Incline Village Real Estate Mid Feb 2020
It was another exciting week for the Incline Village real estate market. With seven as the lucky number we saw seven properties go into escrow and seven properties close escrow. Since there were only three new listings the inventory actually declined to the extraordinarily low level of only 131 properties listed for sale on the Incline Village MLS.
Looking closely at the statistics we see there is approximately a two-month supply of condos and freestanding condos. In the 15 years we have been writing this Incline Village real estate blog we have never seen a two-month supply for both categories at the same time. Slowly but surely moderate priced buyers are being squeezed out of the Incline Village real estate market and forced to look elsewhere in the Sierras.
This trend is taking place in many vacation resort communities around America. Don is skiing in Colorado this winter and he’s been scoping out the properties in the Breckenridge, Frisco, Dillon area. Breck prices bear a striking resemblance to what we see in Incline Village. As you move further north along Highway 9 towards Silverthorne prices decrease as you get away from the center of Breck. But, local wages mirror those at Tahoe which means it’s difficult for local workers to find affordable housing. Maybe someday the vacation resort communities in America will finally deal with the problem of workforce housing.
There is one new listing on the Incline Village real estate scene that catches our eye this week. 144 Village Blvd. – #73 McCloud is a rare two-story, two-bedroom, 2.5 bath, 1293 square-foot condo with no one above or below you. The nice offset architecture means that you get excellent sunlight from this south facing property. Throw in a one car detached garage and you’ve got a fabulous low elevation place close to the beach. And to make things even better the listing agent Jerry is a heck of a nice guy to work with. Offered at $788,000.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 2/16/20
Houses Condos PUDs
For Sale 75 45 11
Under $1 million 11 24 5
Median Price For Sale $2,250,000 $815,000 $1,146,200
YTD Sales 2020 16 21 6
YTD Sales 2020 13 20 6
New Listings 3
In Escrow 7
Closed Escrow 7
Range in Escrow $619,000 – $1,525,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of February 16, 2020