As we step into the final quarter of 2024, it’s a great time to remind ourselves that there’s still ample time to achieve both personal and real estate goals before the year ends. Despite what some may think, the real estate market here in Incline Village and Crystal Bay is still bustling, with no signs of slowing down.
This past week alone, we saw 10 new listings, 11 pending sales, 12 price adjustments, and 13 successful closings. It’s rare to see double-digit new listings this late in the year, but this is a great indicator that activity remains strong.
A Shift from the Traditional Seasonal Market
As the leaves turn yellow and the air cools, many sellers begin considering pulling their properties off the market for the winter and holiday season. There’s often a fear that listings will “go stale” or that the selling season is over. But the market has changed.
Since the pandemic, the Lake Tahoe real estate market has transitioned from a seasonal to a more traditional, year-round market. While many sellers feel discouraged if their homes didn’t sell during the busy summer months, fall is often when serious buyers come to the table. There are plenty of reasons why properties go into escrow in Q4—buyers have settled back into routine after summer, they may be looking to establish residency for the upcoming year, or simply because they want to secure a deal before the snow hits.
Sellers should take note: this is a prime opportunity to stand out in a less crowded market. Motivated buyers are actively seeking properties, and as the Institute for Luxury Home Marketing notes, “Despite a slower year in overall volume, the luxury market remained unapologetically resilient with a noticeable uptick in activity during the last quarter of 2023.”
Incline Village & Crystal Bay Sales Data
When we take a look at the sales data over the past three years, it’s clear that Q4 has historically delivered strong results, even as activity starts to wane in other markets:
● 2022: Q1: 81 Sales, Q2: 77 Sales, Q3: 71 Sales, Q4: 50 Sales = 280 Total Sales
● 2023: Q1: 29 Sales, Q2: 53 Sales, Q3: 107 Sales, Q4: 65 Sales = 254 Total Sales
● 2024 (so far): Q1: 52 Sales, Q2: 55 Sales, Q3: 79 Sales, Q4: TBD = 189 Total Sales
If these trends hold, Q4 could be another great period for real estate activity in Incline Village and Crystal Bay.
Final Thoughts: Take Advantage of the Market Lull
Whether you’re buying or selling, don’t be discouraged as we enter the final months of 2024. There is still plenty of time to close a deal and plenty of demand for homes in Lake Tahoe. With price adjustments and motivated sellers, now may be the perfect time to strike a deal before the market picks up steam again post-election and heading into 2025.
If you’ve been considering a purchase, the current price lull could present a golden opportunity to find your dream home in this beautiful region, before prices inevitably rise again.
Real Estate Statistics for Incline Village & Crystal Bay - 10/02/2024
Houses | Condos | PUDs | |
For Sale | 83 | 66 | 15 |
Under $1 million | 0 | 35 | 5 |
Median Price for Sale | $3,490,000 | $990,000 | $1,975,000 |
YTD Sales 2024 | 86 | 84 | 16 |
YTD Sales 2023 | 76 | 83 | 24 |
YTD Sales 2022 | 96 | 107 | 19 |
New Listings | 10 | ||
Price Reductions | 8 | ||
In Escrow | 7 | ||
Closed Escrow | 3 | ||
Range in Escrow | $275,000 - $3,795,000 |
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 10/02/2024.
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