2009 Incline Village Home Sales Avg. $ up 7%, yet Median $ Drops

Lexi Cerretti, Intero Real Estate, Lake Tahoe
Incline Village, Lake Tahoe home sales crept up in 2009 with 89 homes sold this year compared to 84 sold in 2008, a slight improvement in volume, although prior to 2008, sales numbered well over 100 to 200 per year for homes.

Average sales price in 2009 was $1,495,789 up 7% from 2008 average sales price of $1,383,060. This reflects the large number of high-priced sales- 24 sales over $2M in 2009 compared to just 12 homes sold over $2M in 2008. We saw many all cash sales in the high end with buyers looking for bargains in new construction, homes close to the lake or with lake views. The highest priced home sale in 2009 was the one of the two full lakefront homes sold this year at $7,350,000 compared to the highest priced home sold in 2008 at $6.7M, a home with shared lake frontage.

However median home sales price dropped in 2009 to $1M compared to $1,115,360 in 2008- this reflects the increased sales in the low end of the market- 44 homes sold under $1M in 2009 compared to 37 sold under $1M in 2008. Buyers came in with bargain prices in the low end. The lowest priced home sale in 2009 was $370K compared to $525,000 in 2008.

Home sale prices were 90% of asking price in 2009- compared to 91% in 2008, although average list price was 8% higher in 2009, again, reflecting the increased number of high-end homes sold.

12 homes sold in Lower Tyner, while 10 homes sold each in Lakeview Subdivision and Millcreek in 2009. Lakeview Subdivision, Millcreek and Lower Tyner were also the most popular areas to buy a home in Incline Village in 2008, with 10 homes sold in each area.

Larger home sales were also evidenced, with the average home size at 3,502 sf up from 2,953 last year. Price per sq ft has also dropped from $462 in 2008 to an average of $403 in 2009. Price per sq ft actually peaked for single family homes in 2007 at $539.

Days on market has dropped from 178 days in 2008 to an average of 139 days to close in 2009, encouraging although not 100% accurate as homes are often taken off the market and re-listed.

Other sales to note are in the the PUD or freestanding town homes, where both average sale and median sales price dropped significantly, over 35% on average. This is attributed to the many older, lower priced units sold in 2009 compared to more new construction sales in 2008.

In condo sales, priced dipped 25% in a very competitive sales market. Many sellers lowered prices and buyers snatched up bargains. Only 3 condos sold for over $1M in 2009, compared to 9 in 2008, and many sales were in the $100K’s.