Incline Village real estate: Real estate sales looking good in 2017
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 2/5/17
Houses Condos PUDs
For Sale 97 36 15
Under $1 million 17 31 6
Median Price For Sale $1,999,950 $579,000 $1,125,000
YTD Sales 2017 10 20 1
YTD Sales 2016 14 13 3
New Listings 4
In Escrow 8
Closed Escrow 5
Range in Escrow $449,000 - $2,695,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of February 5, 2017
With the month of January in the books 2017 looks to be starting out as another good year for the Incline Village real estate market.
While we can’t make any solid predictions based on just the first 31 days, it does appear that the general trends of 2016 are continuing.
The inventory level is hovering around 150 houses, condos and freestanding condos for sale. Condo inventory has dropped below 40 units for the first time in over a decade as demand remains strong for this sector of the market.
Measuring year to date sales during the month of January is a little bit tricky since almost all of these properties went into escrow in November or December 2016. But it does give us a little bit of an indication when we combine it with the number of properties in escrow as to the direction of the overall market.
There were 29 closed escrows in January 2017 versus 23 the year before. As of this writing there are 36 properties currently in escrow. The mix of properties in escrow consists of 14 single-family homes, 2 freestanding condos and 20 condos.
If this trend continues condo sales will once again outstrip sales of houses. Prices for condos will also continue to ratchet steadily upward especially for the most desirable low elevation locations and lake view properties.
We are seeing the supply of lower-priced houses disappear with only 8 properties currently for sale with asking prices under $800,000. All of the houses in escrow have asking prices between $799,000 and $3,745,000.
The floor for prices of homes in Incline Village is moving up and anyone looking to buy a single family house under $700,000 will have very little to choose from in the coming year.
The median asking price of a single-family home is hovering around $2 million and this will fluctuate week to week depending on new listings and sales.
This does not mean the median sale price for houses is going to be around $2 million. It is simply an indicator of the price trend for the inventory of single-family homes.
Sellers may wish to put their properties on the market earlier than normal this year. Buying activity is still relatively strong and sellers do not have a lot of competition just yet.
Even with the big snowstorms we have experienced the last two months the road crews have generally done a good job and most neighborhoods are easily accessible.
The great ski conditions are bringing larger than normal crowds to the Lake Tahoe area. Not everyone is a skier or snowboarder so many parents drop the kids off at the ski resorts and spend the day looking at property.
As we get closer to summer there will be the usual flurry of new listings and competition among sellers will increase. While the additional inventory provides buyers with a greater variety of choices it also means that more sellers have to compete with each other.
The savviest buyers scour the market all year-round and don’t wait for the summertime crowds to arrive. Since the vast majority of our buyers come from California they can easily make a trip to Lake Tahoe to look at property when any new listings of interest hit the MLS. As of now, all signs are pointing to a thriving Incline Village real estate market in 2017.
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.