The State of the Market

#1 Brokerage Incline Village & Crystal Bay 2018


2nd Quarter 2019 Market Trends

High Prices and Low Inventory

The first half of 2019 Incline Village & Crystal Bay real estate market set record highs in median sales prices across all housing categories, which includes Homes, Townhomes, and Condos. The sales were slow to start this year, likely due to a substantial and prolonged winter as well as a continued shortage of inventory.

  • The median sales price of Homes climbed 5% to $1,379,000 while the number of sales decreased 13% compared to last year at this time. 
  • The median sales price of Townhomes rose 20% to $1,295,000, and the number of sales dropped 3% compared to mid-year 2018. 
  • The median sales price of Condos increased by 5% to $560,000 and had a 20% drop in the number of units sold compared to last year at this time. 

The Incline Village & Crystal Bay Seasonality

Seasonality is an essential factor to consider when looking at our housing market because the peak selling season (June-October) is a short five months out of the year and accounts for 51% of the overall sales. So while it might seem like the mid-year sales are lower than mid-year 2018, it’s imperative to compare the snowfall levels as sales drop off starting in November and stretching through May. 

Lasting Affects of Winter on Summer Sales 

According to onthesnow.com, the Lake Tahoe region had 690 inches of snow and 97 total days of snowfall lasting through the last week of May 2019! Comparatively, the 2017-2018 season had 390 inches of snowfall and only 63 days of snow! That means this year the housing market experienced 43% more snow, which is likely a factor affecting supply as well as delaying the already short summer selling season.

It’s essential to know the seasonality of the real estate market so you can capitalize on the best price as a buyer or seller.  You may not think the seasons have that big of an impact on the market, but it does, in some cases as significant as a 9% swing in price in both directions! For example, a $1,379,000 home could have an expense or savings of $137,900 depending on the time of year you are purchasing or selling. 

How to Take Advantage of Market Seasonality 

So how do you make the most of the real estate market seasonality? The best way is to talk to a local, experienced broker or agent. They will be able to provide you with market metrics for the North Lake Tahoe region that will educate you on the price patterns by comparing the median sales prices and number of sales for each month through different years. This comparison will allow you to identify the market fluctuations and determine when it’s the best time to buy or sell for your needs. At Lakeshore Realty, each Realtor is highly specialized in our niche market, and our sole focus is exclusively Incline Village & Crystal Bay. We encourage you to use our in-depth knowledge of our community and market to help you with the sale or purchase of your home.

2019 Market Reports

Go to: Residential, Condos, Lots & Land, PUD’s, Archives


2018 End of Year Report

Single Family

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. 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 42% or $51 million. Further proof that we are still reeling from the long winter is 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!

2018 End of Year Report

Condos

The limited number of condos for sale and a large number of buyers in Incline Village & Crystal Bay continues to push prices upward. The median sales price of $560,000 is one of the highest we have seen and exceeds the 2nd Quarter 2018 median sales price of $529,500 by 6%. In line with market trends, sales were down by 18% from 84 units sold in 2nd Quarter 2018 to 69 units sold in 2nd Quarter 2019. 

2018 End of Year Report

PUD

Although a relatively small segment, planned unit developments (PUDs) are a popular category for buyers looking for size and privacy while still enjoying the benefits of a year-round HOA. Unit sales for PUDs have increased in 2018 by 19% or 10 units over year-end 2017. Total sales volume is also up by a staggering 37.8% or over $17 million vs 2017. This impressive growth is mostly driven by a 9% spike in median sales price up to $941,750 over last year’s median of $862,500.

2018 End of Year Report

Lots & Land

Following the trend of the other categories, the PUD market is also experiencing a shortage of inventory with only 3.5 months worth of properties left to sell currently. Despite this lack of inventory, planned unit developments are still taking an average of 161 days to sell. The high price point and the discretionary nature of these homes are likely the leading cause of a longer sale period which would be normal for our unique market.

Report Archives


2nd Quarter 2019

Lots & Land