Press Releases
Dickson Realtys 2009 Third Quarter Luxury Trends Report: Median Sales Price of Luxury Homes Experiences Increases or Little Decline Compared To Other Residential Real Estate Categories
11-24-2009
Reno, Nev. - Despite the real estate markets in Reno/Sparks and Truckee/Lake Tahoe experiencing significant declines in median sales prices thus far in 2009, there are actual year-over increases or very little decline in the luxury real estate market in the region. According to the latest Luxury Trends Report published by Dickson Luxury, Reno/Sparks' luxury homes experienced a 13 percent increase in the third quarter of 2009 from 2008 ($1.3 million in third quarter 2009 compared to $1.15 million in the third quarter of 2008), and Truckee's luxury homes experienced an increase in median sales price of 33 percent in the 2009 third quarter ($2.3 million in 2009 compared to $1.725 million in 2008).In other markets, there was also an increase in median sales price in South Lake Tahoe, which experienced the biggest increase with an 83 percent jump in median sales price ($2.2 million in 2009 compared to $1.2 million in 2008). Incline Village experienced a slight 7 percent decline in median sales price of luxury homes during the third quarter of 2009 ($2.43 million in 2009 compared to $2.6 million in 2008), and Zephyr Cove has a 10 percent decrease in median sales price in luxury home sales ($2.475 million in 2009 compared to $2.75 million in 2008).
"Although a few luxury markets are seeing a decline in median sales price, it remains the most stable real estate investment available," said Nancy Fennell, president of Dickson Realty, Inc. "What we are beginning to see is a few luxury home sellers who are becoming more anxious to move. Buyers are looking for value, and those sellers sufficiently motivated to sell are giving the buyers what the want while still achieving their goals. However, many luxury homeowners often have more than one home or have a large amount of equity in their homes allowing them to be able to ‘sit' on their home investments until the market turns. This behavior keeps the median sales price at a higher level than other real estate categories."
The quarterly report also found that Dickson Realty was again the market share leader in the luxury real estate market in Reno/Sparks and from Jan. 1, 2009 to Sept. 30, 2000. For residential real estate transactions greater than $1.5 million in the Reno/Sparks area, Dickson Realty had a 61.57 percent market share. The closest competitors had a 15.84 market share in closed transaction sides.
The year-end luxury report also includes a statistical breakdown of yearly luxury home sales including number of active luxury listings, number of luxury homes sold, median sales price of luxury homes and the average days on the market during that time period. Also included are highlights of The Palladio luxury condo community in downtown Reno, which is represented by Dickson Realty, and information regarding what a "luxury short sale" is and how it works. The report can be found on www.dicksonrealty.com/news.
Since 1973, Dickson Realty has led the market in luxury home sales and in 1987 became the 12th company nationally to become a member of Christie's Great Estates, an internationally renowned network of real estate brokers dedicated to luxury real estate. To formalize its market leader approach to luxury real estate, the Dickson Luxury division was created in 2006. By national definition, a luxury home in the real estate industry is a home priced at $1 million or more, although for some of the markets in the report, this definition varies. In Dickson Luxury, a luxury home is also defined as having distinctive features that command "luxury market" attention regionally and nationally. Dickson Realty REALTORS® who work within Dickson Luxury have expertise and extensive experience in luxury real estate. They also utilize specialized luxury marketing tools and methods available exclusively to Dickson Realty agents and clients. Dickson Luxury's network includes affiliations with Leading Real Estate Companies of the World and Luxury Portfolio.
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Dickson Realty is the largest real estate company in northern Nevada, with 235 agents in 5 office locations. Real Trends, the information and analysis source for real estate, lists Dickson Realty as the 77th largest independent real estate firm in the country and the 238th largest real estate company counting franchises and independents. Dickson Realty has been in business since 1973 and sells 60 percent of the luxury properties in the Reno/Sparks area and is the leading luxury sales company in the region.
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