It’s looking like another positive year for the Incline Village real estate market. While total sales in our community are lagging slightly behind last year, that is primarily due to a lack of inventory along with a very harsh winter. The geographic areas in California that provide most of the buyers for real estate at Lake Tahoe are doing quite well economically. This means that demand should remain relatively strong in 2017.
There were 68 total sales of houses, condos and freestanding condos on the Incline Village real estate market during the 1st quarter of 2017 versus 78 sales last year. Condos are selling at a slightly higher rate than in 2016 while houses and freestanding condos are lagging a bit behind. There are only 152 properties for sale as compared to 220 units of available inventory one year ago. As we see new listings come on the market the rate of sales should pick up during the coming months.
At the present time there are 34 properties in escrow with half of them being single-family homes. The 17 houses under contract are priced between $499,000 and $23.9 million with 5 of them having asking prices in excess of $2.6 million. During the 1st quarter of 2017 all of the houses that closed escrow were priced under $2.8 million. But there has been a shift in buying patterns during the recent past and 12 of the 17 properties in escrow have prices greater than $1 million. While bargain hunters dominated the market during late 2016 and early 2017, moderate and higher end buyers are the source of most of the action during the past 4 to 6 weeks.
Single-family home and condo buyers do not have a lot of lower-priced offerings from which to select. There are only 17 single-family homes with asking prices under $1 million. Condo buyers have only 3 properties priced under $300,000 from which to choose. And if you want a garage (not just a carport or some other type of covered parking), the least expensive condo with this attribute carries an asking price of $469,000.
The greatest variety of condo properties for sale is in the Bitterbrush complex where there are currently 9 listings. These lake and mountain view properties range from just under 1300 square feet up to nearly 3000 ft.² with price tags from $525,000 up to almost $1.3 million. Shoppers in the McCloud and Third Creek developments only have 2 units in each complex from which to choose. Activity remains strong in these 2 popular locations and we see no reason for that to change during the coming year.
Sellers of Incline Village real estate will find that activity in any particular price range will ebb and flow randomly. They should not get discouraged if their property sits on the market for several months until a willing buyer comes along. However, if there are glaring issues such as a ridiculously high price, significant deferred maintenance or other serious flaws, sellers should try to address any deficiencies in an effort to make their property more attractive. It’s important to remember that the vast majority of purchases in our market are discretionary and buyers have the luxury of waiting until a property that suits all of their criteria eventually comes along.
Real Estate Update
Statistics gathered from the Incline Village MLS on 4/2/17
Houses Condos Free-Standing
For Sale 87 41 24
Under $1 million 17 31 8
Median Price For Sale $1,998,000 $540,000 $1,235,000
YTD Sales 2017 24 37 7
YTD Sales 2016 35 33 10
New Listings 10
In Escrow 7
Closed Escrow 1
Range in Escrow $150,000 – $3,895,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of April 2, 2017