Incline Village Real Estate: August 2 Market Update
It has been a beautiful week for the weather and the Incline Village real estate market. We’ve been enjoying gorgeous sunny days with temperatures in the 80s. The coming week might be a little bit cooler but it will still be nice summer weather for enjoying all of the recreational activities that Lake Tahoe has to offer.
The remarkable run for the Incline Village real estate scene continues. 17 properties went into escrow and 31 places closed escrow during the past seven days. Amidst all of the frenetic activity, we are pleased to announce some closings of our own including the single-family home at 559 Silvertip Dr. at $1,250,000.
Buyers looking for a property that’s reasonably priced near the championship golf course will want to check out 916 Harold Dr. - #29. This freestanding condo in Cedarcrest boasts three bedrooms, two full bathrooms, over 1500 ft.² of living space and has been nicely remodeled. The best part of all is the location pretty much adjacent to the Championship Golf Course.
Upgrades include stainless steel appliances, granite counters, nice flooring and more! The property is offered furnished at the asking price of $625,000. It’s very difficult to find properties in this complex in this type of location. So, this one could go quickly
The inventory of houses, condos and freestanding condos for sale on the Incline Village real estate market is the lowest we’ve ever seen. There are currently only 87 properties on the Incline Village MLS out of approximately 8600 in the community. Closed escrows year to date have now substantially surpassed 2019. With only six new listings this week, buyers are snapping up the most desirable properties very quickly.
During the past few years prices in the San Francisco Bay had moved significantly above prices at Lake Tahoe. This anomaly now appears to be correcting itself with the current increase in sales activity at Lake Tahoe in 2020. Over the past 40 years the parallels (with some time lag) between the Bay Area and Tahoe have been uncanny. We have been wondering the past few years when prices at Tahoe would return to parity with the Bay Area. Things appear to be headed in that direction with no letup in sight.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on August 2, 2020
Houses Condos PUDs
For Sale 56 21 10
Under $1 million 6 11 3
Median Price For Sale $3.255,000 $949,000 $1,495,000
YTD Sales 2020 108 95 36
YTD Sales 2019 86 78 33
New Listings 6
In Escrow 17
Closed Escrow 31
Range in Escrow $330,000 - $6,400,000
The statistics contained herein are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of August 2, 2020