July is shaping up to be a fantastic month for beachgoers and real estate enthusiasts alike. Morning sunshine paired with late afternoon rainstorms has washed away most of the lingering tree pollen, keeping the trails in pristine condition for hiking and biking. Our community members and their furry friends have enjoyed a slight cooling of the hot temperatures we experienced at the beginning of the month.
REAL ESTATE MARKET UPDATE
The real estate market remains active, with a continuous flow of new properties coming onto the market and an early uptick in price adjustments this summer. This week in Incline Village and Crystal Bay, we saw significant activity with 10 new listings, 9 pending sales, 25 price adjustments, and 10 successful closings.
Among the new listings, we have a few standout properties. Notably, a newly renovated home in The Woods at 846 Donna Drive is listed at $4,650,000. This beautiful transformation includes a new addition adding significant square footage on a desirable corner lot. The home is pre-wired for solar, equipped with a generator, set up for a whole house filtration system, has two electric car chargers, fire sprinklers, A/C, outdoor heaters on the deck, and a 2-car garage with 17.6 ft ceilings that can easily accommodate car lifts. This property is a must-see if you’re looking for a low elevation, centrally located, new build home at a reasonable price (for the lake).
Condo sales have slowed significantly, while home prices under $2,000,000 have dominated this week. This shift may be due to HOA fire insurance issues or locals upgrading from townhomes to single-family homes.
Remarkably, we also saw 25 properties undergo price decreases this past week, an unusual occurrence for July. Typically, these reductions happen in September and October. This trend suggests we are returning to "pre-pandemic market" conditions, where properties under $2,000,000 at Lake Tahoe take about 60-90 days to sell, and homes priced above $3,000,000 can take several summers to sell. The price reductions indicate a softening market or sellers losing patience.
YOU'RE INVITED!
Join us for a special evening open house at one of our premier listings, 577 Eagle Drive. Come experience the stunning views, amazing architecture, and everything an East Slope sunset has to offer. The event will feature drinks and appetizers, hosted by The Paloma and will be held tomorrow from 4-7 PM. We look forward to seeing you there!
Enjoy the rest of your summer, and with lake temperatures warming up, it's the perfect time to make the most of everything our beautiful community has to offer.
REAL ESTATE STATISTICS FOR INCLINE VILLAGE & CRYSTAL BAY - JULY 17, 2024
HOUSES | CONDOS | PUDs | |
For Sale | 77 | 75 | 18 |
Under $1 million | 0 | 39 | 4 |
Median Price for Sale | $3,349,000 | $995,000 | $2,297,000 |
YTD Sales 2024 | 53 | 52 | 9 |
YTD Sales 2023 | 36 | 44 | 12 |
YTD Sales 2022 | 71 | 78 | 14 |
New Listings | 10 | ||
Price Reductions | 25 | ||
In Escrow | 9 | ||
Closed Escrow | 10 | ||
Range in Escrow | $775,000 - $4,800,000 |
Please keep in mind that these numbers are based on data from the Incline Village Board of REALTORS® or its Multiple Listing Service as of 7/17/2024.
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