Incline Village Real Estate 3/3/19
Bargain hunters were out in full force on the Incline Village real estate scene last week. All 6 of the properties going into escrow were priced between $399,000 and $725,000. Inventory levels are at the lowest point since we started keeping records 15 years ago. There are only 118 total houses, condos and freestanding condos currently listed for sale on the Incline Village MLS.
With only 2 new listings and 6 properties going into escrow the inventory actually declined during the past week. There are only 11 freestanding condos and 29 regular condos currently listed for sale on the Incline Village real estate market. This remarkably low level of inventory could keep a lid on the total number of sales in 2019.
When buyers have so little to choose from and they are making a discretionary purchase most of them will be willing to wait and see what comes up for sale later in the year. Even though many people continue to leave California for more tax favorable states they can know always rent a place until they find something to buy.
Since prices have appeared to have temporarily plateaued, we are seeing a bit of a tug-of-war between buyers and sellers in some instances. Just last week 2 different 2 bedroom condos in McCloud closed escrow priced $90,000 apart. One unit had a more desirable floor plan and great location along with being completely remodeled. The other unit was pretty much original and the final sale prices reflected the overall differences between the 2 properties.
We think it’s important that buyers stay in close contact with their agent in 2019. With so little inventory, quality properties in good locations that are reasonably priced will disappear quickly. It appears that the Fed is trying to avoid doing anything that will shock the US economy. So as long as the Northern California economy keeps humming along so will Incline Village real estate sales.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 3/3/19
Houses Condos PUDs
For Sale 78 29 11
Under $1 million 13 22 6
Median Price For Sale $1,995,000 $640,000 $988,000
YTD Sales 2019 15 25 11
YTD Sales 2018 24 23 7
New Listings 2
In Escrow 6
Closed Escrow 7
Range in Escrow $399,000 – $725,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of March 3, 2019