Single Family Homes
Higher-end sales continue to fall, $500,000 and under price range stabilizing. Median home price stable at $306 per sq. ft.
The number of single family home sales in Incline Village took a tumble in 2011, down 17% from 2010. The hardest hit sector was the $1M to $2M price range, units sold was off 32% from 2010. The low end of the market fared much better, with homes sold between $250,000 and $500,000 nearly on par with 2010.
The median sales price of single family homes dropped 8% to $771,500 while the average sales price dropped significantly, off 14% to $1,238,514, reflecting the lack of high-end sales. There were only 3 lakefront sales in Incline Village and Crystal Bay in 2011, compared to 7 in 2010. However home sales with panoramic lake views jumped 75%, showing a preference among buyers for this feature, above all others.
Perhaps a better metric to look at is the median price per square foot, as the type and size of homes sold can sharply impact the sales prices. The median single family home price per square foot was only off 2% to $306 in 2011. This shows with the exception of the high end of the market, the mid-range is selling nearly on par in sq. ft. pricing as 2010. This is indicative of a flat market, where the high end has come down significantly in pricing, but pricing has stabilized in the low end of the market.
On a positive note, the number of short sales dropped 11% in 2011, and cumulative days on market (factoring homes that were relisted) dropped 40% to 233 days, although this listing period is still quite high compared to other regions.
The most popular neighborhoods for home sales in 2011 were Lake View Subdivision within walking distance of Lakeshore Blvd. and Burnt Cedar Beach, followed by Upper Tyner and Ponderosa with several lake view homes. This was a reversal from 2010, where the most homes were sold in Jennifer, the Championship Golf Course area, and Lower Tyner. Fifteen homes sold over $2M in 2011, the highest sales price was $9,050,000 for 935 Lakeshore Blvd., a prime beachfront estate with 11,551 sq. ft. living area.
PUDs (freestanding townhomes)
Under $1M sales dominated in 2011 fetching a lower sales prices, number of units sold stable while median price per square foot drops to $259.
The number of PUDs sold is on par with 2010, dropping only 3% (only 1 less unit sold). 2011 sales numbers were actually up in the under $1M range, but higher end sales over $1M far fewer than 2010. Relative to the drop in high end sales, median sales price dropped 42% in 2011, but median price per square foot was only off by 14% to $259. There were several in “The Glen” in 2010 in the $1- $2M price range that elevated sales #’s for 2010. Cumulative days on market dropped 10% to 328 in 2011 (still high), and shorts sales were up- 1 additional unit in 2011.
The most popular complexes in 2011 were Tyrolian Village/Tyrolia, followed by Incline Creek Estates and Country Club Villas. Only one sale closed for over $1 Million in 2011, a newer construction, four bedroom Incline Creek Estates unit by the creek sold for $1,121,001 in June.
Condos
$500,000- $1M condo sales jump with pricing up slightly, median price per square foot at $238.
The number of condos sold in 2011 in the $500,000 to $1M price range jumped 73% in 2011, where the number of sales both above and below this price range dropped. Average price was actually up 2% in 2011 with average price per square foot stabile at $272. There were 10 lakefront condo sales in 2011, up from 6 in 2010. The number of short sales dropped in half in 2011, and cumulative days on market was up 13% to 318 days.
The most popular complexes in 2011 were McCloud, followed by Bitterbrush, Third Creek and Forest Pines. Only four condos sold over $1M in 2011, the highest priced sale was $2,250,000 for a beautiful, three-story Crystal Bay Cove unit on the Lake that I represented the Seller for last January.
January, 2012 Market Update
305 active listings- 152 homes, 40 PUDs, 113 condos. 57 priced over $2 Million, 66 priced $1- $2 Million, and 182 priced under $1 Million.
39 listings in escrow currently- 21 homes, 4 PUDs, 14 condos. This includes 6 properties over $1M, one of which is a lakefront in Crystal Bay priced at $3.5M (nearly half of its original list price in 2007 of $6.25M)
19 sales for January, 2012- 9 homes, 2 PUDs, 8 condos. 3 priced over $1 Million, 9 priced $500K – $1 Million, 7 priced < $500,000.
Data from Incline Village, NV MLS, deemed reliable but not guaranteed.
