2017: The Year in Review
No matter what your view of the world, 2017 was not a dull year for newsworthy events, changes in the global political scene or the Incline Village / Crystal Bay real estate market. By historical standards this was an above average year with the Incline Village MLS reporting 433 sales of houses, condos and freestanding condos as of December 31st. This is about a 5% increase over the 412 sales we had in 2016. It is also a good sign that our market is healthy and not in either a boom or bust cycle. Overall, prices for single-family homes and condos continued a steady march upward.
As we head toward the start of 2018 there are 156 total residential properties for sale which is about 18% below the level at this time last year. The inventory of properties during the course of the year ranged from the mid-100s to the high 200s depending on the season and pace of sales activity. The total number of properties for sale moved above a 9 month supply during the late summer and early autumn. Then it retreated back to the current level as a result of strong late-season sales and listings either expiring or being withdrawn from the market.
The net result is that we have seen a return to a healthy real estate market without the extreme price volatility that was witnessed during the previous decade when prices rose dramatically and subsequently surrendered a large portion of their gains. The combination of moderately low inventory levels, healthy but not excessive demand and strong local economies in the markets that provide most of the buyers for properties in our community, has brought a nice balance of diversity and stability during the past year.
Sales of condominiums outpaced those of single-family homes steadily throughout the year. The most popular complex was McCloud with 20 sales followed by 16 in Mountain Shadows. Bitterbrush came in 3rd place with 14 sales while Burgundy Hill saw 13 units change hands. Third Creek had 11 closed escrows and would likely have seen more activity except for a severe lack of inventory.
There are currently only 9 single-family homes with asking prices under $800,000 and many are fixer uppers or tear downs. There were a total of 43 sales of houses that closed escrow below $800,000 and this wiped out a lot of the inventory in this price range. Luxury homes had a very good year by local standards with 38 houses selling at prices in excess of $2 million in Incline Village and Crystal Bay in 2017.
Barring some catastrophic economic or political event we believe that real estate sales in 2018 will remain relatively strong in Incline Village and Crystal Bay. Buyers will want to keep an eye out during the winter months for any new listings that may be of interest. We anticipate that reasonably priced properties in good locations with desirable floor plans will likely see a significant amount of showing activity and attract offers swiftly.
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Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 12/31/17
Houses Condos PUDs
For Sale 93 43 20
Under $1 million 27 25 9
Median Price For Sale $1,795,000 $808,000 $1,100,000
Total Sales 2017 171 207 55
Total Sales 2016 160 195 57
New Listings 0
In Escrow 5
Closed Escrow 9
Range in Escrow $459,000 - $1,210,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of December 31, 2017