It was a great start to the 1st half of 2017 for Incline Village real estate sales with 168 houses, condos and freestanding condos closing escrow. This is just slightly below the total of 176 properties that closed during the same time frame in 2016 which by all standards was a banner year. Sales activity remains healthy across all price points including high end luxury properties where we have seen 3 lakefront sales including one stunning estate going for over $31 million. At the present time there are 5 single-family homes in escrow with asking prices greater than $2 million.
While luxury buyers are out in full force, bargain hunters are by no means sitting on the sidelines as evidenced by the 24 houses that have changed hands to new owners with sale prices at or below $800,000. At the present time there are 28 houses with asking prices under $1 million giving buyers a nice variety from which to choose. While many of these homes are not fully remodeled the diversity of locations and floor plans provides great opportunities for buyers seeking to purchase a place without breaking the bank.
As of this writing the most popular subdivisions in 2017 reveal 10 sales in The Woods, 9 in Mill Creek and 8 places each in the Jennifer and East Slope sections of town. Of the 32 single-family residences currently in escrow, 16 carry asking prices under $1 million. It’s nice to see activity in all price ranges this year with no one particular sector dominating the Incline Village real estate market.
Condominium sales are tracking slightly ahead of 2016 with 85 properties closed year to date vs. 83 at the same time last year. Only 6 condos sold for more than $800,000 which is the price point where many buyers also start looking at houses. Of the 21 condos currently in escrow, 19 have asking prices under $600,000. Luxury condo sales generally increase during the summertime when there are more buyers visiting our community.
Leading the way in 2017 is the ever popular Mountain Shadows complex with 10 closed escrows followed by McCloud where we’ve had 8 sales and rounding out the top 3 is Bitterbrush with a total of 7. The inventory of condos for sale has increased nicely during the past 2 months with 79 properties now listed on the Incline Village MLS as of the start of July. This is roughly double the number of condos that were on the market just a couple of months ago. Buyers have a greater variety of Incline Village real estate from which to choose than earlier in the year and this should help to propel sales forward during the summertime.
We anticipate that Incline Village real estate sales will remain strong for the rest of 2017 barring some unforeseen economic calamity. The uncertainties in Washington DC as to whether Congress will accomplish anything this year seem to have no impact on overall sales in our market. With prices for the vast majority of houses and condos still a good 10% to 20% below the prerecession peak, buyers are in a good position to purchase a property they can enjoy for many years to come.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 7/2/17
Houses Condos PUDs
For Sale 124 79 25
Under $1 million 28 62 10
Median Price For Sale $1,695,000 $539,000 $1,235,000
YTD Sales 2017 65 85 18
YTD Sales 2016 73 83 20
New Listings 23
In Escrow 17
Closed Escrow 11
Range in Escrow $169,000 – $6,500,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of July 2, 2017