Incline Village Real Estate Market Update June 2019
As the snow slowly melts from the mountain tops, it’s time to take a look at the real estate sales in Incline Village/Crystal Bay during the first half of 2019. In spite of the long winter and lingering rain and snow showers in the Tahoe Basin, sales were solid in the first half of the year.
There were a total of 140 closed escrow on the Nevada side of north Lake Tahoe so far. We saw 55 Single Family Homes, 59 Condos, 23 Free-standing condos and 3 investment residentials properties change hands to new owners. Prices for single-family homes ranged from a modest $573,000 for a 1,440 square foot cabin in the Ski Way area all the way up to $5 million for a newer construction lakeview home in Lower Tyner. At the present time, there are 17 homes in escrow ranging in price from $658,000 up to $7.5 million. We are seeing a skewed price point distribution with 2 properties priced under $1 million, 8 places between $1 million and $2 million and 7 properties in escrow over $2 million.
The Buyer who moves quickly, gets the property
Some buyers in the moderate price range have been sitting on the sidelines hoping the market will cool, inventory will increase, and they can pick up a bargain. Unfortunately, most of these buyers will soon be priced out of purchasing a home in Incline Village in Crystal Bay as they are forced into the hot rental market in order to stay in the Tahoe Basin or will have to move to more affordable surrounding communities.
Condos still outpace single-family homes in sales
Condo sales in Incline Village and Crystal Bay were nothing less than extraordinary with 59 units being snapped up during the first half of this year and only 45 units currently on the market. The Mountain Shadows condo complex led the charge with 6 sales so far this year. There were 5 closed transactions in Bitterbrush, 4 in McCloud and no other complex had more than 2 or 3 sales. Only 9 condos sold at prices greater than $800,000. But there were some super-luxury properties in the mix including 3 lakefront condos selling between $1.3 million and $2.15 million.
During the next couple of weeks readers will be bombarded by statistical market information from a variety of sources trying to spin the statistics in a way that favors a particular firm or locale. It is not practical to lump together statistics from the Tahoe / Truckee area since each community has very different market attributes. What is most important is to focus on the general trends within each local market and ignore the average prices or other meaningless numbers that are used to promote someone’s agenda. Like politics, all real estate is local, and you cannot aggregate unit sales or prices from disparate communities and have an analysis that makes any sense.
Inventory continues to shrink mid-summer
With the inventory of properties for sale in Incline Village and Crystal Bay at an extremely low level, Sellers would be well advised to consider selling during the summer. It is almost certain that prices will continue to rise during 2019 at a slower, but steady pace. This is a result of a couple of factors. 1st and foremost, the year-to-year inventory continues to decline. Also, demand remains strong, interest rates are low, and California continues to drive high income individuals to seek residency in the tax friendly environment of Nevada.