In these interesting times, I want to share something that’s been on my mind after a few conversations with agents and friends this past week. We have two choices: to see the positive in things or to focus on the negative. A phrase I often use is, “What you focus on expands.” The more negativity you see, the more it grows. But, the opposite is also true: when you choose to see the positive, good things start to multiply.
This week, I challenge you to shift your perspective—find something positive and give back to your community. When we give, good things come back to us. Let’s focus on making this weekend a great one!
Speaking of community, a huge thank you to everyone who joined us for our end-of-summer party at Blindfox on Sunday. It was the perfect event to celebrate another successful summer here in Tahoe. We’re so grateful for your support!
Real Estate Market Update: Luxury Listings and Market Trends
As we ease into another beautiful weekend at Lake Tahoe, the real estate market in Incline Village and Crystal Bay continues to show steady activity. This week, we witnessed a steady stream of activity, with 7 new listings, 11 pending sales, 23 price adjustments, and 5 successful closings.
Comparing Incline Village to the National Real Estate Market
It’s no surprise that the Incline Village and Crystal Bay market doesn’t necessarily follow national real estate trends. Our properties are as unique as the views and lot lines that define them.
Nationally, pending home sales hit a historic low in July 2024, with the National Association of Realtors (NAR) reporting a 5.5% drop in their Pending Home Sales Index, reaching 70.2—the lowest since 2001. Sales were down 8.5% compared to the same time last year.
Midwest: Home sales saw the largest decline, falling by 7.8% month-over-month.
Northeast: More resilient, with just a 1.4% decrease.
In contrast, our local market tells a different story. Looking at Incline Village and Crystal Bay MLS data, sales are up 6% from 2023 year-to-date, although still down 18% compared to 2022. Prices have remained steady with a slight slowdown in price increases, but overall, we’re holding onto our post-pandemic pricing levels.
A Look Ahead: Market Balance and Housing
Historically, high home prices would spur new construction, but building in Tahoe is a different story. The cost and time it takes to build here—combined with strict regulations on land coverage and preservation—make it unlikely that we’ll see looser building restrictions from the TRPA anytime soon.
As we settle into a more balanced market, the days on market, pricing, and buying power are starting to return to more traditional patterns. While it may not be the boom we’ve seen in recent years, it’s a healthy sign for a sustainable market moving forward.
Let’s make it a wonderful weekend ahead!
Real Estate Statistics for Incline Village & Crystal Bay - 09/06/2024
Houses Condos PUDs
For Sale 89 84 16
Under $1 million 0 50 5
Median Price For Sale $3,200,000 $899,000 $2,096,500
YTD Sales 2024 74 65 14
YTD Sales 2023 58 68 19
YTD Sales 2022 82 87 17
New Listings 7
Price reductions 23
In Escrow 11
Closed Escrow 5
Range in Escrow $565,000 - $2,395,000
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 09/06/2024.
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