It has been a strong month for the Incline Village / Crystal Bay real estate market with 23 properties going into escrow in just the last week ranging in price from $335,000 up to $4,295,000. The property mix consisted of 7 condos, 5 freestanding condos and 11 single-family homes. Sales activity is strong across all price ranges as the summer of 2017 continues to hum along at a solid pace. Total Year to Date sales in units have almost caught up to 2016 after lagging about 10% behind most of the year.
Our market is characterized by mostly discretionary purchases of 2nd, 3rd and 10th homes resulting in a rather random distribution of sales activity within any price range at any given time. Looking at historical data we can tell over the course of the year that there will be occasional flurries of activity along with random periods of drought in any particular price range or subdivision.
This is not unusual for a vacation resort market such as Lake Tahoe. We don't have the typical residential cycle of families packing up and moving for a job or to a new school in the late spring and early summer. While summertime tends to bring an increase in sales activity, it is completely unpredictable as to which price ranges or locations will be highest in demand in any given year.
Heading into the last 10 days of August there are 29 houses on the Incline Village MLS currently in escrow spanning the gamut from $689,000 up to $7.3 million. Twelve of these properties have asking prices between $1 million and $2 million which demonstrates a nice level of sales activity in what is normally considered the “sweet spot” for homes in our market.
Almost every subdivision is represented along with a nice diversity of locations, views and architectural styles. Of particular note is that 7 of the properties getting accepted offers last week are located in the Mill Creek subdivision. No other area has more than 4 properties in escrow. The Mill Creek neighborhood features properties with nice large level lots located within a block or two of Lakeshore Blvd. The lots generally range in size from .3 acres up to around 1 acre/. Most parcels feature natural landscape with the occasional property bursting with colorful wildflowers or an expansive lawn.
With large numbers of visitors enjoying the beautiful summer weather and spectacular scenery, we will likely continue to see a solid pace of showing activity in the foreseeable future. The most motivated sellers will generally either make a price reduction or offer some type of incentive in an effort to get their property sold before the arrival of ski season. And with 15 price reductions in the past week there are a number of properties that look more appealing.
Buyers should not hesitate to write an offer if they find a property that they like. While we continue to see new listings each week, that will likely taper off as we move into September. Multiple offer situations are sometimes the case when a good value hits the market. 2017 has provided us with many reminders of the old adage “if you snooze you lose”.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 8/20/17
Houses Condos PUDs
For Sale 120 77 30
Under $1 million 31 61 10
Median Price For Sale $1,698,000 $515,000 $1,200,000
YTD Sales 2017 97 114 31
YTD Sales 2016 98 124 27
New Listings 12
In Escrow 23
Closed Escrow 13
Range in Escrow $335,000 - $4,295,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of August 20, 2017