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Incline Village Home Sales up YTD 15%

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Real Estate Agent with Intero Real Estate Services

Incline Village continues the trend in growing sales prices. The average price of a single family home in Incline Village, Nevada, jumped 30% to $1,888,372 year to date through September 30, 2007 over the same period last year. The median price was up 15% to $1,215,000 for the same period. Note that this data is exclusive of Condos and PUD (freestanding townhomes).Sales volume increased 16%, as 107 homes sold through the first 9 months of 2007 compared to 92 the same period in 2006. Sales volume is still down from 2004 and 2005, where an average of 160 homes sold in the first nine months. List-to-sale prices are remaining steady, though. Sales prices are averaging 94% of list price year-to-date 2007, compared to 93% for the same period last year.Higher end homes are outpacing the low end market, as 31 homes sold for more than $2 million in the first nine months, up from only 10 the same period last year. The average number of days on market has increased year-to-date in 2007 to 187, up from 158 days for the first nine months of 2006.Larger homes are also the top sellers, as the average square footage is up to 3,362 compared to 2,865 for the first nine months last year. More homes sold in Lake View subdivision over any other area in Incline Village, totaling 18 of the 107 sales year-to-date. Last year, most of the sales were concentrated near the Championship Golf Course, totaling 16 of the 92 sales for the first nine months of 2006.The trend for high-end home sales continues in Incline Village, in sharp contrast to the continued slowing markets in surrounding Reno, Nevada, Sacramento, California and other Lake Tahoe real estate markets. We noticed the trend early 2007 for higher end homes beginning to move, while a large inventory of moderate to low priced homes still remains for sale.

Incline draws a majority of home buyers from the tech-rich Bay Area and Sacramento markets. This data shows more buyers are returning to the market since the flattening out in 2006, where home sales dipped slightly, but the overall market including condo sales actually grew 8% in median sales. There are still many buyers in the Incline Village market closing cash deals. The constraint of mortgages does not play a role in many $1 million and over sales, where as the low end of the Incline Village real estate market may be impacted by this.

Mark Buergin, CA & NV Broker, Chase International states "The numbers are telling us that homeowners are waiting longer to get close-to-asking price for their homes. We have also seen two sales over $9 million in the past 3 months, and new $15 million and $32 million lakefront listings that went on the market this past week. Although many lower end homes are not selling, it appears the cash market is strong for high end homes in Incline Village. Sales in Incline Village are especially strong compared to the rest of the Lake Tahoe areas which are not faring as well. The desirability of a Nevada residence coupled with all of Incline's amenities is a strong draw for the Village."

We know scarcity is the one of the main factors driving the price of real estate at Lake Tahoe and Incline Village sub-market. Because Incline Village is almost built-out, the existing inventory will not increase in coming years while demand inevitably will.

View 2007 3rd quarter stats for all Lake Tahoe, Truckee and Reno Markets.