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It looks like most people have plans for Mother's Day weekend that don't involve the Incline Village real estate market.  With the only activity on Friday and Saturday being 2 new listings (one of which is a repeat), and two price reductions, I think everyone should get out and enjoy the sunshine after quickly perusing  today's commentary.

It's taken almost 2 years, but the home for sale at 387 - 2nd Tee Drive has now finally been reduced to a reasonable asking price.  The latest slashing of $135,000 brings the new offering price to $2,050,000 for this 5388 square-foot remodeled home on the eastern slope.  Featuring six bedrooms, 5.5 baths, and a filtered Lake view, the spacious floor plan makes his home perfect for those large family gatherings.  If you are shopping in the $2 million price range I highly recommend taking a look at this property.

The seller of #41 Northwood Estates must be getting very motivated with the latest price reduction bringing this property down to $374,000.  With three bedrooms, 2.5 baths, a carport and a central location that puts you within walking distance of everything, this condo is now priced to sell.

Our only true new listing today is for an inside unit at #18 Creekside West.  This three bedroom, 2.5 bath, 1332 square-foot condo has been updated and that's reflected in the asking price of $469,500.  Without further adieu, I think I'll go back to getting my desk cleared off and hope that Monday brings more interesting new listings and price reductions so that I can get a little more creative in my writing.

I'd like to take a moment to talk about statistics and trends, since the Incline Village real estate market is a micro-market that is not your average residential real estate area.  It seems that a few of the other agents in town are putting statistics on their websites that tend to obfuscate the actual market conditions for real estate sales in Incline Village and Crystal Bay.

Lake Tahoe has a number of different real estate markets and you can't lump them all together.  One website is talking about average prices at Lake Tahoe when we all know that averages are completely meaningless up here.  A few very high priced properties or sales of some low end fixer uppers can skew average prices dramatically.  Also, you need enough sales to determine the trend for median prices in any given year.

Take for example the sales of single-family homes in Incline Village in 2008.  So far, 23 homes have closed escrow.  Only four of these sales have been close to the median price for 2007.  All of the other sales have been either far above the median price or far below.  What this tells me is that the wealthy can afford anything and that is why we are seeing lots of high priced properties sell, while the bargain hunters are picking up the fixer uppers on the low-end where they feel they can get a greater rate of return on their investment.

The fact that only 4 homes anywhere near the median price have sold tells me that the average Incline Village buyer is waiting for a good deal and not just throwing money at anything that gets listed.  Until we have at least 50 homes close escrow, we won't really know if the median price is trending up or down.  Based on my analysis of the market, I don't anticipate much movement in the median price by the end of the 2008 versus 2007.

The bigger issue is the rate of sales.  At the end of the first quarter of 2008 the total number of units sold (houses, condos and freestanding condos) was down 50% versus the first quarter in 2007.  However, during the month of April we have seen a significant increase in sales and at the present time unit sales are down only 30% versus the first four months in 2007.  A lot of agents in town are experiencing an increase in showing activity and are writing more offers.  That tells me we can anticipate finishing 2008 with total unit sales close to or slightly below the total for 2007. 

While we have seen a tiny uptick in the number of distressed properties in Incline Village and Crystal Bay, properties in default or some stage of foreclosure still make up less than one quarter of 1% of the housing stock.  Virtually all of the property owners here have the staying power to ride out any economic downturn.  We will see the occasional great value, but don't expect markdowns like you would find at Ross or other discount clothing stores.

My Motto in 2008 - Too much analysis can lead to paralysis

I think it's very important for buyers to realize that the properties that are priced at or below fair market value, in good locations with quality interiors and good floor plans are going to sell quickly even in a relatively slow market.  Watch this column each day for the latest MLS info, and keep an eye out for my "Super Deal Alerts".

To See Prior Daily Updates with the Incline Village MLS New Listings Click Here to Read My Real Estate Blog

The daily Incline Village MLS update contains the personal opinion and sarcastic wit of Don Kanare concerning Incline Village real estate for sale and is provided as information for the general public. None of the properties mentioned in the updates are Don's listings unless specifically stated. Every listing and price change that occurs on the Incline Village MLS for properties in Incline Village and Crystal Bay can be found by clicking the appropriate links above. I do not include information for new listings or price changes that may be posted on the Incline Village MLS if those properties are outside of Incline Village or Crystal Bay Nevada, since I focus on a small geographic area and will not comment on properties outside my area of expertise. If you have questions about Incline Village real estate please contact Don.

The information on this site is for anyone looking for Incline Village real estate and information on the Incline Village MLS. On this site you can search all of the available Incline Village MLS properties for sale such as condos, houses, free-standing condos (PUDs), lots and land, multi-family, investment residential and commercial property. Arguably the most desirable community at Lake Tahoe, Incline Village is located on the Nevada side, on the sunny northeast corner of the Lake. When you need assistance with real estate, or help deciphering the information on the MLS, make Don Kanare your real estate agent to help you buy or sell property in Incline Village. With Don as your Incline Village Realtor, his knowledge and expertise will guide you through the intricacies of the Incline Village NV real estate market.