What Buyers Are Seeking This Summer
All real estate is local and that rings true more than ever during the summer of 2019 on the Nevada side of North Lake Tahoe. Due to the random nature of discretionary purchases of vacation homes, there is no guarantee that there will always be a steady supply of any particular style or floorplan for sale at any given time. However, Incline Village is a community of custom homes and new properties coming on the market offer a variety of floor plans, locations, views and amenities that will appeal to one buyer or another.
Nowhere has this been more evident than in the ever popular McCloud condominium complex which is just a hop and a skip from the beach. While there are almost always at least a few two-bedroom condos for sale somewhere in this development, the storng pace of sales in 2019 has kept inventory to a minimum. At the present time there is only 1 two-bedroom condo for sale in the complex. Considering that 9 McCloud condos have already sold this year, there’s a clear shortage of inventory in that highly sought after development.
Buyers have also been gobbling up condos in Bitterbrush with 6 closed escrows and Mountain Shadows with 7 properties changing hands to new owners already this year. Lower to moderate priced properties have dominated the condo action accounting for nearly 3/4 of the total unit sales. Only a handful of condos sold in excess of $1 million but that included 4 lakefront properties. Most buyers in our market with budgets above $1 million tend to look more at houses and freestanding condos.
As of this writing there are 57 houses, condos and freestanding condos in escrow in Incline Village and Crystal Bay. The median price of the houses currently in escrow is $1,449,000. The median square footage of all the houses that have sold this year is 2749 ft.². This figure has ranged from approximately 2600 ft.² up to 3000 ft.² over the past decade. This is right at the long term norm for our community. Historically, less than 20% of buyers that purchase properties in our market buy places that are in excess of 4000 ft.².
During the real estate boom prior to the recession the median size had crept up to nearly 3000 sq ft. However, we have seen a trend the last several years where many buyers purchasing properties under $2 million prefer to have a better view or location as opposed to extra square footage. There will always be some demand for larger houses especially by extended families. With such a great variety of properties in Incline Village and Crystal Bay, patient buyers will ulitimately find a place that makes them happy.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 7/21/19
Houses Condos PUDs
For Sale 122 71 20
Under $1 million 12 46 11
Median Price For Sale $1,998,000 $748,000 $747,500
YTD Sales 2019 77 75 29
YTD Sales 2018 98 100 32
New Listings 18
In Escrow 18
Closed Escrow 5
Range in Escrow $385,000 – 3,750,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of July 21, 2019