The housing market in Incline Village continued its growth with sales prices up 5% compared to last year at this time, resulting in a median sales price of $1,379,000 for a single-family home. The increasing prices of homes are largely due to the continuing trend of low inventory paired with a substantial winter.
Mid-year home sales slowed by 13% with a total of 72 sales compared to 83 last year at this time. We are also experiencing a steep decline in the sales volume of homes which decreased by 30% or $51 million dollars. Further proof that we are still reeling from the long winter can be seen with the average time it takes for a home to sell. In 2018 we had a considerably lighter snowfall and it took a home 173 days to sell while this year it took 247 days to sell, a 43% increase!
The most popular price point was in between $1,000,000 – $1,500,000, with a total of 18 sales. One of the most popular neighborhoods in terms of sales was Lower Tyner, with nine sales. Tying right behind that with eight sales were Lakeview Subdivision, The Woods, and Jennifer, these areas were popular but for differing reasons.
Lower Tyner tends to be the most popular in sales year over year, and this is likely due to the price point and inventory levels. Lower Tyner is desirable in winter due to its lower-to-mid elevation, and many of the homes have lake views or mountain views. This neighborhood has a good concentration of year-round residents.
Lakeview Subdivision is the new hotspot for redevelopment with Freels Peak at the heart of it. Three homes were just purchased on Freels Peak with the intent of tearing down and building new this is in addition to the four homes that are already under construction or were just completed.
The Woods is a relatively low elevation and boasts significant level lots plus a central location. Similar to Lakeview Subdivision, The Woods has a lot of new construction and remodels. The price point is attracting buyers year-round being just under the market median for a single-family home at $1,072,500.
Jennifer is a higher elevation neighborhood that is reaping the benefits of summer snowmelt and an attractive price range. With a median sales price of $898,500, well under the market median, Jennifer appeals to a wide range of buyers. This area’s natural beauty is maximized with forest settings and no fear of overbuilding due to US Forest Service and IVGID owning parcels.