Incline Village Real Estate Market Report | October 2018 | Tahoe Homes for Sale


Hi everybody! Phillip Goodman from the Nevada Real Estate Group at Keller Williams Group One
Inc in Reno, Nevada and today I am with Chris McCabe who is our Incline Village
expert. How are you doing today Chris? I’m doing great. How was your drive
coming over the hill? Well it’s kind of exciting. It’s snowing up there and
there’s snow on the roads and it starting to look like winter. Are you
gonna leave any good powder for everybody else? Well I’ve already been up
a couple times. Nice. Scouting so yes. Right on Right on.
Well before we go skiing we’re first gonna take a look at the Incline Village market report. The first thing we’re gonna look at is the sale price versus
the list price and if you’ve watched our previous market reports through market
insights you would know that as “percent of asked received.” So Chris as we look at
the peak of August and as we get into September/October what’s happening in
Incline Village? Well what happens typically and what happened this year is
the sellers had to drop the prices on their homes as they were going into
winter so that they could sell them. On a million dollar home if you drop it one
percent that’s $10,000. Doesn’t sound like a lot in some markets
but in this it adds up. So homes were typically selling for anywhere from
1-3% less than they were in July and August. And this sharp
incline here is still a little bit of restricted data as we’re still having/
seeing deals finish here in the end of November. It was still very strong fall
sales in fact sales were up over over last year. And do you see the spike back up as as the snowbirds come up and finally say “yes I want to buy in the winter?” Oh there’ll definitely be some
impulse buying from from from the snowbirds and the skiers. Fascinating,
fascinating. Next we’re gonna take a look at the historic sales price trend and
this is about the median price here and when you look back at 2013 you do see a
gradual trend upward but Chris why are there these huge spikes in in the summer
months? Well every now and then there’ll be a $23 million sale or even a $40
million sale and so that will skew that
graph pretty pretty drastically. But it seems pretty legit that right now at the
end of October we’re sitting at a median price around $700,000. That
would include condominiums yes. The median price of the single-family home
and incline is just under $1.5(million) right now. Last year at this time it was
about $1.(million) so we are up. This unique graph from the Incline
Village Realtors is the average days on market versus list price median. So first
we’re gonna look at the green line which is the days it took to sell a property
and in relation to that the median list price. So as as prices are higher
then typically it takes longer. But as we went into the the fall selling season as
Chris calls it these numbers actually start to merge together. Yeah that’s
pretty interesting. In the middle of the summer when we have the most inventory and prices are highest we have over a hundred days spread and as we’re getting
into the fall selling season that gets much tighter. Another quick report
from the Incline Village Realtors is this breakdown of the types of inventory.
Only one commercial unit and we talked about condos. Right now with 37 active
condos on the market that’s an average price of almost 800,000. Talk about the
importance of condos in the Tahoe market. Well condominiums in the Incline
Market are very important. It’s the lowest price point. I mean you can get in
for as low as $350,000 but there’s some nice $2.5million condominiums on the water and comes with complete with the pier and
private beach. And that’s what brings that price point up.
Lastly let’s look at the residential stats. Currently a 122 active properties with an average price of $4million and they’ve been on the
market for half a year on average. Well there’s a number of homes in that four
to six million dollar range that just they require that specific buyer and they stay on the market for 200 days sometimes longer. And then
they’ll pull them off the market and put them back on. So sometimes it can take a
couple years to sell a few of these speciality properties.
Well there you have it that is your October 2018 market report for Incline
Village. Chris:Christmas, New Year’s coming up. What kind of fun events are
happening up in Incline Village as we close out 2018?
Boy it’s crazy up there. It’s a lot of fun. The Hyatt puts on a big party down at the casino there. All the restaurants of course do special things for New Year’s. Skiing!
Hopefully we’re gonna get plenty of snow. Skiing at Diamond Peak is a great
family resort. Endless winter activities. Something for everybody. Well when you’re ready to go look at properties up in Incline Village you can contact Chris
McCabe at the information you see on your screen now. For more information you can contact Chris or go to our website seerenohomesforsale.com. For Chris
McCabe for the Nevada Real Estate Group at Keller Williams Group One Inc
I’m Phillip Goodman we’ll see you next time.

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