Incline Village Real Estate Market Update, May 9. 2023
Updated: May 9
It’s another beautiful (but cold) spring week for Lake Tahoe and the Incline Village real estate market. While the mornings are rather chilly, we’ve been having a classic spring mix of snow and sunshine. You can hear the birds singing everywhere you go and see squirrels and chipmunks playing.
Our friendly bears are awakening from a winter slumber in search of food as they try to gain some weight. This means residents and visitors alike need to be extra cautious when it comes to food storage and trash disposal. Please do not store trash in your garage. Bears have an incredible sense of smell and every year numerous garages are broken into or damaged while the ursine population searches for food.
Listing and sales activity recently jumped up on the Incline Village/Crystal Bay real estate scene. There were 6 new listings, 6 price reductions, 5 properties going into escrow, and 3 places closing escrow on the Incline Village MLS last week. Sales were down sharply this spring compared to a year ago. Only 23 condos changed hands to new owners as of May compared to 52 condo sales for the same timeframe in 2022. There have been 14 sales of homes to date versus 47 sales last year.
This week's top pick is a new listing at 967 Red Feather Ct. This 4 bedroom, 3.5 bath, 2,516 square-foot home is situated in a very nice location adjacent to a few Forest Service lots, on a small court in the Eastern Slope neighborhood. The property features a desirable setting with an open great room and nice upgrades throughout. A level driveway, entryway, and two-car attached garage is a nice feature, especially when the snow flies. There are only a few homes on this cul-du-sac, which is a great buy for $2,350,000.
Luxury Properties continue to be in high demand. The waterfront estate with “Old Tahoe” flare, 893 Lakeshore Blvd, listed at $25,000,000, went into escrow this week and 32 Crystal Drive, originally listed at $35,000,000 closed escrow at $26,000,000.
Regardless of the fact that sales are down in comparison to previous years, it is very nice to see activity rising in recent weeks and we are excited to support our clients this "listing season". Cheers to warmer weather and summer time fun on the horizon!
HERE ARE THE LATEST STATS, AS OF 5.8.2023