While the inventory of Incline Village real estate has declined significantly since 2009, there are a finite number of quality properties in good locations. With 311 properties for sale as of early January and another 100 to 160 properties likely to come on the market later this year, it appears the supply of inventory will continue to fluctuate between 18 and 24 months in the foreseeable future.
Buyers have been extremely selective during the past four years and I do not see that trend changing in 2012. The vast majority of Incline Village and Crystal Bay real estate purchases are discretionary so buyers can afford to be patient until such time as the annual average inventory drops below 12 months.
The decrease in the number of residential properties for sale in Incline Village and Crystal Bay parallels the decline in the local rental inventory. Many property owners entered into long-term leases with tenants when real estate prices started to soften a few years ago. Some absentee owners have enjoyed earning additional income instead of trying to compete with other sellers in an overcrowded real estate market. The cumulative effect of renting your property for two or more years can provide tens of thousands of dollars of additional income.
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