Incline Village Real Estate Update April 28, 2009

New listings are coming on slowly this spring. Today the Broker Open House Tour had 7 properties, light compared to previous years. Current home inventory consists of 224 homes, 157 condo’s, 60 Planned unit developments.

Traditionally as the snow melts the inventory of homes increases especially for higher elevation properties.  This year we have had spring snow storms and the inventory is holding steady.  Of course it is difficult to compare this year to any previous years. The inventory is already high with 224 homes for sale and only 20 closed sales year to date…yes I wrote 20 closings.  Sounds like a survivors series doesn’t it?

The second home market has taken a harder hit than most metropolitan areas. But, with that said, the population of potential second home buyers is increasing. An estimated  41.7 million people between the ages of 40-50 will be entering the highest population of potential buyers. Buyers are definitely touring your house, perhaps not in person but they are looking on-line through virtual tours and utilizing sites such as Google Earth to check out the neighborhoods! We track internet activity and views are increasing.

Second quarter sales have lead the way in closed sales over the last 3 years and there is good reason to believe it will continue. Residential year to date closed sales =  20 home ( Jan.-March = 15 ) (April 1-28=4 closed and 10 under contract).  Out of 20 closed sales 3 were bank owned or short sales. The current homes under contract =10  of which 7 are short sales or bank owned. The largest bank owned sale just closed on the Championship Golf Course -listed at $4.9 million closed at $4.5 million.

Market overview this link takes you to a break out of residential information, active, under contract and sold properties.  A recap indicates the Eastern Slope having the most homes for sale at 26. If you are looking for the price range with the highest number of listings to review consider $3 million+ you will find 53 homes priced between $3 million to $39 Million.

The second price range with the highest inventory is between $1.4 million to $1.8 Million with 26 homes.

If these prices are little rich there are 36 homes to review between $399,000-$800,000.  Last year there were only 22.

If your range is closer to $800,000-$1,200,000 there are 43 homes and 58 homes listed between $1,200,000 to $2,000,000.

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