Incline Village real estate update as year draws to a close
December 11, 2009 2:40 pm UncategorizedThe inventoryof properties for sale at Incline Village and Crystal Bay,Lake Tahoe, Nevada holds promise for buyer’s at different price points. Lower priced properties in fair condition listed at Incline Village ($300,000 and below) are moving quickly.
Sales are ahead of last year in all categories (residential, condo’s and planned unit developments) with home sales being strongest. Closed residential sales year to date are 78 homes with 15 homes are under contract.
Median prices declined from 2008 year end sales at $1,500,000 to $1,000,000 this year.
The total number of properties with contracts pending equals 35 – 15 homes, 5 condominiums, 10 planned unit developments.
Buyer’s are taking action at all price points.
Our office has done well and we base it on dedicated agents and longevity in the business.
Current inventory for sale:
Homes=192 Planned unit developments (Town homes)=57 Condominiums= 151
Closed sales 2009 compared to 2008
Home
2008 78 550,000 1,120,000 6,700,000
2009 85 370,000 735,000 1,000,000
Condominiums
2008 58 150,000 520,000 1,982,000
2009 64 109,900 400,000 3,555,000
Planned unit developments
2008 23 405,000 1,117,000 1,400,000
2009 24 295,000 565,000 1,243,000
It is difficult for seller’s to understand the market especially if they purchased over the last 5 years. We are fortunate to not be dependent on short sales or foreclosures as so many areas especially Reno.
Chris and I attended a Leading Real Estate Companies of the world their Northern California. There were 20 offfices represented and the majority were all low on inverntory and short sales made up 60% on average of their business.
