Buyers Are Here In Full Force
The first half of May has been exceptionally strong for the Incline Village real estate market. In just the past week there were a total of 9 new listings but 15 properties went into escrow. This is a level of activity we would expect to see in the middle of the peak summer season. Sales have been in an uptrend for the first part of 2018 and it appears there is no letup in sight. And it is highly unusual to see the inventory flat or declining at this time of year when it normally would be ramping up dramatically.
Prices continue to march steadily upward with the most recent 3 bedroom, 3 bath condo in Third Creek getting listed at $945,000 and leaping into escrow shortly thereafter. The properties getting accepted offers in the past week on the Incline Village real estate market ranged from $549,888 up to $4,695,000. Bargain properties are quickly disappearing from the Nevada side of North Lake Tahoe. There is only one condo in Incline Village for sale with an asking price under $300,000 and only 10 condos offered under $500,000.
Buyers looking for a single-family home will find only 88 properties currently listed for sale in Incline Village and Crystal Bay. The median asking price is significantly higher than the median selling price. This leads us to believe that lower to moderate priced properties are being snapped up rather quickly. At the present time the median asking price is $2,295,000 but the median sale price is $1.2 million. This shows that the inventory is top-heavy, but that is rather typical in our local market.
Taking a closer look at the state of the Incline Village real estate scene, only 6 of the 25 single-family homes currently in escrow have asking prices under the median sale price of $1.2 million. The median sale price is not an indicator as to whether overall property prices are going up or down in a particular location. However, it does provide us with some insight as to where buyers are voting with their dollars.
There are currently just 34 true lake view properties listed for sale in our community and only 2 of them are priced under $1.2 million. Another 15 properties have a filtered lake view or a peek of the lake. Lakeview properties have always commanded a premium when compared to similar properties that just have a view of the mountains or the trees. As prices have risen during the past 6 years it's become more difficult to find lake view properties priced under $1 million. It looks like that price point might be making its way into the rearview mirror in 2018.
We believe that the price range between $1 million and $3 million will be quite strong in 2018. Anyone who is thinking of selling their property this year may wish to consider listing it for sale sooner rather than later. It's a seller's market at the present time and history has shown us that part of the cycle does not last forever. Sellers who have been waiting for prices to return to the pre-recession peak now have an opportunity to put their place on the market and reap nice a nice reward.
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