The real estate scene in the Nevada side of North Lake Tahoe has been chugging along steadily in the first quarter of 2024. Over in Incline Village and Crystal Bay, we've seen a total of 49 closed deals during these initial three months, compared to just 26 sales during the same period last year. That's a whopping 88% increase in sales volume, which usually sets the stage for a bustling summer ahead.
Inventory levels, however, are hanging quite low compared to what we're used to seeing historically. Currently, there are only 79 properties - houses, condos, and freestanding condos combined - listed for sale on the Incline Village MLS. Typically, a shortage in supply could put the brakes on sales growth, but strangely enough, that hasn't been the case so far in 2024. Buyers seem to be jumping on reasonably priced properties in good spots, even with fewer new listings hitting the market.
Real estate sales play a big role in our local economy here in Incline Village and Crystal Bay. When lots of properties are changing hands at a decent clip, it's good news for a whole bunch of service providers like title companies, lenders, home inspectors, and contractors. Plus, the money spent locally tends to circulate within our community, giving a boost to restaurants and retail shops.
Comparing this year's stats to what we've seen in the past reveals a pretty big difference. For instance, back in Q1 of 2016, we had a lot more homes, condos, and PUDs (that's Planned Unit Developments) up for grabs before the pandemic shook things up. It's interesting to note how factors like low-interest rates and more full-time residents are keeping the market a bit tighter these days. In 2016, there were 104 Homes, 70 Condos, and 20 PUDs listed for sale.
Looking ahead, prices in neighborhoods like Millcreek, Lakeview Sub, and Championship Golf Course are expected to stay high due to high demand. With fewer than two months' worth of homes listed for sale on the Incline Village MLS, demand is likely to outpace supply for a while. Homes that are priced too high or need a ton of work might end up sitting longer on the market and seeing price cuts.
On the flip side, the Woods subdivision is starting to get some attention. Even though it's a bit higher up, it's becoming a hotspot for folks looking for smaller, single-level homes that they can spruce up without breaking the bank. There's still some good deals to be had there for those willing to put in a bit of work. As of today, we have only 40 homes, 33 condos, and 6 PUDs actively listed.
As for condos, we're expecting to see a bunch of new listings in the coming months. But don't get too excited - that might not mean a big spike in sales. Some of the condo complexes here in Incline Village are a tough sell because they don't qualify for regular financing. This could lead to more "cash only" sales down the line, like what we're already seeing in places like McCloud or Mountain Shadows.
For single-family homes, it's been a bit up and down with inventory over the past year. Of the 23 houses that sold in 2024 so far, 13 had some sort of lake view. That's higher than usual, suggesting that lakefront properties might be especially hot this year. But there's a catch - homeowners might face some uncertainty with insurance, especially with companies like Farmers dropping policies left and right.
Only time will tell how the rest of 2024 plays out in the real estate market. But if you're thinking about selling, now might be a good time to hop on it and list your place early in the spring season to get the best price possible.