A Solid First Quarter in 2018
It’s looking like another positive year for the Incline Village and Crystal Bay real estate market. While total sales in our community are ahead of last year, they could be higher except for a lack of inventory. The geographic areas in California that provide most of the buyers for real estate at Lake Tahoe are doing quite well economically. This means that demand should remain relatively strong in 2018.
There were 87 total sales of houses, condos and freestanding condos in Incline Village and Crystal Bay during the 1st quarter of 2018 versus 71 sales last year. Condos are selling at the same rate as in 2017 while houses and freestanding condos are up significantly. There are only 152 properties for sale as of this writing, which coincidentally is the same amount of inventory as one year ago. As we see new listings come on the market the rate of sales will likely continue to be strong during the coming months.
At the present time there are 40 properties in escrow with roughly half of them being single-family homes. The 21 houses under contract are priced between $690,000 and $37.5 million with 9 of them having asking prices in excess of $2 million. During the 1st quarter of 2017 the houses that closed escrow ranged between $490,000 and $4.9 million. There has been a shift in buying patterns during the first 3 months of 2018 with luxury buyers becoming a big part of the action. While bargain hunters dominated the market during early 2017, moderate and higher end buyers are getting into the swing of things in a major way.
Single-family home and condo buyers do not have a lot of lower-priced offerings from which to select. There are only 12 single-family homes with asking prices under $1 million. Condo buyers have only 8 properties priced under $400,000 from which to choose.
The greatest variety of condo properties for sale is in the Bitterbrush complex where there are currently 4 listings. These lake and mountain view properties range from just over 1300 square feet up to nearly 3000 ft.² with price tags from around $675,000 up to $1,349,000. Shoppers in McCloud are waiting for the next new listing to hit the MLS and Third Creek has only 2 units from which to choose. Activity remains strong in these 2 popular locations and we see no reason for that to change during the coming year.
Sellers will find that activity in any particular price range will ebb and flow randomly. They should not get discouraged if their property sits on the market for several months until a willing buyer comes along. However, if there are glaring issues such as a ridiculously high price, significant deferred maintenance or other serious flaws, sellers should try to address any deficiencies in an effort to make their property more attractive. It’s important to remember that the vast majority of purchases in our market are discretionary and buyers have the luxury of waiting until a property that suits all of their criteria eventually comes along.
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