Incline Village Real Estate Update, Demand Continues to Exceed Supply
We continue to see record-breaking prices in the Incline Village real estate market. This week’s blog is about McCloud Mania as prices there are now topping $1000 per square foot for a 2 bedroom, 2 bath condo that measures around 1100 square feet.
The latest sale that closed escrow on March 2 came in at $1,150,000. The original asking price when the property was listed on February 10 was $1,015,000. There were multiple offers on the property and that will typically drive the purchase price above the asking price. Also, this was a beautifully remodeled property which is another factor in determining the selling price.
In conversations with this particular buyer’s agent and other local agents, confidence remains high that the Incline Village real estate market will continue chugging along in an uptrend. There are a number of factors that will likely keep upward pressure on prices during the coming year. These include demand that far exceeds supply, the quality of life at Lake Tahoe and the continued exodus of California residents to low tax states such as Nevada.
The Great Recession caused real estate prices to tumble all over America and the Incline Village real estate market was no exception. Going all the way back to 2012 when prices started to turn around in our community a two-bedroom McCloud condo sold for as little as $315,000. Prices started ratcheting up fairly quickly and by the end of the year these two-bedroom units were in the low 400s.
Fast forward to 2018 where the prices for a two-bedroom McCloud continued to move up into the high 600s. This is the level they had reached prior to the market crash and the onset of the Great Recession. In 2019 prices stayed rather steady then when the pandemic hit it was off to the races. But it was in 2021 when the prices for a standard two-bedroom, 2 bath one level McCloud condo really exploded from 750K up to 950K.
The highly desirable low elevation location that is close to the beach, shopping, restaurants and recreational activities cannot be overstated. The landscaping is beautiful, every unit has a detached one car garage and the HOA still permits vacation rentals. At the present time there is not a single condo in the complex listed for sale on the Incline Village MLS. So, while $1000+ per square foot may seem like a high price to pay it has to be taken in perspective with the overall values that can be found for Incline Village and Crystal Bay real estate.