Incline Village Real Estate Market Update: Nov. 9th
Updated: Nov 10, 2020
The Incline Village Real Estate scene keeps humming along with the end of year sales of single-family homes picking up the pace and the rate of new listings slowing this past week as we welcomed our first winter snowstorm. We saw 9 new listings come onto the market and 20 properties go into escrow. A standout property is 563 Knotty Pine owned by long-time locals, with panoramic lake views from every room and every level. It is very rare to see a luxury property hit the market in November given that is typically the “end” of our selling season, however, 2020 is no ordinary year.
Despite it being an election week, two luxury lakefront homes one in Crystal Bay at 444 Gonowabie Rd. and the other 835 Lakeshore Blvd. in Incline Village went from active to pending at a price point of $15,500,000 and $15,650,000. Demand remains high at all price points with limited standing inventory available for Buyers.
A rare listing came on the market at 143 Village Blvd., unit # 9 Village Highlands. This unit is in need of a full renovation as the current condition is considered a fixer-upper. This is a great opportunity for someone with an ample amount of cash to put into a real estate investment here in Incline. This property will not qualify for conventional financing as is. The kitchen, powder bath and the master bedroom have been gutted to the studs and is a blank canvas waiting for someone to make it their own. These units rarely come on the market and usually are sold with multiple offers at a prelim price. Click here to see more.
Buyers looking for a reasonably priced condominium prior to the end of the year will have to reduce their necessary criteria list as inventory continues to shrink. As of this publication, there are limited available properties in 1 in McCloud, 2 in Forest Pines, 0 in Cour Du Lac, 0 in L’ermitage or really anything below highway 28.
Wintery snow arrived in the Lake Tahoe basin over the weekend which caused some buyers to cancel their plans to come up and look at property. The fresh snow blanketing the mountains signals the end of fire season, a cause for celebration, has eased local concerns of future drought and sparked optimism for a great winter ahead.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 11/9/2020
Houses Condos PUDs
For Sale 41 17 4
Under $1 million 3 15 3
Median Price For Sale $2,850,000 $659,000 $927,250
YTD Sales 2020 235 214 66
YTD Sales 2019 146 147 47
New Listings 9
In Escrow 20
Closed Escrow 14
Range in Escrow $475,000 - $15,650,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of November 9, 2020