Incline Village real estate: Sellers excited about the market in 2017
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 12/31/16
Houses Condos PUDs
For Sale 102 52 18
Under $1 million 17 46 10
Median Price For Sale $1,995,000 $540,000 $995,000
Total Sales 2016 160 195 56
Total Sales 2015 139 174 57
New Listings 4
In Escrow 3
Closed Escrow 5
Range in Escrow $270,000 - $885,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of December 31, 2016.
After a solid year for real estate sales in 2016 sellers are looking forward to what the real estate market has in store during the coming year.
With a greatly reduced inventory, buyers looking at properties on a regular basis and virtually no distressed properties to compete against, the Incline Village/Crystal Bay real estate market has a slight bias in favor of sellers.
There were 411 sales of houses, condos and free standing condos in Incline Village and Crystal Bay in 2016. This continues the strong pace of sales that we have seen since coming out of the recession in 2012.
As many buyers sat on the sidelines during the shake out of the real estate market between 2008 and 2011, a lot of pent up demand was created. The first big wave of buyers returning with confidence came crashing in 2012 and the tide continues to rise.
Helping to push things along further is the sharp increase in real estate prices in California which provides the majority of buyers in our local market.
With the inventory of properties for sale dropping to approximately 170 versus 227 at the same time one year ago, the supply/demand equation continues to evolve in a positive direction for sellers.
The historical long-term demand for quality properties at Lake Tahoe is in full swing and buyers have snapped up a lot of the inventory in some of the more popular locations.
The popular McCloud complex has experienced a sharp increase in demand. There are only 5 condos for sale at the present time in a complex with 256 units. As buyer confidence has returned and the economy has improved, unit sales have jumped dramatically.
There were 33 sales in McCloud in 2016 which represents more than 12% of the condos in this development changing hands to new owners. Showing activity for low elevation condos continues at a steady pace.
Many property owners who were contemplating selling three or four years ago decided instead to rent their properties on long-term leases. As these leases expire some of these sellers will decide to test the waters and put their houses and condos back on the market.
However, with rents rising for residential properties, some property owners will continue to lease out their places during 2017.
So, there is not going to be a massive influx of rental properties coming on the market for sale, but there will be a slow steady stream of new houses and condos for buyers to consider.
Sellers are looking forward to 2017 with great anticipation as demand outstrips supply and prices are trending upward.
Purchase agreement terms should be much more favorable as buyers compete for a smaller supply of properties than at any time in the past 10 years.
The long-term desirability of Incline Village and Crystal Bay will continue to attract buyers and the lower level of inventory will make sellers happier and more confident about putting their properties on the market this year.
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.