As we approach the peak of the summer real estate selling season sales activity for houses, condos and freestanding condos continues at a solid pace. A staggering 21 properties on the Incline Village real estate market went into escrow during the past week. Every price range got in on the action with properties getting accepted offers ranging from $429,000 up to $6.5 million.
Sales of single-family homes were exceptionally strong with 14 properties going into escrow. After a modest start to the year this category has made a nice comeback. We do not have a lot of inventory at the present time and that could put a damper on overall unit sales in 2020. Demand for houses remains strong as people continue to flee the Bay Area for a safer and saner lifestyle at Lake Tahoe.
As of this writing there are 83 houses, condos and freestanding condos in escrow. That is a very healthy number at the start of summertime. It is also an indication that real estate sales on the Nevada side of North Lake Tahoe are continuing to move along nicely. This is the time of year when we see new listings almost every day which provides us with a typical uptrend in the inventory levels of properties for sale. The inventory tends to peak sometime between late July and late August as property owners make the decision whether or not to list their property for sale during the busiest time of year. However, the inventory actually declined this past week with only 9 new listings hitting the market.
Based on conversations we are having with other Incline Village real estate agents and brokers, it appears that showing activity remains relatively strong across all price ranges. Freestanding condos have become very attractive to vacation home buyers and full time residents in recent years as they combine the best attributes of a single family home and a condo. You get your own four walls and have more privacy than you would in a normal attached condominium.
The Homeowners Association will generally take care of landscaping, snow removal and sometimes even exterior maintenance thereby providing the convenience of condo living. But that is not always the case. Buyers need to perform their due diligence carefully when contemplating the purchase of a freestanding condo because every Homeowners Association is different and you need to verify exactly what the monthly dues will cover. The inventory of free standing condos remains extremely tight with only 12 units currently listed for sale on the Incline Village MLS.
Gazing into our crystal ball we see sales and prices of condos continuing in a slow, steady uptrend for the remainder of 2020. Lakeview and panoramic lakeview single-family homes are very much in demand and we see nothing that will alter that. Properties that provide a sense of privacy are much sought after and buyers are willing to pay premium for a place in a good location that is shielded from the neighbors. Overall, it looks like the summer of 2020 will be a busy one and buyers will need to move quickly when they find a property they like or risk missing out.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on June 14, 2020
Houses Condos PUDs
For Sale 68 42 12
Under $1 million 8 24 4
Median Price For Sale $2,879,000 $939,000 $1,198,000
YTD Sales 2020 44 61 16
YTD Sales 2019 63 61 25
New Listings 9
In Escrow 21
Closed Escrow 7
Range in Escrow $429,000 - $6,500,000
The statistics contained herein are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of June 14, 2020
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