Incline Village Market Update
It’s refreshing to take a short break from the nonstop coronavirus news and focus for a moment on the Incline Village Real Estate Market. While it’s not exactly business as usual we did see four new listings, one price change, three properties go into escrow and four places close escrow during the past week. Overall unit sales are identical to this time in 2017, but it remains to be seen if sales will reach their normal robust totals in the summertime
If you are a buyer and a desirable property hits the MLS you will need to move swiftly as inventories remain near historical lows. There are less than 130 houses, condos and freestanding condos listed for sale on the Incline Village MLS. This is a sharp contrast to when we had close to 600 properties for sale coming out of the recession. We anticipate a steady stream of new listings each week. However, there is nothing in our crystal ball to indicate any type of panic among sellers in the spring of 2020.
Last week in this space we touted the property located at 848 Ophir Peak Rd as being a good value and it quickly went into escrow. Low elevation single-family homes in a desirable location priced under $1 million are few and far between. Even if a place requires some updating or remodeling the advantage of having a superior location outweighs most other factors.
Checking out the new listings on the Incline Village real estate scene 321 Ski Way – #225 Mountain Shadows catches our eye at the asking price of $459,000. This is a nicely remodeled three bedroom, 2.5 bath, 1360 square-foot two-story townhouse style condo. The living room fireplace and open beam cathedral ceiling along with a woodsy location makes this one worth a look.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 4/19/2020
Houses Condos Free-Standing
For Sale 67 49 12
Under $1 million 11 33 5
Median Price For Sale $2,875,000 $745,000 $1.146,200
YTD Sales 2020 30 41 11
YTD Sales 2019 31 41 16
New Listings 4
In Escrow 3
Closed Escrow 4
Range in Escrow $649,000 - $998,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of April 19. 2020