Incline Village – Crystal Bay Market Update
– December 7th –
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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.
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Data gathered from IVBOR MLS on December 7th, 2016