Same Town; Different Markets
The Incline Village real estate market is not your typical residential or even big-city market. Our local real estate economy is divided into several sectors. These sectors do not always behave the same way at the same time. As a result, it can be a little bit confusing when people come here to shop for property as to whether they are dealing with a buyer’s, seller’s or neutral market.
There are times such as the real estate boom and crash of the previous decade where prices for houses, condos and freestanding condos were either swiftly rising or precipitously dropping. And that is typical of economic times that are characterized by feverish activity in one direction or the other. However, outside of the buying and selling panics there are more normal times where prices trend for the most part slowly upward.
Our local market is characterized primarily by discretionary sales. People buy and sell here mainly because they want to and not necessarily because they have to. It creates a different dynamic than most residential markets where people are buying and selling because of a job change, desire for a particular school district, etc. The current inventory level of properties for sale in our community provides a great example of a market with sectors that are not all moving equally in the same direction at the same time.
Taking a look at the chart below we see that the number of houses currently for sale on the Incline Village MLS reveals an inventory of approximately 9 months. In contrast, the inventory of condos is closer to 3.5 to 4 months. And the supply of freestanding condos is about 6 months. The shortage of condos is causing consistently upward price pressure especially in some of the more popular complexes such as McCloud and Third Creek. Even the older Mountain Shadows complex has seen the inventory decline and prices rise during the past year.
Prices of freestanding condos especially in Lodgepole Parque and Country Club Villas have risen significantly while inventory remains sparse in these complexes. Whenever a property in either of these developments has come on the market in 2017 there has been a flurry of showing activity and generally a relatively quick sale.
In contrast, the moderate supply of single-family homes has resulted in slower price increases and longer days on market for this sector. We occasionally see houses listed for sale that have some very special attributes which cause them to get a lot of showings and go into escrow rather quickly. Since we are a community of custom homes each property has its unique appeal to a particular subset of buyers.
Within our market each of the various sectors can have different characteristics at the same point in time. And that's one of the things that makes working in the Incline Village real estate business both challenging and interesting!
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Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 10/22/17
Houses Condos PUDs
For Sale 116 55 29
Under $1 million 32 42 14
Median Price For Sale $1,650,000 $535,000 $1,100,000
YTD Sales 2017 137 160 44
YTD Sales 2016 132 161 48
New Listings 6
In Escrow 12
Closed Escrow 9
Range in Escrow $369,800 - $3,595,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of October 22, 2017