Strong Sales Through 3rd Quarter
It has been a spectacular year for Incline Village real estate sales! Through the end of September there have been a total of 335 houses, condos and freestanding condos changing hands to new owners. This is an increase of nearly 10% when compared to 2017 and that was a banner year. Prices are continuing to trend upward although at a slower pace. Whether we will reach a plateau in the near future or continue this uptrend is anyone's guess.
Inventory levels remain extraordinarily low especially for condos and freestanding condos. Both of these categories have roughly a 3 month supply of properties for sale. There are only 47 condos and 15 freestanding condos listed for sale on the Incline Village MLS as of the end of September. Sales activity for low elevation condos has remained very strong throughout the year and we see no reason for this to change anytime soon. Typically condo buyers prefer to be within 1 mile of the beach if possible and they are willing to pay a premium for a great location.
The number of single-family homes for sale reflects a supply of approximately 7 months. Anything under a 12 month supply of houses is considered a positive factor for this sector of the market. Only 26 houses have asking prices under $1 million and the median asking price has been hovering near the $2 million mark for most of 2018. There are only 5 places with asking prices under $700,000. This is making it difficult for anyone to find what would be considered a relative bargain in Incline Village or Crystal Bay.
One of the most unusual things about Incline Village real estate sales in 2018 is that our market never took a breather even during what would usually have been a relatively slow winter season. Sales were strong right out of the starting gate in January and there have been very few weeks this year when things slowed down even a little bit.
During the past week there were 9 new listings along with 14 properties going into escrow and 16 closed escrows. You have to go all the way back to the real estate boom prior to the Great Recession to see so many weeks with double digit levels of properties getting accepted offers. The combination of a generally strong economy (especially in California), buyer confidence and the desirability of owning a place at Lake Tahoe are the major factors that have continued to support the high level of sales we have seen in 2018.