Don Kanare Lakeshore Realty 954 Lakeshore Drive Incline Village, NV 89451 Tel: 775-831-7000 E-Mail Don Quick Links Search the MLS Weekly Market Update Weekly Market Archives Current Listings Best Buys Read My Blog Contact Don Home Page Monthly News Letter Current Newsletter Archived Newsletters  |
INCLINE VILLAGE REAL ESTATE and CRYSTAL BAY REAL ESTATE WEEKLY UPDATE ARCHIVES INCLINE VILLAGE REAL ESTATE & CRYSTAL BAY CALL ME FOR THE BEST CUSTOMER SERVICE; Every Incline Village Real Estate category will have pockets of strength or weakness based on location, elevation, quality and age of construction and remodeling, deferred maintenance, square footage, lot size and other factors. Each property should be evaluated on its own merits. The trends are general indicators showing which sectors of the Incline Village real estate market are weaker or stronger at this point in time. Based on current sales statistics from the Incline Village MLS this is my personal analysis of the Incline Village real estate market trends for the next 18 months. Incline Village Real Estate Weekly Sales Statistics April 21 - April 27, 2008 One Year Ago No Statistics April 14 - 20; I was too busy writing offers and dealing with new contracts Incline Village Real Estate Weekly Sales Statistics April 7 - April 13, 2008 Weekly Sales Statistics April 16, 2007 Incline Village Real Estate Weekly Sales Statistics March 31 - April 5, 2008 Incline Village Real Estate Weekly Sales Statistics March 24 - 30, 2008 HOUSES CONDOS PUDs Incline Village Real Estate Weekly Sales Statistics March 17 - 23, 2008 The inventory of properties for sale in Incline Village and Crystal Bay jumped up to 378, so we may have bottomed out for the year when we had 364 places for sale a couple of weeks ago. This total counts houses, condos and freestanding condos and does not include the tiny number of multiunit properties, commercial properties or raw land. Generally this time of year the inventory is either stagnant or declining, but I think we're going to see a premature increase in the inventory in 2008. It will not surprise me, if our maximum inventory in Incline Village and Crystal Bay in the summer of 2008 is somewhere between 540 and 600 properties. While most Incline Village real estate agents are gasping for air, I did two more listing presentations last week, shot the virtual tours for my new in-house listings, picked up two new buyer prospects and pushed forward with the usual marketing projects. A couple of my sellers have decided to rent their properties on long-term leases and just wait out the current softness for a year or two. My advice to sellers is do not put your property on the market in 2008 unless you have an absolute need to sell. This is not a year just to be testing the waters and adding to the inventory needlessly. Far better you should enjoy your property without a bunch of looky loos traipsing through in the summertime. Incline Village Real Estate Weekly Sales Statistics March 3 - 16 2008 March 2 - 9, 2008 The total number of properties for sale in Incline Village and Crystal Bay increased slightly to 369, so we may have bottomed out for the year last week when we had 364 places for sale. This total counts houses, condos and freestanding condos and does not include the tiny number of multiunit properties, commercial properties or raw land. Generally this time of year the inventory is either stagnant or declining, but I think we're going to see a premature increase in the inventory in 2008. It will not surprise me, if our maximum inventory in Incline Village and Crystal Bay in the summer of 2008 is somewhere between 540 and 600 properties. The median asking price for condos slid back to $550,000. It's a meaningless stat in the short haul, especially since the median sale price for condos, (including the median moving average for the past six months) is holding firm at 580K. What this tells me is that there is simply a surplus of inventory on the low end and that is the weakest part of the Incline Village Real Estate market at present. Lots of supply but very little demand for condos under 500K. While most Incline Village real estate agents are trying to figure out what to do with their time, I wrote to listing agreements last week and had two other listing presentations where I will be following up with the seller's this week. Even though prices are soft in most of middle America,our finite supply and increasing demand continue to keep prices firm for the quality properties in the more desirable locations. If you are bargain hunting, you will find the best values for houses under $1.5 million. There are several gems in good locations just waiting for a buyer to write an offer. Anyone looking for a home in the $1 million to
$1.2 million price range would do well to contact me and get the inside track on 705 Golfers Pass Road before it comes back on the market in April. Incline Village Real Estate Weekly Sales Statistics March 2 - 9 2008
The total number of properties for sale in Incline Village and Crystal Bay declined by nine down to 364, when you shake out the expired and withdrawn listings. Generally this time of year the inventory is either stagnant or declining. I have been working on several new listing agreements, but they will probably remain as "in-House listings" rather than going on the MLS. My seller's don't want a bunch of people in their muddy boots traipsing through their beautiful homes this time of year. The median asking price for condos crept slightly higher this week to $571,500. It's a meaningless stat in the short haul, especially since the median sale price for condos, (including the median moving average for the past six months) is holding firm at 580K. What this tells me is that there is simply a surplus of inventory on the low end and that is the weakest part of the Incline Village Real Estate market at present. While most Incline Village real estate agents are trying to figure out what to do with their time, I was busy showing property three days last week and meeting with 3 sellers to talk about listing agreements. Even though prices are soft in most of middle America,our finite supply and increasing demand continue to keep prices firm for the quality properties in the more desirable locations. If you are bargain hunting, you will find the best values for houses under $1.5 million. There are several gems in good locations just waiting for a buyer to write an offer. Anyone looking for a home in the $1 million to $1.2 million price range would do well to contact me and get the inside track on 705 Golfers Pass Road before it comes back on the market in April. Incline Village Real Estate Weekly Sales Statistics February 25 to March 2, 2008
The total number of properties for sale in Incline Village and Crystal Bay crept up slightly to 373, when you shake out the expired and withdrawn listings. Clearly, more sellers are putting their properties back on the market earlier than normal and in some cases I think this is a flawed strategy. Unless you really want to sell your property this time of year and are pricing if at or below fair market value, all you are doing is adding to the "days on market" for your listing. Overall, there are very few buyers visiting Incline in the dead of winter to look at property so only the most appealing homes and condos in Incline Village and Crystal Bay are going to get any significant showing activity. This becomes a concern for sellers in the summertime when buyers come up and ask why a particular property has been on the market for so long. There may be absolutely nothing wrong with the property were the price. But after many months of sitting in the MLS inventory, buyers sometimes get the perception that the property is overpriced or has some critical flaws if it is still for sale. The median asking price for condos took a big leap forward up to $570,000. It's a meaningless stat in the short haul, especially since the median sale price for condos, (including the median moving average for the past six months) is holding firm at 580K. What this tells me is that there is simply a surplus of inventory on the low end and that is the weakest part of the Incline Village Real Estate market at present. I don't really have any kind of an exciting analysis for you this week since with little activity and being so early in the year no trends have established themselves to be significantly different from 2007. Overall, buyers are exhibiting the patience they should have shown in 2005 instead of just throwing money at properties hither and yon. My guess is that a significant number of Incline Village real estate agents are going to be reevaluating whether or not this is the right business for them if they did not do too well last year and they have a slow start in 2008. With three buyers in town this week I continue to actively show the best values on the market and seek out the top performing investments for my clients. Market Summary - February 11th - 17th, 2008 - Scroll down for weekly statistics. The total number of properties for sale in Incline Village and Crystal Bay held steady at 370 when you shake out the expired and withdrawn listings. My guesstimate that the inventory will drop to around 320 properties by the time late winter rolls around could be proven wrong. It seems that more sellers are putting their properties back on the market earlier than normal. It will be interesting to see where the inventory finally bottoms out during this current annual cycle. Lots of sellers were putting their properties into the rental pool in an effort to pick up some cash flow in the off season when sales are very slow. But, with it already being the end of January and little opportunity to get a tenants this time of year I have a feeling some of these places are coming back on the MLS prematurely. There is always a risk with this strategy, if your property does not sell quickly, then by the summertime all of the buyers are wondering what's wrong with the place if it's been sitting on the market so long. The median asking price for condos slid back to $550,000, and this number will likely bounce around between approximately 500K and 550K for the near term. It's a meaningless stat in the short haul, especially since the median sale price for condos, (including the median moving average for the past six months) is holding firm at 580K. What this tells me is that there is simply a surplus of inventory on the low end and that is the weakest part of the Incline Village Real Estate market at present. Lots of supply but very little demand for condos under 500K. Buyers have tremendous leverage in this sector of the market and mid-winter is the ideal time to write offers and strike your best deals. The recent sale of #52 Mountain Shadows at only $380,000 is a perfect example. Market Analysis - January 2008 - Scroll Down for Weekly Sales Statistics I am projecting that total sales in units in 2008 will be at or slightly below the level of the past two years since this is an election year and due to the general uncertainty in the economy. I believe that the median price for homes will remain in the range of the 2006 and 2007 level, I don't see any reason for significant upward pressure at this point in time, except for lakeview homes. I see high elevation homes continuing to remain flat or trending down unless they have special attributes (such as a spectacular private setting or a great Lake view). There is very little demand for homes above 7000 feet especially if they are close to other houses and don't have what I refer to as the WOW factor. If you purchase a home at higher elevation it should be for the enjoyment of the property and not because you are hoping to make a quick profit. The median condo price will likely remain in the $550,000 to $585,000 range and I expect weakness at the low-end of the market to continue. Those complexes with an excess of supply such as Mountain Shadows, Creekside East and West, Ski Way Ridge and Bitterbrush will remain flat or trend down. I don't think our market will take a significant hit across the board, but I do believe there will be owners in financial distress from time to time who will let their properties go into foreclosure or sell them under fair market value. Most people who own real estate in Incline Village are affluent enough to hang onto their properties and pay the carrying costs through even a lengthy downturn. It is those individuals who stretched to purchase a property here, or who leveraged themselves too much during the boom years, that will be in financial distress and looking for a way out. Each of these distressed situations will have to be viewed on its own merits. In some cases there will be good investment opportunities and I will try to be the first to spot them and write about them in this column. Other times we will find homes like the bank owned property at 596 Lucille. This old thrasher does not really have remodel potential and the land value is such that it would take several years to break even if you were to build new construction. My job is to hunt around and find the best values in the Incline Village real estate market and bring them to your attention so that you don't miss out on the choicest investment opportunities. Incline Village Real Estate Weekly Sales Statistics February 11 to 17, 2008 |
| For Incline Village Real Estate Information or a Free Comparative Market Analysis of Your Property Contact Don Kanare Your Incline Village Real Estate Agent Lakeshore Realty - 954 Lakeshore Blvd - Incline Village, NV 89451 - 775-831-7000 |