Buyers Paying More for Larger Homes
The 2011 year-to-date number of Incline Village home sales has been roughly in line with the same period for 2010. However, the median sales price of a single family home is up nearly 17% and price per square foot was up nearly 12%. Square footage of homes purchased also increased by about 15%. Part of the increase may be due to factors like lake views, as 21 homes have sold sold with lake views so far in 2011 versus 13 for the same period in 2010. Condition of the homes likely plays a part, with remodeled homes fetching a higher dollar.
There is also a notable shift in 2011 sales trending towards higher priced homes in the $1M and under range. Nearly 1/3 of sales under $1M were above $800K in 2011, where as all sales below $1MM in 2010 were below $800K. The upper end of the market also saw a shift to higher priced sales in 2011, with almost double the number of home sales in the $2MM to $5MM price range.
We have another roughly another 5 weeks to go to first 6 months of sales are recorded, and we will see if home buyers continue to trend towards larger homes with a higher price tags, and higher cost per square foot.
Here is a breakdown of the sales data to date for 2011 and 2010:
Single Family Homes Sales Year to Date through May 23, 2011
33 homes sold year to date in 2011 with a median sales price of $905,000. The average sales price of $1,612,232 is skewed towards the high end with one lakefront sale at 935 Lakeshore losing at $9,050,000. Median price per square foot is $353 for 3,520 sq. ft. Median sales price has increased notably, along with price per sq. ft. and median square footage.
11 homes sold under $800,000, 6 homes sold between $800,000 and $1MM, 8 homes sold between $1MM and $2MM, 7 homes sold between $2MM and $5MM, and one home sold between $5MM and $10MM, 935 Lakeshore noted above.
Single Family Homes Sales Year to Date through May 23, 2010
34 homes sold for the same period in 2010 with a median sales price of $775,000. The average sales price of $1,690,956 was skewed to the high end with two lakefront sales at $11.3MM and $11.8MM. The median price per sq. ft. was $316 for 3,059 sq. ft.
18 homes sold under $800,000, 0 homes sold between $800,000 and $1MM, 10 homes sold between $1MM and $2MM, 4 homes sold between $2MM and $5MM, and 2 homes sold in the $11MM’s, noted above.