings Over $1.5 Million $10,000,001 and higher $5,000,001– $10,000,000

8%

13%

$2,500,001– $5,000,000

34%

$1,500,000– $2,500,000

45%

$1,500,000– 111 Active Listings $2,500,000 86 Average Days On Market $2,500,001– 83 Active Listings $5,000,000 105 Average Days On Market $5,000,001– 31 Active Listings $10,000,000 88 Average Days On Market $10,000,001 21 Active Listings and higher 141 Average Days On Market

Data Source: Tahoe Sierra Multiple Listing Service (TSMLS), areas 001-009, for the periods April. - June 2023 and April - June 2024 as of July 12, 2024

Truckee

N O R T H S TA R

MARKET SNAPSHOT

Northstar

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $2,472,846 $2,943,500

AVERAGE PRICE

-16%

FROM LAST YEAR

Median Price $2,300,000 $2,687,500

Days On Market 141 95

MEDIAN PRICE

-14%

FROM LAST YEAR DAYS ON MARKET

+48%

FROM LAST YEAR

Units Sold 13 10

UNITS SOLD

+30%

FROM LAST YEAR

TA H O E D O N N E R MARKET SNAPSHOT

Tahoe Donner

2024

Single Family Homes - 1st Quarter 2024 vs. 1st Quarter 2023

2023

Average Price $1,735,000 $1,885,428

AVERAGE PRICE

-8%

FROM LAST YEAR

Median Price $1,695,000 $1,800,000

Days On Market 31 37

MEDIAN PRICE

-6%

FROM LAST YEAR DAYS ON MARKET

-16%

FROM LAST YEAR

Units Sold 7 7

UNITS SOLD

0%

FROM LAST YEAR

MARTIS CAMP MARKET SNAPSHOT

Martis Camp

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $5,861,250 $7,357,000

AVERAGE PRICE

-20%

FROM LAST YEAR

Median Price $6,072,500 $5,800,000

Days On Market 126 151

MEDIAN PRICE

+5%

FROM LAST YEAR DAYS ON MARKET

-17%

FROM LAST YEAR

Units Sold 6 5

UNITS SOLD

+20%

FROM LAST YEAR

L A H O N TA N

MARKET SNAPSHOT

Lahontan

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $3,060,000 $5,250,000

AVERAGE PRICE

-42%

FROM LAST YEAR

Median Price $3,060,000 $5,250,000

Days On Market 75 89

MEDIAN PRICE

-42%

FROM LAST YEAR DAYS ON MARKET

-16%

FROM LAST YEAR

Units Sold 1 1

UNITS SOLD

0%

FROM LAST YEAR

SCHAFFERS MILL MARKET SNAPSHOT

Schaffers Mill

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $3,985,000 $3,110,128

AVERAGE PRICE

+28%

FROM LAST YEAR

Median Price $3,985,000 $3,059,512

Days On Market 13 24

MEDIAN PRICE

+30%

FROM LAST YEAR DAYS ON MARKET

-46%

FROM LAST YEAR

Units Sold 1 8

UNITS SOLD

-88%

FROM LAST YEAR

G R AY ' S C R O S S I N G MARKET SNAPSHOT

Gray's Crossing

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $0 $2,491,500

AVERAGE PRICE

-100% FROM LAST YEAR

Median Price $0 $2,575,000

Days On Market 0 40

MEDIAN PRICE

-100% FROM LAST YEAR

DAYS ON MARKET

N/A

FROM LAST YEAR

Units Sold 0 4

UNITS SOLD

N/A

FROM LAST YEAR

O L D G R E E N WO O D MARKET SNAPSHOT

Old Greenwood

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $2,050,000 $0

AVERAGE PRICE

+100% FROM LAST YEAR

Median Price $2,050,000 $0

Days On Market 3 0

MEDIAN PRICE

+100% FROM LAST YEAR

DAYS ON MARKET

N/A

FROM LAST YEAR

Units Sold 1 0

UNITS SOLD

N/A

FROM LAST YEAR

PA L I S A D E S TA H O E MARKET SNAPSHOT

Palisades Tahoe

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $3,095,000 $2,789,600

AVERAGE PRICE

+11%

FROM LAST YEAR

Median Price $2,110,000 $2,550,000

Days On Market 50 109

MEDIAN PRICE

-17%

FROM LAST YEAR DAYS ON MARKET

-54%

FROM LAST YEAR

Units Sold 3 5

UNITS SOLD

-40%

FROM LAST YEAR

L A K E TA H O E NORTH SHORE MARKET SNAPSHOT

Lake Tahoe, North Shore

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $3,836,666 $2,423,181

AVERAGE PRICE

+58%

FROM LAST YEAR

Median Price $3,060,000 $2,270,000

Days On Market 121 59

MEDIAN PRICE

+35%

FROM LAST YEAR DAYS ON MARKET

+105% FROM LAST YEAR

Units Sold 6 11

UNITS SOLD

-45%

FROM LAST YEAR

L A K E TA H O E WEST SHORE MARKET SNAPSHOT

Lake Tahoe, West Shore

2024

Single Family Homes - 2nd Quarter 2024 vs. 2nd Quarter 2023

2023

Average Price $2,730,020 $2,554,615

AVERAGE PRICE

+7%

FROM LAST YEAR

Median Price $2,389,000 $2,250,000

Days On Market 41 53

MEDIAN PRICE

+6%

FROM LAST YEAR DAYS ON MARKET

-23%

FROM LAST YEAR

Units Sold 10 13

UNITS SOLD

-23%

FROM LAST YEAR

Current Dickson Luxury Listings Pending

$5,400,000

3830 N. Lake Blvd

Active

20240743

Carnelian Bay

Active

$3,000,000

10624 & 10625 Rue IVy

351 Skidder Trail

20221448 Truckee

14942 Skislope Way

$2,000,000

Mitchell Meadows

20241436

Independence Lake

Active

20241255 Northstar

Active

$1,845,000

20240654

Donner Lake

Active

Active

$1,998,000

$5,200,000

14246 S Shore Drive

$1,900,000

11280 Thelin Drive

20241207

Martiswoods Estates

Pending

20241098

Tahoe Donner

$1,895,000

15404 Donner Pass Road

20240855

Donner Lake

Current Dickson Luxury Listings Pending

$1,775,000 441 Lodgepole

Pending

20240762

Northstar

Active

$1,700,000

Thomas Drive Acreage

12276 Greenwood Drive

20220812 Truckee

10535 Washoe Road

20240420 Northstar

$1,600,000

Glenshire Drive Acreage

20240005

Glenshire

Pending

20241402

Prosser Lakeview Estates

Pending

$1,250,000

150 Basque

Active

Active

$1,485,000

$1,775,000

20241309

Donner Lake

$1,279,000

12427 Poppy Lane

20241015

Prosser Lakeview Estates

We're Local We're Global Dickson Realty is a member of Leading Real Estate Companies of the World,® a global community of real estate companies awarded membership based on rigorous standards for service and performance. Every fifteen minutes a quality client introduction is made within Leading Real Estate Companies of the World.® As a member of Leading Real Estate Companies of the World,® Dickson Realty combines authentic, local expertise with global connections to the highest quality real estate firms worldwide. We’re Local. We’re Global.

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TWORK NE ERTY RTS U.S. Home Sales — Volume Shown in Billions of Dollars

E SALES ANY OTHER TWORK, BROKERAGE H LEADING MPANIES

N IN LLARS

around the world.

As the luxury division of Leading Real Estate Companies of the World,® we have a direct relationship with the top independent property brokerages along with the most well connected and successful agents in cities around the globe.

LeadingRE members handle $353 billion in U.S. home sales volume, more than other real estate network, franchise or brokerage brand.

® ® $353 Leading Estate Companies of of the Leading Real Real Estate Companies theWorld World

$353

Keller Williams U.S. Home Sales — Volume Shown in Billions of Dollars Keller Williams $312

$312 $233

Coldwell Banker Leading Real Estate Companies of the World®

$124

Keller Williams

Sotheby’s International Realty $312

$120

Coldwell Banker

$233 Services Berkshire Hathaway Home

Coldwell Banker

Sotheby’s International Realty

$353

$233 $124

Berkshire Hathaway Home Sotheby’s International RealtyServices

$124

$120

Berkshire Hathaway Home Services

$120

$97

RE/MAX

$97

Century 21

$32

$97

RE/MAX

RE/MAX $32

Century 21

$30 Century 21 HomeSmart International

$32

$24

Corcoran

HomeSmart International HomeSmart International

$30

$30

$21

United Real Estate Corcoran

Corcoran

$24

$24

$18

Realty One Group United Real Estate

$21

$12

Realty One Group ERA

$18

Realty One Group ERA

$12

United Real Estate

$12

Better Homes & Gardens

& Gardens ERA$0Better Homes $50 $100

$150

$200

This bar chart is sourced from REAL Trends 500 for 2022, realtrends.com.

This bar chart is sourced from REAL Trends 500 for 2022, realtrends.com.

$18

$12

This bar chart is sourced from REAL Trends 500 for 2022, realtrends.com.

Better Homes & Gardens

$21

$250$12 $0

$300

$50

$350

$100

$12

$0

$150

$50

$200

$100

$250

$300

$350

$400

$150 $200 LUXURY PORTFOLIO INTERNATIONAL$250 | 5 ®

$300

$350

$400

LUXURY PORTFOLIO INTERNATIONAL ® | 5

Hide &

Sleek Image Credit: Don Kaveen on Pexels

Designers are adding storage space and concealing clutter with style

By Lisa Klein

Appliances, supplies, toys — the accumulation and necessities of daily life are often the bane of a puttogether residence. Sure, things can be stowed away in closets and cabinets, but everyone knows what lies just behind those doors. Now, designers are coming up with more clever ways to clean up the clutter, creating storage spaces and functional features that double as design elements — or that disappear altogether.

“Hidden amenities are always fundamental, and a challenge we love to take on again and again,” says Josh Linder, cofounder of the Boston-based Evolve Residential. “Any opportunity to conceal is an opportunity to keep a space feeling clean and uncluttered. [And], in many homes, especially in the city, concealed storage isn’t just about hiding stuff — it is often more about capturing and utilizing every space available and maximizing every square inch.”

At New York-based Jennifer Hunter Design, principal Jennifer Hunter often fields requests to hide the mess for young families who are juggling kids, pets and the clutter they create in smaller apartment homes.

Using space wisely can conceal just about everything, from toys to brooms — a technique that works even in bigger rooms to keep things looking beautiful. “Being smart about your space — even in large homes, why wouldn’t you want to add these sorts of features?” Ms. Hunter says.

Laura McCroskey, principal of McCroskey Interiors in Kansas City, Missouri, agrees, adding that creating a seamless look by concealing the clutter is all about aesthetics. “It’s cleaner, prettier,” she says. “It quiets the space down. I think it’s just more stylish.”

Nearly anything in a home can be tucked away, from office supplies on shelves behind wood paneling to a modern medicine cabinet in the bathroom, complete

with makeup lighting and USB chargers. But one room that is really taking the lead in the covert is the kitchen. Nearly every designer is asked to cover up microwaves and other small appliances, but now the entire kitchen is being blended with the rest of the home in a bigger and more cohesive way — especially appealing in open-concept homes where the kitchen is literally part of the rest of the space.

A recent project completed by Evolve Residential did just that, with the entire oven stack, refrigerator and dishwasher covered in sleek, all-black panels.

“The kitchen was a special project, as it runs along the side of the living room,” says Thomas Egan, the other cofounder of the firm. “The objective was to conceal the kitchen almost entirely, so one does not feel as if they are hanging out in the kitchen when entertaining guests. [They] are always shocked when it is revealed and exclaim, ‘Oh, this is a real kitchen!’”

There are a few kitchen appliance companies making fully panel-ready appliances, so that it is impossible to tell the difference between cabinets and the large, obtrusive-but- necessary devices.

McCroskey Interiors sometimes takes the idea a step further, installing wall-size, sliding panels, often created with huge, marble slabs hung with clamps hidden in soffits and running on tiny, hidden wheels along the countertop (Ms. McCroskey advises to be careful about their thickness, lest they get too heavy to hang). Behind the panels are shelves, ranges, oven hoods and more. And not only are the marble panels beautiful, they’re functional too, with an internal space — anywhere from five to 10 inches — to store spices, oils, cookbooks and even dishes.

“People, in general, are moving out of, ‘The kitchen is functional;therefore, it can’t be aesthetically

Image Credit: Simona Sergi on Pexels

pleasing,’ into the realm of ‘Hey, my kitchen can be amazing like every other room, and not even really look like a kitchen because it’s so beautiful,’” Ms. McCroskey adds.

The importance of creative use of space extends far beyond the kitchen to the rest of the house, and one place that designers find themselves in — or under, in this case — regularly is the stairwell, hiding storage away with paneling that becomes part of the overall design. “What could be better than capturing unused space and tucking it in in a way that not only adds storage, but integrates and conceals it from the world?” Mr. Linder says. “One does not know it is there until it is needed, and then, ‘ta-da!’ extra space.”

Ms. Hunter recently had clients who combined two New York apartments, one above the other, adding a staircase. Most people don’t think about the area under the stairs as anything but a place to board up, but she had other ideas, creating a full entertaining area in the triangular, awkward space, complete with a built-in stone bar and seamlessly blended storage for glasses and other barware.

“The stairs are such a beautiful architectural feature in the space, so why not highlight it?” she says. “Now, when they have guests over, everyone just goes right there. It’s really kind of a focal point in the apartment.”

Sometimes extra storage can be a bit less glamourous, purely. a product of necessity, but with a designer’s touch will stay out of sight. Evolve Residential emphasizes the importance of concealing storage near every home’s entry — it is always needed near the door, but it is also the first place guests see when they walk in.

The city apartments that Ms. Hunter works on don’t have mud rooms anywhere, so she often carves out small spaces near the door for shoes, sports equipment and coats — once even converting a tiny, outdated AV closet. Even spots already made for storage, and expected to be there, can do a disappearing act. A bedroom closet in a small space was transformed by Evolve Residential to both add more room and fade into the wall. “The bedroom closet storage is designed to completely disappear — and double the amount of storage in a petite pied-àterre,” Mr. Egan says. “We even found space to add and conceal a washer/dryer.”

There are countless ways for amenities to blend in, from the marble of kitchen panels extending to countertops, to doors done in the same wallpaper or woodwork of walls, to extending antique molding or paneling to new storage spaces. Even outlets are hidden in kitchen counters, islands or baseboards with the same treatment.

Ms. McCroskey also likes using “magic door” hardware, a system that conceals tracks and other utilitarian pieces to hang doors and panels so that they look absolutely seamless.

“I think the goal is to take the functional and make it disappear,” she says. “When you have the ability to integrate functionality into your space, it doesn’t end up interrupting the design. It’s very freeing if you’ve got solutions that help you hide things — it helps enhance the design.”

While Ms. McCroskey’s favored kitchen panels look beautiful, they’re also very practical, adding storage while acting as a major design feature. Many such amenities can hide in plain sight, often becoming focal points for entertaining: Evolve Residential’s openconcept kitchen- living room combo, Jennifer Hunter Design’s under-stair bar and McCroskey Interiors’ panels that slide open for everything from camouflaged bars to a 15-foot, self-serve kitchen buffet.

AND THESE FEATURES are just the start. “The way that designers and architects are thinking about storage in design, it’s just something that’s now second nature for me,” Ms. Hunter says of hidden amenities.

“Usually, it’s the first thing a client says: ‘We want to conceal the mess.’”

Text reproduced with permission from Luxury Portfolio International and Luxury Portfolio magazine. © Luxury Portfolio International. All rights reserved.

Image Credit: Mason Tuttle on Unsplash

Image Credit: Backbone Visuals on Unsplash

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