Incline Village Market Update- March 14, 2011

*Update- 533 Eagle just closed escrow for $4,400,000, all cash sale. 1011 Apollo Way just went into escrow, list price $2,297,000 and 789 tyner Way also just went into escrow at $3,675,000. 11 new properties have gone into escrow in the past 2 weeks since this article was written.

Condos- Average sales price is up, number of new loans is up

12 condos have sold year to date in 2011 with an average sales price of $629,375, up nearly 48% from $426,127 for the same period last year with 13 units sold, and up from $466,577 in the 3^rd quarter of 2010. The price jump is partly due to one lakefront condo sale at Crystal Bay Cove that changed hands for $2.25M, although median price also increased to $535,000 up from $317,000 for this period last year.  Only 4 of these 12 sales were cash compared to 8 cash sales out of 13 sold for the same period in 2010. Average days on market was 155 in 2011 versus 193 for 2010.

Currently, 20 condos are in escrow with an average list price of $325,037. As these sales close, we will start to see the average sales price for condos drop back down from the highs these first months of 2011.

 Townhomes- Average sales price is up, number of new loans is down

Just 3 PUD’s, or freestanding townhomes, have closed escrow in 2011 with an average sales price of $577,167. Last year at this time, 9 units had sold with an average price of $702,778, due to 3 high-end sales over $1.2M. Median price for 2011 is $645,000 down slightly from $657,000 last year. We did only have 3 sales in the 3^rd quarter, all closing at the high end between $865,000 and $1.7M. One of the three sales in 2011 was all cash, where as only one of the nine sales in 2010 was cash, the rest were new loans.

Currently, there are 4 PUD’s in escrow, with an average list price of $513,000, still trending towards lower end unit sales in the near future.

Single Family Homes- Average sales price is up, number of new loans is down

A total of 15 single family homes have sold year to date in 2011, with an average sales price of $1,887,533, up from $1,231,750 for the 18 homes sold during same period in 2010 and from $1,215,935 for the 3^rd quarter of 2011. This average price jump reflects one lakefront sale at 935 Lakeshore that closed escrow from $9,050,000, all cash. The median sales price also increased to $1,185,000 up from $925,000 last year. Number of cash sales jumped slightly as 8 of the 15 homes sales were cash in 2011 while 6 of the 18 sales were cash for the same period in 2010.

Currently, there are 15 homes in escrow, with an average list price of $1,378,677. Four pending sales are listed over $1M, with two between $4.5M and $5.7M.

Overall, we have seen a few more cash sales in homes and PUD’s so far this year,  but a few more new loans for condos this year. Both average and median sales price has jumped for condos and single family homes, where as fewer PUD’s have sold so far in 2011 (only 3 unit sales so far) at a slightly lower price point. It is early in the season, and we do typically see an increased number of listings come onto the market in the second quarter, with higher numbers of sales following suit. Interest rates are still very low and there are many types of loans available for buyers, especially for second homes. We will likely see continued cash sales in the high end of the market, with many buyers opting for loans (even if they are able cash buyers) in lower priced homes and condos, as the combination of stabilizing real estate prices with low rate loans appeals to many buyers.

Data taken from Incline Village MLS, deemed reliable but not guaranteed. Sales not listed on the Incline MLS are excluded from the results.

August 25- September 1, 2010

Number of new escrows continues to climb- doubling the typical weekly average to 15 new pending sales, including one lakefront home with a gorgeous sandy beach a few properties down from Incline Beach, gutted and ready to completely remodel. Three other homes over $2M also went into contract this week.

8 New Listings
-  all under $1M
- no short sale/REO
7 New Sales Closed
- 2 short sale, 1 REO
- all under $600K
15 New Pending Listings
- 3 contracts over $2M
- 1 lakefront $11.5M

Current Market Activity
504 active listings-
dropped 10 from last wk
(234 homes, 191 condos,
54 PUD, 17 lots, 8 other)
62 pending sales
155 sales year-to-date

The pace of home sales continued this week after the Fourth of July. 17 new homes, condos and PUD’s came onto the Incline Village market this past week. The number of properties in escrow in the Incline Village real estate market is stable at 46 with 480 active listings- 223 single family homes, 175 condos, 55 PUD’s (free standing townhomes), 18 lots, and 9 commercial/investment properties. Total sales to date 2010 are 128.

Incline Village home sales
This past week, we saw 6 new sales in the Incline Village market, including 3 single family homes and 3 condos. Sale prices ranged from $89K for a short-sale condo on Tanager to $8.9MM all cash for 585 Lakeshore- the main lakefront house of the old Trepp Estate, listed at $10MM- just the guest house remains for sale, 3 of the 4 properties listed have now sold.
View all 6 home sales for the past week in Incline Village and Crystal Bay

Incline Village home contracts
3 properties went into contract this past week, all single family homes priced under $1MM including 1 short sale.
View all  3 new homes in contract this past week in Incline Village and Crystal Bay

Incline Village new listings
17 new listings came onto the market this week ranging from $239K to $10.5MM.
View 9 homes listed this week in Incline Village
View 4 condos listed this week in Incline Village
View 4 townhomes listed this week in Incline Village

Price Reductions
There were 27 price reductions (and 1 price increase) this past week in Incline Village. View all 28 price changes this week