Incline Village real estate: Home sales continuing at steady pace
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 8/7/16
Houses Condos PUDs
For Sale 149 98 28
Under $1 million 37 82 17
Median Price For Sale $1,698,000 $523,000 $939,000
YTD Sales 2016 89 119 24
YTD Sales 2015 72 104 22
New Listings 18
In Escrow 10
Closed Escrow 12
Range in Escrow $520,000 - $1,565,000
The Incline Village real estate market continued to move along at a steady pace during the month of July. After a very strong spring season the momentum continued as the summer crowds arrived to enjoy all of the recreational activities that abound at Lake Tahoe.
As we enter the 2nd week of August there are a total of 61 properties in escrow. After leading the charge during the 1st half of 2016, condo sales are now taking a backseat to single-family homes. There are 33 houses, 18 condos and 10 freestanding condos currently under contract.
During the month of July we saw 13 houses, 30 condos and 2 freestanding condos close escrow. While year to date condo sales continue to hold a fairly solid lead over sales of houses, we anticipate the gap will close between now and the end of summer.
However, it would not surprise us if total sales of condos in 2016 remain slightly ahead of houses when we get to the end of the year due to their extraordinarily strong start.
Of the 33 houses currently in escrow 8 have asking prices under $800,000, four are priced in excess of $2 million and the remainder are in between. The sweet spot during July was for single-family homes offered between $1 million and $2 million with 19 of these places under contract.
As the inventory of houses priced under $800,000 continues to disappear, buyers searching for modestly priced properties will have to make a purchase decision in 2016 or risk getting priced out of the market.
All 18 condos in escrow have asking prices between $224,900 and $775,000. This is a bit of a surprise since there are some nice lakefront condos listed for sale with price tags between $1.1 million and $2 million.
There have already been a few sales of lakefront condos this year and we anticipate buyers will snap up the more desirable properties between now and the autumnal equinox.
Sales of freestanding condos are close to even versus 2015 year to date. There are 3 developments that have been especially popular this year. As of this writing Incline Creek Estates, Lodgepole Parque and Lake Country each have 2 properties in escrow.
Only 4 of the 10 freestanding condos under contract have asking prices under $1 million. Many potential buyers of single family homes are taking a long, close look at freestanding condos. You get the benefit of having your own four walls and sometimes a little plot of land, but your common area maintenance and sometimes the exterior maintenance are handled by the Homeowners Association.
Any way you slice it, Incline Village real estate sales continue to hum along in a healthy and not frenzied manner. We anticipate there will be somewhere between 375 and 400 sales of houses, condos and freestanding condos in Incline Village in Crystal Bay this year.
We could possibly exceed 400 sales if activity remains stronger than usual into autumn. While buyers still have a relatively good inventory from which to choose we will not see a huge influx of new listings between now and the end of the year. Patience is good to a point, but procrastination means you could miss out on your dream property at Lake Tahoe.
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.
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