Third Quarter Sales Finish on a Strong Note
As the leaves on the Aspen trees change from green to autumn gold it's time to take look at the real estate sales in Incline Village and Crystal Bay during the third quarter of 2017. In spite of the fires in Yosemite National Park and other spots in Norther California bringing smoke to the Tahoe Basin, sales were solid in the third quarter.
There were a total of 136 closed escrows on the Nevada side of North Lake Tahoe last quarter. We saw 56 houses, 56 condos and 24 freestanding condos change hands to new owners. Prices for single-family homes ranged from a modest $499,000 for a 1368 square-foot cabin in the Woods subdivision all the way up to $7 million for a lakefront home in Crystal Bay. At the present time there are 29 houses in escrow ranging in price from $599,000 up to $6.5 million. We are seeing a fairly typical price point distribution with 11 properties priced under $1 million, 12 places between $1 million and $2 million and 6 properties in escrow over $2 million.
Some buyers in the moderate price range have been sitting on the sidelines hoping to pick up a bargain during the off-season. Unfortunately, most of these shoppers will be disappointed as a significant number of properties falling into this price category are finding their way into the rental pool as discouraged sellers seek to earn some income during the winter months.
Condo sales in Incline Village and Crystal Bay were nothing less than extraordinary with 56 units being snapped up during this three-month time frame. The Burgundy Hill condo complex led the charge with 6 sales in the quarter. There were 5 closed transactions in McCloud and no other complex had more than 3 or 4 sales. Only 6 condos sold at prices greater than $800,000. But there were some super-luxury properties in the mix including 3 lakefront condos selling between $2.9 million and $3.9 million.
During the next couple of weeks readers will be bombarded by statistical information from a variety of sources trying to spin the third quarter statistics in a way that favors a particular firm or locale. It is not practical to lump together statistics from the Tahoe / Truckee area since each community has very different market attributes. What is most important is to focus on the general trends within each local market and ignore the statistics being spouted that emphasize average prices or other meaningless numbers that are used to promote someone's agenda. Like politics, all real estate is local and you cannot aggregate unit sales or prices from disparate communities and have an analysis that makes any sense.
With the inventory of properties for sale in Incline Village and Crystal Bay at a relatively low level buyers would be well advised to continue shopping during the fall of 2017. It is almost certain that prices will continue to rise during 2018. This is a result of a couple of factors. 1st and foremost, the year-to-year inventory continues to decline. Also, demand remains strong due to a host of economic factors and the effects of Proposition 30 which continue to drive high income individuals to seek residency in the tax friendly environs of Nevada.
For more great content visit www.InsideIncline.com
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 10/1/17
Houses Condos PUDs
For Sale 119 57 30
Under $1 million 27 40 13
Median Price For Sale $1,699,000 $549,000 $1,100,000
YTD Sales 2017 125 144 42
YTD Sales 2016 123 149 44
New Listings 6
In Escrow 8
Closed Escrow 17
Range in Escrow $325,900 - $4,295,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of October 1, 2017