2007 Home Sales, Incline Village, Tahoe, Reno
January 9th, 2008
Incline Village continues the trend in growing sales prices. The median price of a single family home or townhome in Incline Village, Nevada, was up 6% to $1,071,250 in 2007 compared to 2006. Note that this data includes both Single Family homes and PUD’s (freestanding townhomes). Sales volume increased 19%, as 183 homes sold in 2007 compared to a lackluster 162 sales in 2006. The number of units sold also increased 13% as there were 183 sales in 2007 and 162 sales in 2006. List-to-sale prices are remaining steady, though, averaging 94% of list price for 2007, with an average 183 days on market. Higher end homes are outpacing the low end market, as 109 homes sold for more than $1 million in 2006, up from 86 in 2006, a 27% change. 74 homes sold for less than $1 million in 2007, compared to 76 sales less than $1 million in 2006, a drop of 3%.Incline Village Single Family Home Sales by Area
More homes sold in Lake View subdivision over any other area in Incline Village, totaling 20 of the 138 sales of single family homes in 2007. Mill Creek totaled 17, The Champ. Golf Course and Ponderosa totaled 13, Eastern Slope totaled 14, and Lower Tyner and Jennifer totaled 12 single family home sales in 2007. Notably, 6 Lakefront homes sold in Incline Village and 1 sold in Crystal Bay in 2007. Aside from lakefront homes, the highest priced home sales were at the Championship Golf Course area with a median price of $2 million, The Eastern Slope at $1.63 million, Lakeview Subdivision at $1.57 million, Crystal Bay at $1.56 million(only 2 home sales), and Mill Creek at $1.32 million.
The trend for high-end home sales (above $1 million sales price) continues in Incline Village, in sharp contrast to the continued slowing markets in surrounding Reno, Nevada, Sacramento, California and other Lake Tahoe real estate markets. We noticed the trend early 2007 for higher end homes beginning to move, while a large inventory of moderate to low priced homes (less than $1 million) remains for sale. The Eastern Shore of Lake Tahoe is the only other area that showed an increase in median sales price and sales volume, however, the number of units sold was down 17%. Incline Village is the only area around Lake Tahoe-Truckee-Reno area to show an increase in the median price, sales volume, and number of units sold.
The condo market in Incline Village managed only an increase of 1% in median price in 2007, and sales volume was down 20% from 2006. 118 units sold in 2007 compared to 97 in 2006, a drop of 18%. The biggest drop in unit sold was under $1 million- only 29 condos sold in 2007 compared to 43 in 2006. 68 condos priced over $1 million sold in 2007, compared to 75 in 2006, a drop of only 9%, relatively. The best faring markets for condos were actually Tahoe City, with a median price up 21% (although volume down 44%), and Reno with a median price up 11% AND volume up 41%- some stronger interest in this market.
In all, home sales were again very slow in 2007, and not expected to change significantly for much of 2008. Incline Village is a very unique market, and sales prices have remained strong in the $1 million and over price range. We have noticed a growing inventory of homes, especially under $1 million, and do see increasing downward pressure on prices in this range. View all the Lake Tahoe 2007 Home Sales Stats here, and all the Reno Homes Sales Stats here.
January 18th, 2008 at 9:08 am
[...] Mark Buergin and Lexi Cerretti, in our Incline Village office have just released their 2007 Incline Village Home Sales Report. According to their report median sales price, volume sold, and units sold have all increased [...]