Incline Village Real Estate Market Update
As we enter the summer selling season, the Incline Village real estate market activity is holding strong. Inventory levels have remained low while sales activity has continued along at a steady pace and “Days on Market” (DOM) decreasing. A decrease in inventory combined with a high demand for property at Lake Tahoe is allowing prices to inch up at a healthy pace. Given the lack of inventory, overall sales numbers are down – homes sales are down roughly 26%, condo sales down roughly 11% and PUDs down roughly 13% from this time last year.
In general, both showing and sales activity remains strong as we enter summer selling season with condos under $600k being the most popular with the least DOM. The properties going into escrow this past week range from $435,000 all the way up to $2.5 million. With only 41 condos on the market and only 21 condos with asking prices under $600k – many buyers are getting priced out of the market or are not moving quick enough in order to buy the condo they want. Home prices continue to trend up slightly with PUDs becoming a desired alternative to single family homes.
New Listings Price Changes In Escrow Closed Escrow One trend to point out is the change in DOM for condos that are remodeled, and turn key. Over the past few months, condos that are partially to fully remodeled and at lower elevations are coming going into escrow within 24-78 hours with multiple offers and buyers are shifting from wanting free-standing PUDs or single-family homes to lower maintenance and moderately priced condominiums. This means there is an extreme shortage of lower to moderately priced PUDs and Single-family home inventory in our market. If you own a property with a fair market value of $1 million or less that sector is still a seller’s market.
989 Tahoe Blvd., Unit # 18 Tahoe Racquet Club – Incline Village NV
Our newest listing to hit the Incline Village real estate market is a unit in Tahoe Racquet Club. It’s a low elevation, remodeled condo, in a private setting next to roaring Incline Creek – a rare find. At the asking price of $435,000, 989 Tahoe Blvd., Unit # 18 Tahoe Racquet Club stands out. It has a private woodsy setting just a couple of blocks from the beach.
After assisting our sellers with the remodel and staging process, we received multiple offers in 24 hours.
This three-bedroom ( plus a loft), 2 bath condo boasts 1649 ft.² of living space in a two-story townhouse style. Master suite on the top level along with living, kitchen, loft and dining area. 2 guest bedrooms and a bathroom downstairs. Offered furnished.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 6/3/19
Houses Condos PUDS
For Sale 106 41 11
Under $1 million 19 34 7
Median Price For Sale $1,972,500 $559,000 $569,000
YTD Sales 2019 50 57 21
YTD Sales 2018 68 64 24
New Listings 14
In Escrow 6
Closed Escrow 12
Range in Escrow $435,000 – $2,500,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of June 3, 2019