As the bears come out of hibernation, listing season has arrived once again on the Nevada side of North Lake Tahoe. Based on statistics gathered from the Incline Village MLS there are a total of 19 new listings in just the past two weeks. This is the time of year when the inventory generally rises on a steady basis as sellers put their properties on the market after the winter hiatus.
As of this writing there are 22 houses, 23 condos and 2 freestanding condos listed for sale on the Incline Village MLS. This inventory level is roughly 30% lower than at the same time in 2021 and down more than 50% versus the start of the recession in 2019. The current number of properties for sale in Incline Village and Crystal Bay reflects an unbalanced market where we can anticipate continued upward pressure through the summer months.
Many buyers like to get ahead of the summertime crowds and with the market bringing us new listings almost every day this is a great time of year for buyers and their agents to remain constantly vigilant. We continue to see mostly multiple offer situations for properties priced under $2 million and we anticipate this trend to continue during the busy summer months for the most desirable properties that are priced to attract attention.
An important part of getting a new listing noticed is putting each property on the weekly Tuesday morning MLS tour for all the agents to preview and to make sure it is easy to show in personal and with professional photography and virtual tours of the home. Since most buyers live at least a couple of hours away (if not further), it is absolutely critical for sellers to provide an opportunity for Incline Village and Crystal Bay real estate agents to see each new listing and determine whether or not there are prospective buyers already waiting in the wings. Out of area buyers rely on the expertise of their local agent to inform them of the new listings that may be of interest, since pictures on the Internet and virtual tours do not tell the whole story.
And with demand remaining strong, especially for houses under $2 million, it is more important than ever for agents to preview properties and inform their buyers in a timely fashion and be able to show their clients via FaceTime or another video calling platform. Many buyers miss out on writing an offer for what could have been their dream home at Tahoe simply because they live too far away to personally visit every interesting new listing before it gets snapped up by someone else who is more closely monitoring the market. Buyers continue to write sight unseen offers only to visit a few days later in person.
With for-sale signs going up on a regular basis, sellers are busily preparing their properties by cleaning, decluttering, landscaping, doing repairs, and performing other tasks to make their places look attractive. There are a lot of positive side effects to the local economy during new listing season as home staging specialists, architects, contractors, landscapers and repair people of all types perform services to get properties in showing condition. As sure as the spring flowers start to bloom and the Aspen trees turn green, the North Lake Tahoe economy welcomes new listing season each year with the joy and anticipation that winter is over, and the summer season will soon be upon us.