Autumn Update in Incline Village & Crystal Bay Real Estate Market
This past week, as Incline Village and Crystal Bay welcomed early Halloween festivities and a series of local events to kick off the holiday season, it felt like the real estate market took a pause. Even with the sun gracing us with its presence, the cooler temperatures and the local ski resorts announcing their upcoming opening dates set a distinct seasonal tone.
In the real estate arena, our local market seemed to align with the change in weather, displaying a slight deceleration. The week witnessed the introduction of 3 new listings, 11 price reductions, 5 contingent listings, and 3 successful sales.
Among the properties that piqued my interest is 551 N Dyer Cir. Situated as our newest listing, this home holds a unique status with its corner location in The Woods subdivision. Nestled on just under half an acre, it boasts TRPA-verified base allowable coverage of a generous 5,699 SF, while the current coverage stands at 3,417 SF. Originally built in 1963, this property presents an enticing development opportunity for those dreaming of their Lake Tahoe retreat.
Week after week, we've observed an increasing number of price reductions on homes, many of which appear to be reasonably priced, either recently renovated or graced with exceptional views. It's somewhat surprising that some of these homes are still on the market, considering they appeared to be prime candidates for an autumn sale. It raises the question of whether sellers are keen on parting with their properties before the arrival of another extensive winter, or if the market is sending a message about the necessary price adjustments for a year-end sale.
Historically, the fourth quarter tends to witness a surge in the acquisition of single-family homes in our market. Yet, in 2023, the familiar theme of limited inventory remains a defining factor. Available homes within the sought-after range of $1,900,000 to $3,000,000 are notably scarce, and properties in this bracket experience a significant uptick in showing activity. In contrast, luxury homes seem to be attracting slightly less attention in recent months.
As we tread further into this unique seasonal juncture, the local real estate market awaits further cues and signals, presenting both buyers and sellers with intriguing opportunities in the picturesque landscapes of Incline Village and Crystal Bay.
HERE ARE THE LATEST STATS FROM THE INCLINE VILLAGE & CRYSTAL BAY REAL ESTATE MARKET