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  • Writer's pictureSabrina Belleci

Insights from This Week's Incline Village and Crystal Bay Real Estate Activity | May 7, 2024


This week showcased a surge in activity within the Incline Village and Crystal Bay real estate market, indicating a noticeable uptick in momentum as we approach the summer season. With 14 fresh listings, 6 pending sales, 9 price adjustments, and 10 successful property transactions, it's evident that the market is gearing up for heightened sales activity.

As the inventory expands, prospective buyers must act swiftly and present compelling offers to secure their desired properties. Well-priced listings, particularly those boasting lower elevations or captivating lake views, are swiftly snatched off the market. Notably, some properties with deep-rooted familial histories and prime locations have made their debut on the market. A prime example is the recent listing at the coveted 999 Lakeshore location, adjacent to the renowned Lone Eagle Grille. Despite modest specifications on paper—approximately 1,600 square feet, 2-3 bedrooms, 2 bathrooms, lacking a garage and extensive storage—these lakefront condos stand as rare gems in Incline Village and Crystal Bay, rivaling the allure of esteemed beaches like the Incline Private Beach or the Hyatt Beach. Remarkably, this particular property entered escrow a mere three days after being listed on the MLS, underscoring its desirability.

This week also witnessed a trend of price reductions, predominantly affecting townhomes and condominiums grappling with insurance challenges. Insufficient coverage within their homeowner associations poses obstacles to conventional financing, resulting in prolonged market presence for these units. This issue is poised to persist in the Incline Village and Crystal Bay real estate landscape in the foreseeable future.

Two noteworthy sales emerged this week, notably a residence situated on the Championship Golf Course and another on the "dry side" of Lakeshore Boulevard, boasting breathtaking lake vistas overlooking Burnt Cedar Beach. Originally listed at $6,950,000 in 2022, the latter property experienced fluctuations in its market journey, with a relisting in December 2023 at $5,995,000. A slight shift in market dynamics and demand led to its swift acceptance into pending status on 4/22/24, culminating in an all-cash sale for $5,675,000, a testament to the evolving market conditions.

*Statistics gathered from the Incline Village MLS on 05/07/2024


HERE ARE THE LATEST STATS FROM THE INCLINE VILLAGE & CRYSTAL BAY REAL ESTATE MARKET


Houses

Condos

PUDs

For Sale

50

37

8

Under $1 Million

0

19

2

Median Price For Sale

$3,399,500

$900,000

$2,447,500

YTD Sales 2024

31

33

8

YTD Sales 2023

14

23

7

YTD Sales 2022

47

52

13

New Listings

11



In Escrow

6



Price Reductions

9



Closed Escrow

8



Range in Escrow

$699,000 - $3,346,500



Please keep in mind that these numbers are based on data from the Incline Village Board of REALTORS® or its Multiple Listing Service as of 05/07/2024.

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