Lake Tahoe real estate: Summer sales heating up
June 26, 2015
As we approach the peak of the summer real estate selling season sales activity for houses, condos and freestanding condos continues at a solid pace with nine properties in Incline Village and Crystal Bay going into escrow during the past week.
While luxury buyers are occasionally writing offers the vast majority of the action is taking place between $350,000 and $1.7 million.
Sales of single-family homes rebounded with six properties getting accepted offers. After a slow start to the year this category has made a nice comeback.
We can anticipate that the total sales of houses in 2015 will finish up very close to the level that we saw last year, which was a relatively normal year by historical standards for Incline Village and Crystal Bay.
As of this writing there are 58 houses, condos and freestanding condos in escrow. That is a very healthy number at the start of summertime and is an indication that real estate sales on the Nevada side of North Lake Tahoe are continuing to move along nicely.
This is the time of year when we see new listings almost every day, which provides us with a typical uptrend in the inventory levels of properties for sale.
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The inventory tends to peak sometime between late July and late August as property owners make the decision whether or not to list their property for sale during the busiest time of year.
Based on conversations we are having with other agents and brokers, it appears that showing activity remains relatively strong especially for lower and moderate priced properties.
The one exception is the unusually high level of activity for the new construction at Incline Creek Estates. These are beautiful freestanding condos located near the intersection of Village Boulevard and College Drive that are known for their easy living floor plans and high quality finishes.
Freestanding condos have become very attractive to vacation home-buyers in recent years as they combine the best attributes of a single family home and a condo. You get your own four walls and have more privacy than you would in a normal attached condominium.
But the Homeowners Association will generally take care of landscaping, snow removal and sometimes even exterior maintenance thereby providing the convenience of condo living.
Buyers need to perform their due diligence carefully when contemplating the purchase of a freestanding condo because every Homeowners Association is different and you need to verify exactly what the monthly dues will cover.
Gazing into our crystal ball we see sales and prices of condos continuing in a slow, steady uptrend for the remainder of 2015 and barring unforeseen circumstances into 2016.
Lakeview and panoramic lakeview single-family homes are very much in demand and we see nothing that will alter that trend. Properties that provide a sense of privacy are much sought after and buyers are willing to pay premium for a place in a good location that is shielded from the neighbors.
All in all it looks like the summer of 2015 will provide buyers with good opportunities since prices are still well below the peak achieved during the last real estate boom and there is a good variety of inventory to meet demand.
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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