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 everything going under contract ranging from $267,000 – $1,395,000.  Condos dominated the action with 7 units getting accepted offers including 3 properties recently touted in this blog.

It’s very important for buyers to act quickly when good buys come up for sale in 2019.  Looking at our records all the way back to 2003 we have never seen inventory levels this low for the Incline Village real estate market.  There is not even a 3 month supply of condos currently for sale.  Low elevation locations remain highest in demand.

New Listings Price Changes In Escrow Closed Escrow

Along with the plethora of properties going into escrow there were 3 new listings, 3 price changes and 4 places closing escrow on the Incline Village real estate scene.  Low elevation buyers looking for a place under $1 million will want to check out 928 Northwood Blvd. – #14.  This is a free standing condo in the Golf Course Villas subdivision.  As the name implies you are a short chip shot away from the practice green and about a 9 iron to the clubhouse.

Inside this 2300+ square foot freestanding condo you’ll find 3 bedrooms, 2.5 baths and a nice spacious kitchen / great room combination.  Wonderful for entertaining and a great location close to everything in the center of town and about 1 mile to the beach.  The asking price of $998,000 puts this right in the sweet spot.  Please contact us promptly if you have any interest as we anticipate it will go quickly.

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Would you like to be a little closer to the beach? If your budget will not push the million-dollar price range then the new listing in Forest Pines is worth a look.  #2 – 27 is a nearly 1600 square-foot condo just 2 blocks from Incline beach.  Rare and highly desirable 4 bedroom, 3 bath two-story townhouse style condo that has been beautifully remodeled from top to bottom.  Offered furnished at $799,000.

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With the stock market rebounding and the northern California economy humming along the Incline Village real estate market is showing fairly good strength.  Whether this results in a new uptrend remains to be seen.

For the moment the only thing holding back sales is a lack of new inventory.   Unit sales of houses are behind the year to date totals for 2018.  But it appears this is more due to the copious amounts of snowfall than any other factor.  We anticipate there will be pent up demand for the purchase of single-family homes that will shift to the spring and early summer months.

Weekly Real Estate Update

Statistics gathered from the Incline Village MLS on 3/17/19

Houses                Condos               Free-Standing

For Sale                                         75                          31                            9

Under $1 million                           13                          22                            5

Median Price For Sale           $2,295,000           $640,000                 $998,000

YTD Sales 2019                            18                          28                          12

YTD Sales 2018                            32                          32                          12

New Listings                                  3

In Escrow                                       10

Closed Escrow                                4

Range in Escrow        $267,000 – $1,395,000

These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of March 17, 2019