Incline Village real estate: 2016 — a year in review
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 12/24/16
Houses Condos PUDs
For Sale 113 57 20
Under $1 million 19 50 10
Median Price For Sale $1,995,000 $540,000 $995,000
Total Sales 2016 158 192 56
Total Sales 2015 133 174 55
New Listings 5
In Escrow 6
Closed Escrow 2
Range in Escrow $165,000 - $1,389,500
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of December 24, 2016
No matter what your view of the world, 2016 was not a dull year for newsworthy events, changes in the American political scene or the Incline Village/Crystal Bay real estate market.
By historical standards this was an above average year, with the Incline Village MLS reporting 406 sales of houses, condos and freestanding condos as we enter the last week of December.
This is about 11% more sales than in 2015 and is a good sign that our market is healthy and not in either a boom or bust cycle. Prices for single-family homes and condos continued a steady march upward.
As we head toward the start of 2017, there are approximately 190 total residential properties for sale, which is about 16% below the level at this time last year. The inventory of properties during the course of the year ranged from the 180s to the low 300s depending on the season and pace of sales activity.
The number of properties for sale moved above a 9-month supply during the late summer and early autumn. Then it retreated back to the current level as a result of late-season sales and listings either expiring or being withdrawn from the market.
The net result is that we have seen a return to a healthy real estate market without the extreme price volatility that was witnessed during the previous decade when prices rose dramatically and subsequently surrendered a large portion of their gains.
The combination of moderately low inventory levels, healthy but not excessive demand and strong local economies in the markets that provide most of the buyers for properties in our community, has brought a nice balance of diversity and stability during the past year.
Sales of condominiums outpaced those of single-family homes steadily throughout the year. The most popular complex was McCloud with 28 sales followed by 16 in Mountain Shadows.
Forest Pines saw 10 units change hands, Bitterbrush saw 9 sales and Third Creek and Woodstock had 8 each.
Luxury condos did rather well with 7 sales in Stillwater Cove and 10 total lakefront condos changing hands to new owners.
There are currently only 7 single-family homes with asking prices under $800,000 and the majority of these are fixer uppers or tear downs.
There were a total of 46 sales of houses that closed escrow below $800,000 and this wiped out a lot of the inventory in this price range. Luxury homes had a modest year by local standards with 20 houses selling at prices in excess of $2 million in Incline Village and Crystal Bay this year.
Barring some catastrophic economic or political event we believe that real estate sales in 2017 will remain relatively strong in Incline Village and Crystal Bay. Buyers will want to keep an eye out during the winter months for any new listings that may be of interest.
As reasonably priced properties in good locations with desirable floor plans get listed for sale, there will likely be a significant amount of showing activity and new contracts being written on a regular basis.
Don Kanare and Sabrina Belleci are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com.