Good buying opportunities are out there in Incline Village, Crystal Bay
Real Estate Feature
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 7/16/17
Houses Condos PUDs
For Sale 121 71 31
Under $1 million 27 56 12
Median Price For Sale $1,744,000 $529,500 $1,150,000
YTD Sales 2017 69 90 21
YTD Sales 2016 79 102 22
New Listings 15
In Escrow 12
Closed Escrow 9
Range in Escrow $399,000 - $7,300,000
These statistics are based on information from the Incline Village Board of REALTORS or its Multiple Listing Service as of July 16, 2017
The arrival of warm summer weather, long sunny days, and the occasional traffic jam shows we are in the busy season at Lake Tahoe. With the wildflowers starting to bloom, hiking and mountain biking trails slowly becoming free of snow, and the lake starting to warm up, every type of recreation beckons visitors and residents alike.
But a favorite activity of many vacationers at Lake Tahoe is to explore the real estate market and contemplate making their dream come true of owning a house or condo in the mountains.
While real estate prices have skyrocketed in many Bay Area cities, they have been in just a slight uptrend on the Nevada side of North Lake Tahoe in 2017. It is normal for our market to take a breather and consolidate after prices rose significantly from 2012 through 2016. But even with the post-recession increase in property valuations almost all properties with the exception of lakefronts are still selling well below the peak achieved during the real estate boom.
The bellwether two-bedroom, two-bath McCloud condo and the three-bedroom, three-bath Third Creek condo are good indicators of relative valuations for condominiums in Incline Village and Crystal Bay. While prices for these properties have risen significantly since hitting their recession lows, they are still about 15 percent to 20 percent below the previous peak.
Single-family homes in the Lakeview and Mill Creek subdivisions have seen nice price gains over the past few years, and continue to exhibit the most strength for this sector of our residential market. The low elevation location, large and nearly level lots, and proximity to everything creates a lot of demand in these neighborhoods.
However, as of this writing there are 121 houses for sale on the Incline Village Multiple Listing Service and year-to-date sales if you count closed escrows and properties in escrow total 101 units. This means we have approximately a nine-month inventory of houses for sale. While this inventory will surely be eroded during summertime, prices can’t rise substantially until the inventory drops into the six- to eight-month range.
There are some exceptions to this situation mainly quality homes in good locations with great floor plans. Even though the inventory of single-family homes leads us to believe that we are in a relatively neutral market with a bias to the upside, the fact of the matter is that the most desirable properties are being shown frequently and occasionally attracting multiple offers.
While interest rates remain low and inventory levels are moderate, buyers have an excellent opportunity to purchase quality properties at prices well below the peak of the real estate boom last decade. From a long-term perspective, this means that upside potential is excellent and you also get the benefit of enjoying your own place at Lake Tahoe.
There is something special about having your own house or condo with all of your seasonal clothing and recreational gear just waiting for your arrival. Interest rates and prices won’t remain at this level forever, making 2017 a prime opportunity to look at investing in a vacation home in Incline Village, Crystal Bay, or one of the many other communities around Lake Tahoe.
Sabrina Belleci and Don Kanare are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com.