Incline Village and Crystal Bay experienced cooler temperatures this week, accompanied by an unusually high amount of early summer rain and frequent thunderstorms. A lightning strike near Spooner Summit caused Lake Tahoe's first fire of 2023. Fortunately, the copious amounts of snow and rain we've had helped prevent the fire from spreading until emergency crews contained it. Thanks to the substantial snow covering our mountains, it appears that we won't have a significant "fire season" this year.
As for the local real estate market in Incline Village and Crystal Bay, it has been gradually softening over the past eight months. We've observed a shift from a robust seller's market to a more stable market condition, with a better balance between supply and demand. Although inventory levels have increased during the summer of 2023, they are still relatively low compared to historical standards. This has helped protect home prices from declining thus far.
Throughout the week, we witnessed notable closings and price reductions across the real estate market, with a particular emphasis on newer construction and upscale luxury homes. Most notably, the price reduction on 969 Pyrite Ct., originally listed at $4,900,000 on 8/23/22 and now sitting active on the market 302 days later at $3,500,000. A recent sale of a stunning new build on the East Slope, 545 Eagle Drive, closed escrow at $8,300,000, a 31% price decrease from it’s original listing price at $12,000,000 on 6/24/22.
Overall, the market activity remains steady with 13 New Listings, 6 Contingent Listings, 7 Price Reductions, and 6 Sold.
Incline vacation rental bookings are still down from the previous years and does not seem to be increasing anytime soon. Only time will tell if last minute visitors who come to enjoy Lake Tahoe will give the much needed and relied upon boost to real estate sales and our local economy. It’s safe to say when looking for property this year, plan to look at homes higher than your budgeted amount and plan to negotiation down.
HERE ARE THE LATEST STATS FROM THE INCLINE VILLAGE &
CRYSTAL BAY REAL ESTATE MARKET
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