In the first 4 months of 2017 we have seen real estate sales of Incline Village real estate move along at a fairly solid pace. It appears that we will likely have 350+ transactions this year, which represents a slightly above average year by historical standards. However, there is a certain randomness when it comes to the weekly numbers primarily because the vast majority of purchases in our community are discretionary and not driven by a job relocation, desire to change school districts or other factors that are typical of an average residential real estate market.
During the recession many buyers who would normally have purchased Incline Village real estate sat on the sidelines waiting for a market bottom or at least for some type of definitive uptrend that would give them confidence they were not catching a falling knife. When this uptrend was established during the first half of 2012, buyers who had been waiting around for 3 years or longer came back in droves. This not only resulted in a dramatic increase in the number of units sold it also pushed up prices significantly during a relatively short period of time.
So, as the Incline Village real estate market returned to sales levels more in line with historical norms and prices trended in an upward direction, a level of confidence returned to the market in a way that made it easier for buyers and sellers to conduct business. The one thing that remains constant is the randomness of the mix of properties going under contract in any given week.
In our current market sellers do not need to wait until June or July to list their property since there is a steady stream of buyers continually searching for just the right place during the current uptrend. While we are seeing anywhere from 10 to 15 or more new listings each week this time of year, confidence among buyers is such that inventory levels are rising slowly due to the continued relative strength of weekly sales activity.
When historians in the future look back at Incline Village and Crystal Bay real estate sales during the first part of the 21st-century they will see a boom, bust and then a fairly strong recovery (which is what we are going through now). It is unlikely that we will see 500+ sales of properties on an annual basis in our community any time soon. But in some respects returning to the historical norm of 350 sales per year, plus or minus 10% is good for the long-term health and stability of our real estate market and the local economy overall.