Incline Village real estate: 2016 sales, so far, are off to a great start
You would never know that it is the offseason judging by the pace of real estate sales in Incline Village and Crystal Bay during the 1st month of 2016.
A total of 20 houses, condos and freestanding condos closed escrow vs. 19 properties in 2015. But the most telling statistic is the fact that there are currently 42 properties in escrow at the end of January, based on information gathered from the Incline Village MLS.
Even though we are experiencing winter storms on a regular basis each week, that has not deterred buyers from looking at properties of all varieties and writing offers. We are not entering into another real estate boom by any stretch of the imagination. But, maintaining a relatively strong level of sales during the winter months bodes well for the local real estate market this year.
A good way to analyze the strength of the Incline Village real estate market in 2016 is to look back at the total number of first-quarter sales last year — 22 houses, 26 condos and 7 freestanding condos closed escrow between January 1 and March 31, 2015, for a total of 53 sales.
With 20 closed escrows and 42 properties under contract as of the end of January, we are already on a pace to exceed the total number of units sold for the 1st quarter of 2015. And that is assuming nothing which goes into escrow in February or March closes before the end of the 1st quarter.
While the stock market has been extraordinarily volatile the past several weeks, this does not seem to have any impact on buyers looking at properties on the Nevada side of North Lake Tahoe.
The Northern California economy remains very strong relative to the rest of the world. Buyers who deferred purchases the past few years have seen prices rise steadily and they are now confident that the market is stable for houses and condos in Incline Village and Crystal Bay.
Prices for virtually all types of properties are still well below the peak achieved during the real estate boom of the previous decade. This means that buyers can make purchases without fear of losing their shirt and can feel positive about the long-term upside potential of any place they choose to buy.
With only 26 single-family homes currently listed for sale with asking prices under $1 million, buyers shopping for moderately priced houses are sifting through an inventory that is much lower than one year ago.
Looking forward, the big question will be whether or not enough properties will come on the market in 2016 to satisfy the demand side of the equation. We anticipate that a significant number of new listings will arrive as they always do in the late spring and early summer.
Whether the properties offered for sale will have the attributes and fall within the price range that the majority of buyers are seeking is the great unknown. But in our local market which is characterized by custom homes, buyers will likely be able to find what they are looking for if they remain vigilant and move quickly when the property they are seeking becomes available.
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.