Tahoe lakefront home sales edging down over first half of 2015
Statistics provided in Sierra Sotheby’s market reports are collected from local Multiple Listing Services, so sales withheld from the MLS are not reflected in the data. On Tuesday, Chase International released its mid-year stats for Tahoe and Reno-area home sales; look for a published report next week at SierraSun.com.
INCLINE VILLAGE, Nev. — A report released Monday by Sierra Sotheby’s International Realty shows declining trends for the lakefront real estate market in Incline Village and Crystal Bay during the first half of the year.
The data shows seven reported lakefront sales during the first half of 2013, four in 2014 and two lakefront sales in the first half of 2015.
The two reported sales this year include a smaller, off-lake property at 1570 Pine Cone Circle for $2.1 million, and one at 424 Gonowabie in Crystal Bay for $2.85 million.
These two sales, by default, earmark the lowest and highest priced second quarter reported sales for this area. The highest priced sale for the first half of 2014 was $13 million, creating a significant disparity for the area’s average sales price in the second quarter of this year.
Although the overall lakefront sales numbers have edged down, pricing for luxury and lakefront sales remains strong.
Average price per square foot for lakefront homes is up to an impressive $2,071 versus $1,371 as compared to figures from this time last year. Percent of sold price to average list price is up 7 percent to a solid 94 percent overall.
The report reveals 15 direct lakefront homes for sale in Incline Village and Crystal Bay, and another six homes for sale with locations that are just shy of direct lakefront access including the popular locales of Pine Cone Circle, Debra and Vivian Lane.
In terms of the Upper and Lakeside (non-lakefront) areas of Incline Village and Crystal Bay, there have been 14 new listings in the lakeshore area priced over $2 million this year, with 5 reported sales.
We’ve also seen 16 new listings in the Upper area priced over $2 million this year with 5 sales and 2 more sales pending as of press time.
The median sale price for non-lakefront homes is down just 1 percent, with this year’s first half average coming in at $872,500, as compared to $885,000 in 2014.
Average price per square foot for non-lakefronts is up 14 percent as compared to this time last year.
We’re seeing similar trends in the lakefront market on the East Shore of Lake Tahoe, with three lakefront homes sold in the first half of 2015, versus six sold in the first half of 2014.
Non-lakefront single family home sales on the East Shore are slightly up with 47 homes sold in the first half of 2015 as compared to 45 in 2014.
“With 10 non-lakefront sales priced over $2 million this first half of 2015, we are nearly on par with 9 sales the first half of 2014 for Incline Village and Crystal Bay; however, we are still under pacing the real estate frenzy of 2013 where we saw 24 sales in this range,” says Lexi Cerretti, a luxury real estate specialist with Sierra Sotheby’s International Realty. “We are optimistic about third quarter sales. Sixty percent of resort market transactions happen during the summer months and August and September are known to be particularly robust.”
A new report released in June 2015, by Wealth-X and the Sotheby’s International Realty brand reinforces Cerretti’s optimism. The joint report provides insight into the luxury residential real estate market and identifies purchasing and investment opportunities for ultra high net worth (UHNW) individuals looking to diversify their holdings.
The report shows that the UHNW Residential Real Estate index tracked by Wealth-X hit a new record high of 112.1 percent in the first quarter of 2015, up nearly 4 percent from the fourth quarter of 2014, and 7 percent from the first quarter of 2014.
This highlights the strength of the global luxury real estate sector on the back of demand by ultra high net worth individuals.
Key findings from the report indicate that destinations with both luxury properties and strong lifestyle considerations may appeal strongly to UHNW buyers, suggesting promising trends for year-round resort real estate markets like Lake Tahoe.
Visit tahoerealestatediary.com/micro-market-reports for detailed market trends related to a specific neighborhood in Incline Village, Crystal Bay or surrounding Lake Tahoe, Truckee and Reno areas.
This article was submitted by Sierra Sotheby’s International Realty. Visit sierrasothebysrealty.com to learn more.