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Weekly Update (12-28-16) Incline Village and Crystal Bay

by Lakeshore Realty

 

Contact us today and we will keep these weekly updates in your inbox!

All information is deemed accurate and reliable. User must verify before making and purchase or sale decisions

Data gathered from IVBOR MLS on December 18th, 2016

 

Neighborhood of the week: Lower Tyner!

by Lakeshore Realty

This week our featured neighborhood in Incline Village is the Lower Tyner Subdivision! Incline Village and Crystal Bay real estate is broken down into 16 different "subdivisions" which are more commonly known as neighborhoods.  Lower Tyner is just as its name says; the area below the street named "Tyner". You can see our subdivision map here to get an idea of where the Central subdivision is located.

The Lower Tyner Subdivision is a lower-to-mid elevation area, with some Lake Tahoe views and many homes with mountain and canyon views. There is a good concentration of year round residents.

The price for the active homes for sale in the Lower Tyner Subdivision in Incline Village Nevada varies from $650K up to $3.1M and when it comes to the Lake Tahoe Incline Village real estate, the Lower Tyner subdivision is one of the most desired area’s to live in.

Lower Tyner Statistics:

So far this year, 29 properties have been sold in the Lower Tyner Subdivision making it one of the busiest neighborhoods in the Incline Village and Crystal Bay market. The average days on market is fairly high at 275 but with mostly single family homes listed here, it often takes a bit longer to sell.

The median sold price in this subdivision this year has been $1,010,00 which is very close to the entire market median of $1,060,000. With a low sold price of $148,000 and a high of $3,950,000, the Lower Tyner Subdivision is fairly diverse but with a larger quantity of single family homes.

For a quick video on the overall market in Incline Village, click here!

 

Lakeshore Realty Weekly Market Update

by Lakeshore Realty

Incline Village - Crystal Bay Market Update

- December 21st -

 

 

Single Family homes here in Incline Village and Crystal Bay have seen steady but stable price growth over the last year. Currently, the median sold price of single family homes is $1,060,000 which is 11.5% higher than last year’s median of $950,000. With a “normal” market growth rate of 5-7%, this rate is slightly higher than a typical market, but is to be expected with our unique supply of homes. The growth rate is encouraging, but there are several factors which may slowdown the market. The most prevalent being the widening price gap between buyers and sellers. The median sold price of homes is just over 1 million, however the median “list” price of homes currently on the market is $1,981,000.  This shows that sellers feel that their homes are worth more than what buyers are willing to pay for them which will likely result in homes staying on the market for longer than expected and price reductions are sure to follow. As long as the economy remains stable, the market will continue to grow. However the growth may be slower than we have seen in recent years.

Condominium sales remain strong with over 191 properties sold so far this year, making this segment the highest volume category this year. This isn’t surprising as we have a large second home and vacation property market that has remained the backbone of real estate sales in our area. The median sold price is $425,000 which is only 4% higher than last year. This is a good thing for the market because buyers are still able to afford these units without having to spend more to keep up with an inflated market. The median list price is $535,000 which yet again shows a growing gap between seller perceptions and buyer affordability. Just like single family homes, this will likely lead to price corrections in the coming months.

PUDs (townhouses) are the one category that buyers and sellers seem to agree on. The median list price of townhouses currently on the market is $1,192,500 which is close to the median sold price of $957,500. This is mostly due to the 11 sales in the new Incline Creek Estates complex. These units are selling for very close to their asking price which is setting a stable price point for new construction. There were 55 sales in this category this year with only 22 remaining on the market. Since sellers of these types of properties often have to compete with both single family homes and condominiums, it is a good sign that prices remain strong and supply is low.

Contact us today and we will keep these weekly updates in your inbox!

All information is deemed accurate and reliable. User must verify before making and purchase or sale decisions

Data gathered from IVBOR MLS on December 18th, 2016

 

Lakeshore Realty Weekly Market Update

by Lakeshore Realty

Incline Village - Crystal Bay Market Update

- December 7th -

 

Update:

Single Family home prices continue to rise and have a median list price of $1,550,000. Despite what is normally a slower winter selling season, sellers seem confident in their home's value. As of the most recent update (12/7/16), 208 properties have been sold this year with an average of 207 days on the market. Although prices are fairly spread out, nearly 50% of sales fall for under $1,000,000. This bodes well for the market in general as most expected a steeper fall of prices this winter.

Condominium sales have remained strong and are the more affordable option for those who want a piece of Tahoe. Currently, most are priced between $300K and $600K. The median sold price as of the last update is $433,500 with 186 properties being sold so far this year. The McCloud complex continues to dominate sales with 28 so far this year. That doubles the next busiest complex, Mountain Shadows. It seems that location is still key as McCloud is one of the closest complexes to Lake Tahoe and our beaches while still remaining affordable.

PUDs represent a fast growing segment in our market. The most recent update shows a strong increase in sales prices over last year. Mostly this is due to new construction of updated and brand new units. The median sales price this year is $950K which is a marked uptick from last year's median of $764K! Many buyers are interested in townhomes for several reasons. Generally they are more affordable  than a single family home while still still maintaining the privacy of not sharing any walls with your neighbors. They also offer the benefit of an HOA that typially takes care of snow removal and other ammenties.

Contact us today and we will keep these weekly updates in your inbox!

All information is deemed accurate and reliable. User must verify before making and purchase or sale decisions

Data gathered from IVBOR MLS on December 7th, 2016

 

 

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LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

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