INCLINE VILLAGE REAL ESTATE: August 17 Market Update
With the inventory rapidly dwindling down to another record low with only 81 properties for sale, it was another big week for the Incline Village real estate scene. At this time 2 years ago there were 202 properties listed for sale on the Incline Village MLS. And in mid-August 2015 there were 318 houses, condos and free standing condos on the market (which is what we would typically call a “normal” inventory level). The change in the numbers is extraordinary and reveals just how low the number of properties available for sale is on a historical basis.
This is not an over heated market cycle being driven by people chasing properties and flipping them for a profit. It’s an extreme situation of people fleeing urban areas for the relative safety of the mountains during a pandemic. We are seeing a paradigm shift take place as people who can work from home depart metro areas for the Tahoe lifestyle.
26 properties went into last week escrow ranging in price from $230,000 for a small piece of raw land on Tomahawk all the way up to $12.5 million for a lakefront home in Crystal Bay. Showing activity continues at a very strong pace. The price of a bell weather two-bedroom, two bath McCloud condo is moving into the $700,000 range.
There are only four single-family homes on the Incline Village real estate market with asking prices under $1 million. This is a function of market forces working in a couple of different ways. Buyers have gobbled up all of the lower-priced properties that were for sale earlier in the year. And the floor underneath Incline Village real estate prices continues to rise.
Taking a look at the new listings on the Incline Village MLS we think 907 Driver Way is worth checking out before it gets away. Situated on the East slope, this three-bedroom, 2.5 bath, 2100+ square-foot home is on a large half-acre lot. The property backs up to a private woodsy setting making this a sweet location. Nicely remodeled interior and spacious rooms along with a little bit of a view of the Championship Golf Course puts this on our radar screen. Offered at $1,695,000.
Sabrina has a nice new listing at 644 Country Club Dr. priced at $1,395,000. This spacious three bedroom, 2.5 bath home boasts over 2700 ft.² of living space. The natural landscape property is 4/10 of 1 acre and provides a warm mountain feel. You’ll enjoy a very private setting amongst the trees adjacent to a seasonal creek. Along with high ceilings and a nice architectural design you’ll find upgrades including stainless steel appliances and granite counters. Please take a look at the virtual tour and contact Sabrina for more information. Click here to see a virtual tour
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 8/16/2020
Houses Condos PUDs
For Sale 57 18 6
Under $1 million 4 8 2
Median Price For Sale $3,250,000 $1,189,000 $1,495,000
YTD Sales 2020 129 123 42
YTD Sales 2019 91 98 36
New Listings 15
In Escrow 26
Closed Escrow 15
Range in Escrow $230,500 - $12,500,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of August 16, 2020