Incline Village Home Sales up 33%, prices mixed
The number of homes sold in the first quarter of 2010 was up 33% with a total of 20 units sold compared to only 15 in the first quarter of 2009. However, the average sale price was down significantly, mainly due to the increased number of short sales, bank owned sales and also because a $7.3 Million lakefront sold in the 1st quarter of 2009, which skewed the average sales pricing. Square footage also dropped in 2010, as smaller units sold more, and the average price per square foot dropped from $439 to $339, a decrease of 23%.
The ratio of cash to loan sales remained the same in 2010, as cash transactions comprised 33% of sales, while loans prevailed at 66%. It was also encouraging to note that average days on market dropped from 345 to 319. Bank owned/short sales comprised about 25% of the sales market (note not all distressed sales are reported to the Incline MLS as many are listed only in Reno’s system).
| Home Sales | 2010 Q1 | 2009 Q1 | % Change |
| # units sold | 20 | 15 | 33% |
| average list $ | $1,436,800 | $2,426,927 | -41% |
| list-to-sale $ | 86% | 88% | -2% |
| average sale $ | $1,229,825 | $2,126,197 | -42% |
| median sale $ | $925,000 | $1,900,000 | -51% |
| average sqft | 3,373 | 4,372 | -23% |
| average $sqft | $339 | $439 | -23% |
| average DOM | 319 | 345 | -8% |
| # cash sales | 8 | 6 | 33% |
| # loan sales | 12 | 9 | 33% |
| bank owned | 1 | 2 | -50% |
| short sales | 4 | 0 | 400% |
| lakefront | 0 | 1 | -100% |
| lake view | 7 | 11 | -36% |
| golf/ski view | 3 | 0 | 300% |
| low elevation | 4 | 4 | 0% |
| golf area | 5 | 2 | 150% |
Eleven units sold in 2010 with an average sales price of $687K, up significantly from 2009. Note that only 2 PUD’s (or freestanding townhomes) sold in 2009, so the sales comparisons with 2010 are insignificant. There was 1 bank owned sale reported to the Incline MLS (many are only listed by Reno agents and not reported to our MLS).
| PUD Sales | 2010 Q1 | 2009 Q1 | % Change |
| # units sold | 11 | 2 | 450% |
| average list $ | $781,345 | $468,000 | 67% |
| list-to-sale $ | 88% | 89% | -1% |
| average sale $ | $687,273 | $416,250 | 65% |
| median sale $ | $657,000 | $416,250 | 58% |
| average sqft | 2,358 | 1,378 | 71% |
| average $sqft | $284 | $439 | -35% |
| average DOM | 353 | 315 | 12% |
| # cash sales | 2 | 0 | 200% |
| # loan sales | 9 | 2 | 350% |
| bank owned | 1 | 0 | 100% |
| short sales | 0 | 0 | 0% |
| lakefront | 0 | 0 | 0% |
| lake view | 4 | 0 | 400% |
| golf/ski view | 1 | 0 | 100% |
| low elevation | 1 | 0 | 100% |
| golf area | 2 | 1 | 100% |
| ski area | 4 | 1 | 300% |
Condo sales nearly doubled in the 1st quarter of 2010 compared to 2009 when 11 units sold. The average sales price is up 6% with average sq. footage and price per sq. footage remaining fundamentally unchanged. Cash sales were up significantly, and bank owned/short sale properties increased from 2 sales in 2009 to a 5 sales in 2010, accounting for 25% of total sales this past quarter.
| Condo Sales | 2010 Q1 | 2009 Q1 | % Change |
| # units sold | 20 | 11 | 82% |
| average list $ | $435,235 | $415,800 | 5% |
| list-to-sale $ | 93% | 92% | 1% |
| average sale $ | $403,627 | $380,900 | 6% |
| median sale $ | $318,450 | $400,000 | -20% |
| average sqft | 1,292 | 1,226 | 5% |
| average $sqft | $317 | $317 | 0% |
| average DOM | 208 | 183 | 14% |
| # cash sales | 11 | 3 | 267% |
| # loan sales | 9 | 8 | 13% |
| bank owned | 3 | 1 | 200% |
| short sales | 2 | 1 | 100% |
| lakefront | 1 | 1 | 0% |
| lake view | 3 | 2 | 50% |
| golf/ski view | 1 | 1 | 0% |
| low elevation | 15 | 9 | 67% |
| golf area | 1 | 1 | 0% |
| ski area | 3 | 1 | 200% |
All data provided by the Incline Village MLS, deemed reliable but not guaranteed.
Tags: incline village condo sales, incline village home sales, incline village real estate, incline village sales, tahoe sales
