• sabrina47320

Incline Village Real Estate Market Update 6/25/2018

Incline Village Real Estate Market Update

June has been just as strong as May for the Incline Village real estate market and sales.  In just the past week there were a total of 16 new listings and 15 properties went into escrow.  This is the level of activity we would expect to see for this time of year.  Sales are continuing strong and it appears there is no letup in sight.  We are seeing an uptick of inventory come on the market later into the summer than usual. Our inventory is still at a historically level overall. As quantity of sales remain at a consistent level with previous years, prices are on an upward trend.

591 Knotty Pine in Incline Village

Prices are trending up….still.

Although prices continue to march steadily upward, we’re seeing some Buyers back away from their property searches during peak season to revisit in late Summer/Fall.  Sticking with the theme of Third Creek, the most recent 3-bedroom, 3 bath condos in Third Creek are listed at $850,000 and $989,888, the lesser going into escrow almost immediately. The properties getting accepted offers in the past week on the Incline Village real estate market ranged from $270,000 up to $1,700,000.  Bargain properties may be a thing of the past on the Nevada side of North Lake Tahoe.  There are only a handful of condos in Incline Village for sale with an asking price under $500,000. Only 14 homes offered under $1,000,000.

Buyers looking for a single-family home will find only 91 properties currently listed for sale in Incline Village and Crystal Bay.  The median asking price is significantly higher than the median selling price.  This leads us to believe that lower to moderate priced properties are being snapped up rather quickly.  Now the median asking price is $2,235,000 but the median sale price is $1,290,000 million.  This shows that the inventory is top-heavy, but that is rather typical in our local market.

This Week’s Market

New Listings Price Changes In Escrow Closed Escrow

Taking a closer look at the state of the Incline Village and Crystal Bay real estate scene, only 17 of the 30 single-family homes currently in escrow have asking prices under the median sale price of $1,290,000 million.  The median sale price each week or month is not an indicator as to whether overall property prices are going up or down in a particular location or neighborhood but a good indicator of currently popular price points.

Recently, there has been an uptick in panoramic lakeview homes in Crystal Bay that have come on the market ranging in price from $869,000-$75,000,000. The two most affordable homes went into escrow within 7 days of being on the MLS.  Another 12 properties are listed in Incline Village with panoramic lakeviews, two which are lakefront properties. Lakeview and lakefront properties are always in high demand when compared to similar properties without a lakeview.  As demand for lakefront and lakeview properties continues on an upward trend, it’s impossible to find a property that is turnkey with a panoramic view without paying a hefty premium.

Any panoramic lakeview property between $1 million and $1.6 million will need a buyer with a strong vision for renovation and a good local team to support the needed renovation to update a property to today’s look and feel of mountain modern.

Weekly Real Estate Update

Statistics gathered from the Incline Village MLS on 06/25/18.

                                                 Houses                Condos               Free-Standing

For Sale                                         91                          48                          25

Under $1 million                           14                          33                          16

Median Price For Sale            $2,235,000            $644,500               $799,000

YTD Sales 2018                            79                          77                          26

YTD Sales 2017                            67                          88                          18

New Listings                                  16

In Escrow                                      15

Closed Escrow                               10

Range in Escrow        $270,000 – $1,700,000

These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of June 25, 2018.

Click HERE for our previous Incline Village Real Estate Market Update.

#CrystalBay #InclineVillageRealEstate #InclineVillageRealEstateMarketUpdate #Lakeview

0 views0 comments

Recent Posts

See All

Incline Village Real Estate News 3/17/19

Buyers of Incline Village real estate took advantage of the beautiful weather last week.  We saw 10 properties go into escrow on the Incline Village MLS.  Luxury buyers sat on the sidelines with every