Incline Village Real Estate Update 2/3/19
It looks like Incline Village real estate sales are off to a good start in 2019. Overall closed escrows are slightly ahead of last year. Although the majority of these transactions most likely went into escrow during November and December 2018. Sales activity has remained strong with 8 properties going into escrow during the last week on the Incline Village MLS.
The inventory of houses, condos and freestanding condos currently sits at 131 units. This is slightly below the 140 properties listed at the same time last year. While sales remain strong especially for the off-season, many of the 15 properties that closed escrow in the past week sold for at least 5% to 10% below the asking price. Sellers have to accept that prices are moving into a plateau and we are no longer in the mega-uptrend that the Incline Village real estate market has seen the past 7 years.
We are seeing good showing and sales activity in all price ranges with lower-priced properties in great demand. The post recession rebound has raised the floor for even the most affordable entry level properties in Incline Village and Crystal Bay. Lower elevation properties continue to get snapped up quickly if they are priced reasonably. Nowhere is this more evident than in the popular McCloud complex which has seen a flurry of activity during the 1st month of 2019.
As of this writing there are 5 McCloud condos currently in escrow and only one listed for sale. 2 properties in the complex closed escrow with prices around $600,000 for 2 bedroom units that are approximately 1100 ft.². The proximity to the beach, restaurants, shops and everything in the center of Incline Village helps these properties to command a premium year after year. These same units bottomed out at around $350,000 during the recession. So the comeback has been rather remarkable to say the least on both a dollar and percentage basis.
The Lake Tahoe real estate market seems poised for a good year ahead barring unforeseen circumstances. Demand remains strong and the California economy continues to be a powerful economic engine. The only inhibitor to sales we see at this time is the lack of inventory. Some of the most popular subdivisions and condo developments in Incline Village have a severe shortage of available properties.
So, it was nice to see 8 new listings on the Incline Village real estate scene during the past week. There tends to be a lull in the listing action this time of year. But if we can add several new listings each week in the dead of winter it will help to plump up the inventory prior to the busy summer selling season. As long as sellers don’t overreach when pricing their properties there are plenty of deals to be made in the year ahead.