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.
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
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.