(Data compiled from Incline Village MLS, deemed reliable but not guaranteed)
The number of sales has dropped 12% year to date in 2011, with 169 total sales this year compared to 191 for the same period last year. Median pricing is mixed, with single family home sales prices down 6% and median condo sales prices actually up 7%. PUD’s, or townhomes, saw the steepest decline of over 20% in both average and median sales prices, and in number of units sold.
Of note, more than twice as many condos sold in the $500K to $1 Million range in 2011, than last year, with an 8% increase in square footage. Conversely, there were about 30% fewer homes sales in the over $1 Million range for single family homes, and practically no sales in PUD’s over $1 Million in 2011 (bar one).
It’s early to tell how many sales we’ll see through the fall, as it is typically a busy time for escrows. The new lows in interest rates and motivated Sellers who’ve dropped prices bodes very well for Buyers looking for opportunity.
We know that travelers are visiting Tahoe more, with record numbers of ticket sales for 2010/2011 at Tahoe Ski Resorts, and year over year increases in vacation rentals of 18% in 2010, and 4% to date in 2011 (Goldfish Properties). Recent news of the merger between Squaw Valley and Alpine Meadows gives Lake Tahoe the second largest ski resort in North America, and puts them on solid footing for a 2022 Winter Olympic Games bid. Northern Nevada is poised for economic growth, offering a favorable business climate with Nevada Tax Incentives and an unparalleled array of activities and entertainment. All this, within 3 hours of Silicon Valley and the Bay Area, major innovators and job producers who are lucky enough to call “Tahoe” their second home.
Here are the numbers for 2011 compared to 2010 year to date, for the same period…
Single Family Homes
A total of 73 homes have sold year to date, down 11% from the same period in 2010. Average sales price has dropped 21% while the median price has dropped by 6% to $775,000. Median price is a better indication of the market as it is not skewed by relatively high or low sales. Along with sales price, buyers have purchased smaller homes so that the actual price per square foot has remained unchanged at $312.
Days on market for listings has increased 28% to 357, so the “average” listing has been on the market for nearly one year. The number of short sales in the Incline Village MLS has tapered off to 31% from last year to just 11, and cash sales have increased by 9% to 35 year to date.
The highest price paid for a home year to date in 2011 was $9,050,000 for a beachfront estate at 935 Lakeshore. There has been 1 sale at $4.4M and 4 other sales in the $3M, all non-lakefront homes with panoramic lake views. Median price was $775,000.
In 2010, there were 4 lakefront sales- $7.7M, $8.9M, $11.3m and $11.8M, three of which were the old Walsh, or Trepp, estate which was sold as 4 separate parcels. There were 5 other sales over $3M, all non-lakefront with lake views. The relatively high number of multi-million $ sales in 2010 skewed the average sales price for homes nearly twice that of the median price, which was $827,000.
At the other end of the spectrum, there were 12 sales below $500,000 in 2011, the lowest price being $359,000, compared to 15 in 2010 with the low price at $330,000.
Condos
A total of 76 condos have sold year to date, down 8% from the same period in 2010. Average sales price actually increased by 4%, and median sales price increased by 7% to $348,000. We saw an increase in square footage for units sold, and price per sq foot remained relatively unchanged at $230.
Days on market for listings has increased 20% to 323 days, still under the benchmark set by homes. The number of short sales dropped dramatically, down 56% from 16 last year to just 7 this year. Cash sales dropped 25% from 44 to 33, a possible indication buyers are taking advantage of attractive mortgage rates (and qualifying for the loans).
The highest price paid for a condo in 2011 was $2.25M, a three level lakefront unit at Crystal Bay Cove with a common pier, buoy and unobstructed views (I represented the Seller in this transaction.) There was one other unit in this complex that sold for $1.4M, the only other condo sale in 2011 over $825,000.
In 2010, there were 3 luxury condo sales over $1M, including a lakefront unit at Crystal Shore Towers at $2.4M, a lakefront at Crystal Shores West for $1.85M, and a non-lakefront at The Pointe luxury lake view units for $1,080,000. The remaining sales were all below $879,000 for 2010.
The lowest priced condo sale, and only sale under $100,000 in 2011, was a unit in Pine Brook for $70K. In 2010, there were 3 sales in the upper $90K’s that sold, all in Pine Brook, which is primarily a medium income capped complex. We saw more than twice as many sales in the $500K- $1M price range for condos in 2011, accounting for the bounce in average and median prices.
PUD’s (Townhomes)
A total of 20 PUD’s have sold year to date in 2011 versus 26 for the same period last year, a decline of 23%. Average price has dropped 21% and median sales price also declined 26% to $557,500. Square footage also dropped for the units, with a relatively steady $235 per sq. ft. price paid in 2011.
Days on marketing for listings remained stabile at 235, short sales remained unchanged at just 4, and cash sales dropped from 8 in 2010 to just 3 in 2011, possibly due to attractive financing offered.
There was just one sale over $1M in 2011, an Incline Creek Estates unit priced at $1,121,001, whereas in 2010, there were 7 sales priced from $1M to $1.75M. This would account for the declines in both average and median sales prices for PUD’s.
On the low end, there were 5 PUD sales under $300K in 2011, compared to just 2 last year, with the lowest price being $240K for a unit in Tyrolian Village.
Here’s the Data:
