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Incline Village Real Estate Blog 2/17/19

Wild winter weather last week did not slow down the Incline Village real estate market.  7 properties went into escrow in spite of Interstate 80 being closed on and off the past several days.  The snow piling up is being measured in feet and when all is said and done it looks like the snowpack will carry ski season through Memorial Day and maybe to the Fourth of July at Lake Tahoe.

Checking out the action on the Incline Village real estate scene we have 4 new listings, one price change and 3 properties closing escrow.  The 7 properties getting accepted offers last week ranged in price from $460,000 up to nearly $4.7 million.  The latter property is a panoramic Lakeview house on the East slope.  This particular neighborhood in Incline Village is renowned for spectacular views along with abundant sunshine.

New Listings Price Changes In Escrow Closed Escrow

Condo buyers looking for a property under $300,000 are having a hard time lately finding anything other than a one bedroom.  However, 870 Southwood Blvd. – #1 could be a little diamond in the rough.  This two-bedroom, one bath, 1040 square-foot condo is priced at only $289,000.  Low elevation location puts you right in the heart of everything just a couple of minutes from either the center of the town or the beach.  If you’ve been shopping around for a reasonably priced piece of Incline Village real estate you’ll want to check out the virtual tour

Year to date sales in 2019 are slightly ahead of 2018.  Considering the significant number of snowstorms that have sailed through Lake Tahoe this year it’s remarkable that we have seen such strength in the local real estate market.  As long as the Fed does not over tighten and there are no shocks to the economy we anticipate sales will continue to hum along at a nice pace.

Luxury buyers in particular have been out in full force during the past 2 years.  In the world of discretionary purchases, vacation homes are some of the more expensive items along with private jets and yachts.  These also tend to be the first things that people stop buying when a recession hits.  But we are not seeing any let up in the luxury sector and this will hopefully continue for the remainder of the year.

Statistics gathered from the Incline Village MLS on 2/17/19

Houses                Condos                     PUDs

For Sale                                         81                          33                          14

Under $1 million                           14                          24                          10

Median Price For Sale          $1,995,000            $640,000                  $648,000

YTD Sales 2019                           13                           20                           4

YTD Sales 2018                           15                           15                           6

New Listings                                 4         

In Escrow                                      7

Closed Escrow                              3

Range in Escrow        $460,000 – $4,695,000

These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of February 17, 2019

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