The Incline Village real estate market is showing great signs of stabilizing especially among single-family homes. At this time two years ago there were 228 houses for sale and last year 160 homes for sale on the first day of spring. At the present time, the inventory of single-family homes in Incline Village stands at 120.
So, while the median price has declined from a high of $1.2 million down to approximately $900,000, the significant reduction in inventory is an indicator that prices have found a new equilibrium.
The inventory of condos has declined from 149 in 2009 down to 123. While not as substantial as the reduction in inventory of houses, this is still a move in the right direction. The median price of the condo is hovering between $335,000 and $350,000 after declining from the peak of $585,000 in 2007.
Condo sales activity picked up dramatically in 2010 and that pace appears to be continuing this year. As sellers have come to realize that prices have retreated back to a 2002 level for most condos, more buyers are stepping up to the plate and the pace of transactions for Incline Village real estate continues to move along nicely.
Don Kanare is a Realtor at RE/MAX Premier Properties Read his blog and weekly stats on his Incline Village Real Estate web site at www.InsideIncline.com
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