This week in Incline Village and Crystal Bay Real Estate, the market showed signs of shaking off its winter blues, with 11 new listings, 6 pending sales, 4 price reductions, and 10 properties sold. It clearly indicates that the market is beginning to spring into action as we head into the warmer months.
With each passing week, we're witnessing a greater number of listings hitting the market. However, properties aren't lingering for long, reflecting the pent-up demand for low elevation and lakeview homes in our area.
One standout example is 1068 Sawmill, a home in a prime location that may not be perfect but is highly sought after. Originally purchased in August 2020 for $1,250,000, this property underwent some cosmetic updates and was listed for sale at $2,195,000. Remarkably, it went into escrow after just 3 days on the market.
Incline Village and Crystal Bay have seen more condo sales in the early part of the year compared to single-family homes, which is typical for this time of year. Additionally, we're observing routine price reductions, adding an interesting dynamic to the market. As we move further into the listing season, it will be intriguing to see if inventory levels climb or remain relatively stagnant. With the market moving swiftly, buyers will need to act quickly to secure a desirable property this year.
Incline residents are also grappling with the hot topic of insurance, with many HOAs and homeowners receiving notices for non-renewal. Click here to read my recent article on insurance and stay tuned for more insights into this important issue as things continue to unfold.
As a local resident and real estate expert, I'm excited to see how the market continues to evolve in the coming weeks. If you're considering buying or selling in the Incline Village and Crystal Bay area, now is the time to make your move.
HERE ARE THE LATEST STATS FROM THE INCLINE VILLAGE & CRYSTAL BAY REAL ESTATE MARKET
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