The State of the Real Estate Market

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3rd Quarter 2019 Market Trends (Jan-Sep)

High Prices and Low Inventory

The 3rd quarter 2019 Incline Village & Crystal Bay real estate market continued to see growth in median sales prices across all housing categories, which includes Homes, Townhomes, and Condos. However, the number of sales saw a steep decline compared to years past likely due to the continued shortage of inventory.

  • The median sales price of Homes remained equal at $1,425,000 while the number of sales decreased 14% compared to last year at this time. 
  • The median sales price of Townhomes rose 34% to $1,240,000, and the number of sales dropped 9% compared to 3rd quarter 2018.
  • The median sales price of Condos increased by 4% to $560,000 and had a 13% drop in the number of units sold compared to last year at this time.

Pricing Trends Late Fall

  • Comparing the first three quarters of 2019 (Jan-Sep) the first three quarters of last year, median sales prices rose across all categories of housing which includes Homes, PUD’s and Condos. However, the size of those gains varied greatly based on each category. 
  • Annually, the median sales price of Homes rose .02% from $1,424,500 to $1,425,000. The median sales price of PUD’s rose 34% from $925,000 to $1,240,000 this was largely due to two sales in The Glen which averaged $2,650,000. Lastly, Condos saw a moderate gain of 3.7% from $540,000 to $560,000.
  • The continuing theme of low inventory has led to a drop in sales across all categories. Comparing the first three quarters of 2019 to last year at this time, homes sales have declined -14% from 149 amount of sales to 128, PUD’s decreased -8% from 45 to 41 this year and condos sales are down -13% from 145 to 126.  

2019 Market Reports

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


2018 End of Year Report

Single Family Homes | Real Estate Market Report

Single Family Home sales at the end of Q3 are comparatively low with 128 homes sold and 20 in escrow. The average amount of days on the market was 187 with a median listing price of $1,450,000 and a median sales price at $1,425,000.

At this time last year, there were significantly more sales with 149 homes sold and 24 in escrow. The average amount of days on the market was 183. For pricing, the median list price was slightly higher in 2018 at $1,499,000 and the median sales price of $1,424,400 is essentially the same as this year. 

2018 End of Year Report

Condos | Real Estate Market Report

Condominium inventory took a hit this quarter, following in line with single family home trends. Condos experienced a 13% decline in the number of sales for 3rd quarter 2019 with a total of 126 closed sales verses 145 in 3rd quarter 2018. This has raised the median sales price slightly by 4% from $540,000 in 2018 to the current price of $560,000.

Additionally, there were 20 condos in escrow and the average days on market this year dropped to 102 days, a 9% decrease from 2018. For pricing, the median list price was $548,000 verses $567,500 in 2019. 

2018 End of Year Report

PUD | Real Estate Market Report

As an ever increasingly popular category, PUD’s experienced substantial growth in both listing and selling price compared to Q3 2018. This year the median list price reached $1,295,000 a 36% increase and the median sales price increased to $1,240,000 a 34% growth compared to last year.

Additionally, sales have remained strong with 41 units sold this year compared to 45 last year. With the demand so high for these complexes, the average days on market this year has dropped to 104, which is a full 90 days less 2018.  

2018 End of Year Report

Lots & Land | Real Estate Market Report

Since Incline Village was first developed, the availability of vacant land or buildable lots has been increasingly limited year after year. The natural terrain and existence of federal forest service lots that will not be sold or built has capped the availability of land that exists for development. The vast majority of buildable land has already been developed, leaving very little inventory of buildable lots to be sold. Those that remain are likely to have some sort of building challenges as they would likely have been developed by now if not.

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