Incline Village, Real estate review for Feb.2009

As we approach the end of February the market does appear to be stepping up a little compared to last year.

Residential  Sales Jan.-Feb. 21, 2008 = 6 total

2008             List Price          Sold Price     %       Days on Market

High            1,998,000      1,900,000      99%      450

Low                675,000        560,000       83%       83

Average      1,134,748       1,051,448      92%      211

Median         960,744           894,344     92%       92

Residential Sales 2009  Jan.-Feb 21   = 8 Solds

List Price           Sold Price           %          Days on Market

High      $3,995,000          3,600,000       96%        772

Low         $ 595,000              520,000       75%        127

Average  $2,157,375          1,799,118      85%         343

Median   $2,297,500          1,952,500      87%         279

Good news… sales are up 33% from last years first quarter and we still have March ahead of us to improve on this number. There are 8 properties under contract, added to the 8 closed transactions, we are looking at a minimum of 16 closings compared to 12 for the entire first quarter  of 2008 (Jan-Mar) .

The numbers also indicate substantial reductions in the price differential (list price compared to selling price) with the highest differential found in the lowest priced homes (short sales or Reos).  The increase in days on the market ( from list date to closing date) has increased with an average of 327 days  compared to 209 days in 2008.

It appears buyer’s are starting to come off the sidelines a bit and taking advantage of the best buyer’s market this area has experienced.