Truckee/Tahoe Luxury Trends 4th Quarter

Luxury 4TH QUARTER 2024

Trends

C OVER HOME:

14246 South Shore Drive Donner Lakefront

$5,249,000

Truckee Tahoe

Looking Ahead to 2025 Dear Friends, Happy New Year! We at Dickson Realty hope you had a wonderful holiday season and a smooth transition into 2025. It’s hard to believe we’re already halfway through January – time really has flown since Thanksgiving!

Despite the challenges of the past year, we’re feeling a renewed sense of optimism and excitement about the year ahead. Perhaps it’s because the long election cycle is finally behind us, but the luxury market is starting to feel more stable, predictable, and “normal.”

Luxury buyers and sellers are slowly emerging from the sidelines, making plans and preparing for the future.

Although it didn’t always feel this way during the year, we actually sold more properties priced over $1,500,000 in 2024 than in 2023, with 366 sales in 2024 and 322 in 2023. The median sales price adjusted downwards slightly in 2024 at $2,167500 vs 2023 at $2,250,000. The most significant dip came in the median price /square foot with 2024 closing at $765.05/sq ft vs 2023 closing at $814.56/sq ft. Our agents can attest to the fact that these transactions were more complex, with buyers being increasingly discerning and cautious. In fact, more buyers than usual walked away after their due diligence. But overall, we’re starting to feel that our market is beginning to normalize.

For more details on the current market trends, please contact your favorite Dickson Realty agent or broker. They’d be happy to discuss what they’re seeing and how it might affect you.

We look forward to connecting with you throughout 2025!

Warm regards,

Kane Schaller Broker/Owner Dickson Truckee DRE#01316059

2024

Luxury Snapshot

Luxury Home Sales By Area Over $1.5m Area Name

# of Sales

Median Sales $

Highest Sale $

TRUCKEE

54

$2,032,398

$23,600,000

SKI AREAS

18

$2,156,600

$4,200,000

NORTH SHORE

9

$1,800,000

$7,300,000

WEST SHORE

9

$1,915,000

$9,702,000

Active & Sold Listings By Price Range Over $1.5m DAYS O N M A R K E T Sold Listings

ACT I V E & S O L D L I S T I N G S

Active Listings

Sold Listings

IN M ILLIONS

5%

IN MILLIONS

P ER C EN TAG E O F L I S T I N G S

6% 19%

Sold

LISTINGS

Active Listings

13% 68%

16% Active LISTINGS

35%

36%

$1.5 - $2.5 $2.5 - $5.0 $5.0 - $10.0 $10.0+ IN MILLIONS

Data Source: Tahoe Sierra Multiple Listing Service (TSMLS), areas 001-009, for the periods 10/1 - 12/31/ 2023 and 10/1- 12/31/2024 as of 1/13/2025

S I N G L E F A M I LY H O M E S

Northstar

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,085,500 $2,527,500

Median Price $1,841,500 $2,237,500

Days On Market 50 38

Units Sold 6 8

2023 AV ER AG E PRI CE

-18% FRO M L AST Y E AR M EDIAN PRI CE

-18% FRO M L AST Y E AR

DAYS O N MARK E T

+32% FRO M L AST Y E AR U NITS S O L D

-25% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Tahoe Donner

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $1,779,548 $1,843,769

Median Price $1,731,500 $1,825,000

Days On Market 57 33

Units Sold 15 13

2023 AV ER AG E PRI CE

-4% FRO M L AST Y E AR M EDIAN PRI CE

-5% FRO M L AST Y E AR

DAYS O N MARK E T

+73% FRO M L AST Y E AR U NITS S O L D

+15% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Martis Camp

4th Quarter 2024 vs 4th Quarter 2023 2024

2023

Average Price

AV ER AG E PRI CE

+73%

$12,527,587 $7,226,428

FRO M L AST Y E AR

Median Price

M EDIAN PRI CE

+66%

$12,000,000 $7,250,000

FRO M L AST Y E AR

Days On Market

DAYS O N MARK E T

+183%

136 48

Units Sold 7 7

FRO M L AST Y E AR

=

U NITS S O L D

0% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Lahontan

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,873,333 $3,671,875

Median Price $2,775,000 $3,671,875

Days On Market 134 97

Units Sold 3 2

2023 AV ER AG E PRI CE

-22% FRO M L AST Y E AR M EDIAN PRI CE

-24% FRO M L AST Y E AR

DAYS O N MARK E T

+38% FRO M L AST Y E AR U NITS S O L D

+50% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Schaffers Mill

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,666,216 $3,065,833

Median Price $2,310,000 $3,110,000

Days On Market 85 153

Units Sold 9 6

2023 AV ER AG E PRI CE

-13% FRO M L AST Y E AR M EDIAN PRI CE

-26% FRO M L AST Y E AR

DAYS O N MARK E T

-44% FRO M L AST Y E AR U NITS S O L D

+50% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Gray's Crossing

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,606,000 $2,355,000

Median Price $2,606,000 $2,090,000

Days On Market 55 36

Units Sold 2 4

2023 AV ER AG E PRI CE

+11% FRO M L AST Y E AR M EDIAN PRI CE

+25% FRO M L AST Y E AR

DAYS O N MARK E T

+53% FRO M L AST Y E AR U NITS S O L D

-50% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Old Greenwood

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $0 $2,466,666

Median Price $0 $2,800,000

Days On Market 0 76

Units Sold 0 3

2023 AV ER AG E PRI CE

-100% FRO M L AST Y E AR M EDIAN PRI CE

-100% FRO M L AST Y E AR

DAYS O N MARK E T

N/A FRO M L AST Y E AR U NITS S O L D

-100% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Olympic Valley

4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,491,266 $2,483,333

Median Price $2,247,500 $2,500,000

Days On Market 156 139

Units Sold 12 3

2023 AV ER AG E PRI CE

+1% FRO M L AST Y E AR M EDIAN PRI CE

-10% FRO M L AST Y E AR

DAYS O N MARK E T

+12% FRO M L AST Y E AR U NITS S O L D

+300% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Lake Tahoe, North Shore 4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,488,666 $3,218,409

Median Price $1,800,000 $2,000,000

Days On Market 129 45

Units Sold 9 11

2023 AV ER AG E PRI CE

-23% FRO M L AST Y E AR M EDIAN PRI CE

-10% FRO M L AST Y E AR

DAYS O N MARK E T

+187% FRO M L AST Y E AR U NITS S O L D

-18% FRO M L AST Y E AR

S I N G L E F A M I LY H O M E S

Lake Tahoe, West Shore 4th Quarter 2024 vs 4th Quarter 2023 2024

Average Price $2,593,888 $2,537,000

Median Price $1,915,000 $2,530,000

Days On Market 131 77

Units Sold 9 7

2023 AV ER AG E PRI CE

+2% FRO M L AST Y E AR M EDIAN PRI CE

-24% FRO M L AST Y E AR

DAYS O N MARK E T

+70% FRO M L AST Y E AR U NITS S O L D

+29% FRO M L AST Y E AR

FEATURED LISTINGS

y r u x u L Curated

Luxury Living

Explore our handpicked selection of exceptional homes, each chosen for their distinctive style and quality craftsmanship across Lake Tahoe, and Truckee.

Active

ACTIVE

14246 South Shore Drive

Mitchells Meadows

Offered at $5,249,000

Offered at $2,000,000

Donner Lakefront

Sierraville

MLS# 20242352

MLS# 20241436

ACTIVE

ACTIVE

11736 Hope Ct #A

10318 Olympic Blvd

Offered at $1,795,000

Offered at $1,570,000

Pinyon Creek MLS# 20241929

Olympic Heights MLS# 20242227

RECENT LUXURY SALES

SOLD

SOLD

1001 Henness Pass Road

14771 Tyrol Road

Sold for $2,300,000

Sold for $2,250,000

Sierraville

Tahoe Donner

MLS# 20242010

MLS# 20242340

SOLD

SOLD

351 Skidder Trail

13808 Pathway Ave

Sold for $1,983,000

Sold for $1,900,000

Northstar

Tahoe Donner

MLS# 20241255

MLS# 20241905

SOLD

SOLD

11280 Thelin Drive

11940 Muhlebach Way

Sold for $1,700,000

Sold for $1,110,000

Martiswoods Estates MLS# 20241207

Tahoe Donner MLS# 20241540

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.

1.2 Million

annual global transactions

550

companies

$586 Billion

total annual home sales volume

4,800 offices

70+ countries

134,000 sales associates

6

spanning continents

Worldwide Exposure Local Excellence Luxury Portfolio International, founded in 2005, is a prestigious global network of luxury real estate professionals. Affiliated with Leading Real Estate Companies of the World, it offers exceptional marketing and exposure for high-end listings. As a proud member of Luxury Portfolio International, Dickson Realty extends the reach of its client’s properties to a global audience, maximizing exposure for each property.

U.S. Home Sales — Volume Shown in Billions of Dollars Leading Real Estate Companies of the World®

$353

Keller Williams

$312

Coldwell Banker

$233

Sotheby’s International Realty

$124

Berkshire Hathaway Home Services

$120

RE/MAX

$97

Century 21

$32

HomeSmart International

$30

Corcoran

$24

United Real Estate

$21

Realty One Group

$18

ERA

$12

Better Homes & Gardens

$12

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

$0

$50

$100

$150

$200

$250

$300

$350

$40

LUXURY PORTFOLIO INTERNATIONAL ® | 5

FEATURED STORY

Will travel for

Tenor Teatro di San Carlo, Naples, Italy Photo via Adobe Stock

The drama of the opera continues to call audiences into historic theaters across Europe

By LISA KLEIN

The booming echo of the bass, a baritone’s big aria, tenors in perfect harmony, a lofty soprano trill — the sounds of the opera have captivated audiences for centuries; many will tell you the art form is something you just feel. Add to that a background of orchestral excellence, dramatic plotlines, fantastical sets on sweeping stages, opulent costumes and some of the most lavish theaters ever built, and the opera simply awes.

“At its best, it is moving, transcendent, life-affirming,” says David Merritt, founder and president of Canadabased Aria Tours, which organizes opera-centric trips.

“What could be better than sitting in the Met or La Scala in Milan or Teatro di San Carlo in Naples and hearing the best musicians and singers in the world perform some of the most sublime music ever created? It’s a gift to be able to experience it.”

An opera is drama through music — a play where the entire story is told through song. The word is actually the plural of opus, latin for the “work” of a composer, so an opera can be thought of as many of these works strung together. It has its roots in late-16th-century Florence, Italy, where a group known as the Florentine Camerata tried their hand at recreating Greek dramas told through music. Jacopo Peri is credited with writing the first, Dafne, in 1597. All of Europe was feeling opera almost immediately — but they were still written only in Italian for nearly 200 years, later expanding to German, French and other languages. To put on such dramas, ornate sets were built and even more ornate opera houses constructed for the enormous stages required to hold them — and their audiences.

Palais Garnier, Paris, France Photo via Adobe Stock

Vienna State Opera, Vienna, Austria Photo via Adobe Stock

La Scala, Milan, Italy Photo via Adobe Stock

Opera composers became stars, their works still performed today and known by singular names to even those who don’t know opera. In the Baroque era, 1600–1750, it was George Frideric Handel (Aggripina, Rinaldo). In the classical period, 1750–1830, it was the one and only Wolfgang Amadeus Mozart (The Marriage of Figaro, The Magic Flute). The Romantic period, 1830–1900, saw opera becoming grander than ever, thanks to Gioachino Rossini (The Barber of Seville, Cinderella), Richard Wagner (Der Ring des Nibelungen, Ride of the Valkyries), Giuseppe Verdi (La Traviata, Aida) and Georges Bizet (Carmen). In the 20th century, there was Giacomo Puccini (Madama Butterfly, La Bohème).

hours, usually performed alone or together over four nights. The storyline involves gods, mythical creatures and other heroes all battling over a magical ring that grants ultimate power. “On my recent tour for the Ring in Zurich, one regular client announced he’d seen the four-opera cycle 30 times,” Mr. Merritt says. “Believe me, there are plenty of folks out there who’ve seen it twice as many times. The most famous iteration is in Bayreuth, Germany, each year in the opera house that Wagner had built to his specifications — including minimal padding on seats, the orchestra under the stage and no air-conditioning, which can be interesting in August.”

Opera super-fans in the 21st century travel to Europe, and elsewhere in the world, taking in hundreds and even thousands of performances. “Some take five tours a year with me; one gentleman is at 35 tours now,” Mr. Merritt says of opera buffs’ dedication to the art. “I have many regular clients who are like opera Deadheads, the devoted followers of The Grateful Dead who frequently travel to see the band. Many travel to hear specific singers — Lise Davidsen is the current star du jour; others travel for specific composers, such as Wagner or Verdi.”

Mr. Merritt’s personal favorites include those

by Puccini. “Many opera aficionados will look down their nose at you if you say Puccini, but the music is undeniable,” he says. “I’m a sucker for melody, and Puccini is hard to beat. Verdi and Wagner took longer for me to ‘get,’ but hearing Nabucco at La Scala [in Milan] and Tannhäuser in Munich changed everything.”

Many of Mr. Merritt’s regulars will attend any tour that includes a full cycle of Wagner’s Ring, a series of four operas with a total running time of about 15

The opera houses themselves can certainly enhance the whole experience, with must-see, often historic locales on every Operahead’s list, from the reconstructed La Fenice in Venice to the glorious Teatro di San Carlo in Naples, built in 1737. Across the rest of Europe, there are famed stages to be found in Paris, Vienna, Munich, Madrid, Zurich, Budapest, Valencia,

National Theatre, Munich, Germany Photo via Adobe Stock

London — nearly everywhere one can hear an overture wafting through the air.

Aside from performances, the sites of opera’s history beckon travelers, too. “The annual Verdi Festival in Parma is a pilgrimage, of sorts, for many,” Mr. Merritt says. “People want to see Verdi’s birth house in Le Roncole and Sant Agata, his country estate. I have special access to these sites, so it’s nice to be able to share that with clients. We also have special access at the Casa di Riposo in Milan, where Verdi is buried. It’s a retirement home for musicians that he established in 1896, and it’s pretty special to hear the residents giving vocal or piano lessons to young students.”

This interest extends to singers, too, who are stars of the opera world in their own right, like the late, worldfamous Luciano Pavarotti. “I’ve taken groups to the cathedral in Modena where Pavarotti used to sing with his father and to Pavarotti’s grave at Montale Rangone,” Mr. Merritt says. “These artists mean so much to my clients and these sites are sacred for them.”

Afficionados know putting an opera on is no small feat for the people behind the productions. And for an opera to really move the audience, all the pieces must work just right. “The orchestra has to be ‘on,’ the conductor has to treat the music and lead the orchestra perfectly, the staging — whether it’s

traditional or modern — can’t distract or detract from the music,” Mr. Merritt says. “And then the music itself is so challenging that it’s hard enough for the singers to nail the performance, and they also have to act. The stars have to align for it to be A-one.”

THESE MOMENTS ARE what opera lovers travel for, usually preferring to see traditional productions of the classics, but even purists may be open to modernized staging and costumes, English subtitles and new interpretations of stories for the present day. There are also new operas being written by contemporary composers, many acclaimed and which address more current topics.

Whether an opera is a modern-day masterpiece or an enduring gem, these musical wonders continue to give their audiences that feeling of awe. “Great art is timeless, and opera is no different,” Mr. Merritt says.

“I think it represents the pursuit of excellence, but also beauty. The best musicians, conductors, singers, directors, stage crews and costume designers, all creating glorious art in the most beautiful venues in the world — what’s not to love?”

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

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