2023, The Year In Review

In reflecting upon the real estate landscape of Incline Village and Crystal Bay throughout 2023, the intricacies of the past year reveal a nuanced narrative within our local market. As a seasoned local real estate broker deeply entrenched in the community, I present a thorough examination of the statistics and trends that defined this period.

The Incline Village MLS reported a noteworthy downturn in sales activity, registering 254 transactions involving houses, condos, and vacant land in 2023. This figure starkly contrasts with the robust 644 sales recorded in 2020, signifying a substantial 61% decrease. Despite this decline, the year unfolded against the backdrop of a distinctive trend, where individuals from diverse geographic locations sought refuge in our community, catalyzing a pronounced shift in demand dynamics.

The onset of the COVID-19 pandemic initially raised questions about the resilience of the real estate market. However, contrary to initial projections, the ensuing economic shutdowns and stay-at-home orders contributed to a surge in demand for properties in our region. This unexpected trend was driven by a desire for a rural lifestyle and increased personal space, attracting not only California residents but individuals nationwide.

Entering 2024, the current inventory consists of approximately 83 residential properties. Throughout the preceding year, inventory levels fluctuated, ranging from the low 50s to the mid-70s, influenced by seasonal variations and the pace of sales activities. The supply-demand equilibrium shifted during the summer and early autumn, with the number of houses for sale dipping below a 2-month supply (MSI). Presently, the MSI stands at 1.7, a reflection of sustained year-round sales and listing activity, with minimal listings expiring or being withdrawn from the market.

Analyzing the broader market dynamics over the past 12 months, notable stability characterizes our local real estate. Despite a decline in sales, there has been relative price consistency, resulting in a scenario where a significant proportion of potential buyers found themselves priced out. This phenomenon was counterbalanced by a segment securing favorable rates elsewhere.

Single-family homes consistently paced with condominium sales throughout the year. Notable sales concentrations were observed in the Mountain Golf Course neighborhood, recording 16 sales, followed by 15 in Lower Tyner, 13 in the Champ Course Subdivision, 13 in Millcreek, and 12 each in Eastern Slope, among others. Luxury properties performed well, with 25 homes sold in the $4 million to $10 million range and 4 homes transacting in the $11.5 million to $26 million range.

Currently, the available inventory comprises 45 single-family homes, none priced under $1 million, establishing a new benchmark for 2023 at under $1.5 million.

Barring unforeseen economic or political disruptions, the trajectory of real estate sales in 2024 is anticipated to maintain its resilience. The Incline Village and Crystal Bay real estate market is poised to remain highly competitive, particularly should interest rates continue a steady decline throughout the year.

Prospective buyers are advised to remain vigilant, especially during the winter months, as new listings are likely to garner significant attention and swiftly transition from listing to contract status. Given the scarcity of reasonably priced properties in sought-after locations with desirable floor plans, swift and decisive action is recommended when identifying a property of interest. In navigating the intricate dynamics of the Incline Village real estate market, a proactive approach is pivotal to ensuring optimal outcomes.

HERE ARE THE LATEST STATS FROM THE INCLINE VILLAGE & CRYSTAL BAY REAL ESTATE MARKET