First Half of 2019 Market Analysis
We have seen a lot of different types of real estate market situations during the past 2 decades. But 2019 is providing us with some interesting statistics as we look back on the 1st half of the year. Overall sales of houses, condos and freestanding condos in Incline Village and Crystal Bay are down about 20% compared to the 1st half of 2018. Whether this is due to the big winter and late-season snowstorms, the shortage of inventory or some other factor is yet to be determined.
Sales of houses have seen a bit of a comeback during the past 6 weeks compared to the first 4 1/2 months of the year. Also the inventory of houses for sale is up significantly with 113 single-family homes currently on the market. Ironically this is exactly the same number of houses that were for sale during the 1st week of July in 2018.
In contrast the inventory level of freestanding condos is only around 3 months. There have already been 28 closed escrows this year along with 6 properties currently in escrow. But as of this writing there are only 16 PUDs listed for sale on the Incline Village MLS. As a result prices have continued a slow steady uptrend in this category especially for the more desirable low elevation properties.
The condominium inventory hovers around 5 months with a median asking price of $699,000. This statistic has nothing to do with sale prices it simply gives us an idea of the level at which half of all properties are priced above or below. As we have seen the median for sale price rise over the past several years, the floor for the least expensive condos in town has come up significantly. Our favorite bellwether the 2 bedroom, 2 bath McCloud condo has seen sale prices between $560,000 and $647,200 depending on the floor plan, location and upgrades. All but one sale was $600,000 or higher. With only one condo listed for sale in the entire complex prices will likely continue moving to the upside.
At present time there are 42 houses, condos and freestanding condos currently in escrow. With the economy still relatively strong in Northern California we anticipate summertime sales to be at or above historical norms. Whether sales in 2019 catch up to the high totals of 2018 or remain a bit behind will depend on a number of factors. This includes having sufficient inventory, minimal impact from summertime fires and no negative economic shocks to the markets that provide the majority of buyers for Lake Tahoe real estate.
Weekly Real Estate Update
Houses Condos PUDs For Sale 113 58 16 Under $1 million 14 40 7 Median Price For Sale $1,999,995 $699,000 $1,295,000 YTD Sales 2019 70 69 28 YTD Sales 2018 83 84 27 New Listings 21 In Escrow 12 Closed Escrow 9 Range in Escrow $569,000 – $4,200,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of June 30, 2019