Comments on: Incline Village Leads Lake Tahoe in Real Estate Sales http://buytahoehomes.com/blog/incline-village-real-estate-sales-07q3/ Home sales reports, new listing details, \\\"best buys\\\", news, events and info. Fri, 5 Dec 2008 16:10:09 +0000 http://wordpress.org/?v=2.2.3 By: Lexi Cerretti http://buytahoehomes.com/blog/incline-village-real-estate-sales-07q3/#comment-102 Lexi Cerretti Fri, 16 Nov 2007 04:46:36 +0000 http://buytahoehomes.com/blog/incline-village-real-estate-sales-07q3/#comment-102 In my latest report for single family home sales, I looked at year over year data through the end of September- 2007 compared to 2006. I reported median and average sales prices. The median price for a SF home increased 15% over that period, while the average price increase 30%. In this case, the 30% reflects some very high end sales, and that is why 15% median price growth is more reflective of the market. My intent is not to "cherry pick" the data. I ran the figures and reported on median price, average price, days on market, sales volume, list versus selling price, and sales totals for neighborhoods. However, previous comments are on target that I should put the data forward on home sales under $1.5 million, because there is a dichotemy in the Incline market. Point well taken, and I have run the sales stats for high end versus lower priced sales to give viewers a more clear picture of our market. Here is a summary of year to date single family homes sales data for Incline Village, not including PUD's (freestanding townhomes). This is to Oct. 1, through the 3rd quarter. Units Under $1 Mil sold dropped 17%: 2007 units sold under $1 million= 35 2006 units sold under $1 million= 42 Units Over $1 Mil sold up 31%: 2007 units sold over $1 Mil= 72 2006 units sold over $1 Mil= 50 $1 million plus units comprise about 70% of the single family home market in Incline Village. For the 30% of the single family home market below $1 million, here are the sales figures to Oct. 1, through the 3rd quarter. Average sales price of units under $1 Mil dropped 2% 2007 average price units under $1 Mil= $803,254 2006 average price units over $1 Mil= $818,355 Median sales price of units under $1 Mil dropped 4% 2007 median price units under $1 Mil= $810,000 2006 median price units over $1 Mil= $846,500 I hope this clarifies that home sales under $1 million are not strong this year over last. The median price is down 4% and aerage price down 2%. Note that the volume is down 17%. Incline Village is very unique. The tax advantages of being on the Nevada side of the lake coupled with the limited number of lots and demand for these have stabilized this market, where neighboring markets like Reno and other areas around the lake have dropped. We see that the upper end of the market is moving, the lower end of the market is stagnant, and that translates to buying opportunities, especially in the lower end where prices have fallen. We don't know if prices will drop further, but we know they are attractive relative to the upsurgence we saw a few years ago. Hope this is more "fair and balanced" reporting, I welcome your criticism and happy to provide more data. In my latest report for single family home sales, I looked at year over year data through the end of September- 2007 compared to 2006. I reported median and average sales prices. The median price for a SF home increased 15% over that period, while the average price increase 30%. In this case, the 30% reflects some very high end sales, and that is why 15% median price growth is more reflective of the market.

My intent is not to “cherry pick” the data. I ran the figures and reported on median price, average price, days on market, sales volume, list versus selling price, and sales totals for neighborhoods. However, previous comments are on target that I should put the data forward on home sales under $1.5 million, because there is a dichotemy in the Incline market. Point well taken, and I have run the sales stats for high end versus lower priced sales to give viewers a more clear picture of our market.

Here is a summary of year to date single family homes sales data for Incline Village, not including PUD’s (freestanding townhomes). This is to Oct. 1, through the 3rd quarter.

Units Under $1 Mil sold dropped 17%:
2007 units sold under $1 million= 35
2006 units sold under $1 million= 42

Units Over $1 Mil sold up 31%:
2007 units sold over $1 Mil= 72
2006 units sold over $1 Mil= 50

$1 million plus units comprise about 70% of the single family home market in Incline Village.

For the 30% of the single family home market below $1 million, here are the sales figures to Oct. 1, through the 3rd quarter.

Average sales price of units under $1 Mil dropped 2%
2007 average price units under $1 Mil= $803,254
2006 average price units over $1 Mil= $818,355

Median sales price of units under $1 Mil dropped 4%
2007 median price units under $1 Mil= $810,000
2006 median price units over $1 Mil= $846,500

I hope this clarifies that home sales under $1 million are not strong this year over last. The median price is down 4% and aerage price down 2%. Note that the volume is down 17%.

Incline Village is very unique. The tax advantages of being on the Nevada side of the lake coupled with the limited number of lots and demand for these have stabilized this market, where neighboring markets like Reno and other areas around the lake have dropped. We see that the upper end of the market is moving, the lower end of the market is stagnant, and that translates to buying opportunities, especially in the lower end where prices have fallen.

We don’t know if prices will drop further, but we know they are attractive relative to the upsurgence we saw a few years ago. Hope this is more “fair and balanced” reporting, I welcome your criticism and happy to provide more data.

]]> By: shari chase http://buytahoehomes.com/blog/incline-village-real-estate-sales-07q3/#comment-79 shari chase Sat, 13 Oct 2007 15:59:49 +0000 http://buytahoehomes.com/blog/incline-village-real-estate-sales-07q3/#comment-79 Great work Lexi and Mark! Looking really good. Shari Great work Lexi and Mark! Looking really good.

Shari

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