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Year-End Blockbuster Report ~ January 11, 2019

by Jeffrey Corman
Year-End Blockbuster Report ~ January 11, 2019
  
The December Employment Situation report was a total blockbuster. The Bureau of Labor Statistics reported that 312,000 jobs were created during the month, the strongest showing since February 2017. Analysts had much lower expectations; theEconoday consensus of 180,000 was typical. There were also upward revisions to the previous two months' numbers including an additional 21,000 jobs added to the dismal November estimate of 155,000.
 
Construction was the big winner with 38,000 new jobs, which we can hope will translate into more new home construction, and wages rose 0.4% from November and 3.2% year over year, the best showing since last December and one of the highest of the recovery.
 
The unemployment rate ticked up from 3.7 to 3.9%, but this was also good news. It reflected an increase in those looking for work--that number climbed from 6.018 million to 6.294 million--many of whom were discouraged workers now returning to the hunt.
 
Fannie Mae Chief Economist Doug Duncan said the report "should help soothe fears of a marked slowdown in the economy." However, he also notes that it gives the Federal Reserve "more room to stick with its projected two rate hikes for this year."
    
Naughty & Nice
 
The stock market continued its volatility this week, but with nowhere near the wild swings it suffered over the holidays. The Dow has resumed an upward trend and at this very moment (subject of course to immediate change) has gained back about 400 points since January 1st.
 
As Wall Street settles down, investors tend to stop worrying about safety and return to stocks. Consequently, yields on Treasury notes and bonds have started to inch back up, but mortgage rates have not followed suit. Freddie Mac says this week's 30-year fixed-rate mortgage hit a nine-month low.
 
If you are in the market to buy a home, there is more good news in Black Knight's current Mortgage Monitor. While home prices are still rising, the company's Home Price Index is marking significantly smaller increases than this time last year. From annual growth of 6.7% in February, the rate of appreciation had dropped to 5.4% by October.
 
Growth has slowed in 33 states and 71 metro areas, and nowhere is this slowdown more apparent than in the West, especially California. Over the same period, annual growth in the state moderated from 10% to 4.9%. For the first time since the recovery began, California has slower appreciation than the nation as a whole.
Key Indicators
ISM Non-Mfg Index Dec
57.6
[Prior 60.7]
 
JOLTs Nov
6.888M Job Openings
[Prior 7.131M rev]
 
Coming Indicators
 
Friday, January 11
CPI
 
Wednesday, January 16
Retail Sales
Housing Market Index
 
Thursday, January 17
Residential Construction
 
 
Gold (Monex)
$1,292.00/ounce up
 
Crude Oil (Brent)
$61.44/brl up
 
U.S. Dollar to...
Euro                      0.8670 down
Japanese Yen  108.0800 up
Chinese Yuan      6.7841 down
Canadian Dollar  1.3219 down
Mexican Peso    19.2370 down
 
6-mo T-Bill Yield    2.52%
Up 1 bp  
10-yr T-Note Yield 2.74%
Up 9 bps
 
11th Dist Cost of Funds, 12/31
1.060 down 19 bps
 
Freddie Mac 30-Year
Avg Rate 1/10
4.45% down 6 bps
 
MBA - Mortgage Applications
Index Week ending 1/4
Overall           
Up 23.5%
[Prior week down 9.8%]
Purchase Money Loans
Up 17.0%
[Prior week down 8.0%]
Refinancing Loans
Up 35.0%
[Prior week down 12.0%]
 
Jobless Claims 1/5
216,000 new claims
[Prior week 233,000 rev]
4-week moving avg 221,750 up
 
Employment Situation Dec
312,000 New Jobs Created
[Prior 176,000 rev]
Unemployment Rate 3.9%

New Shoreline Applications Available

by Jeffrey Corman

New Shoreline Applications Available

 
The Tahoe Regional Planning Agency has released a series of updated permit applications for shorezone projects and activities under the recently-adopted Shoreline Plan that is taking effect this year. Shorezone applications now available online at http://www.trpa.org/permitting/permit-applications/ include:
  • Express Check applications for expedited TRPA review of in-kind shorezone structure reconstructions
  • Declarations for exempt and qualified exempt activities that do not require a TRPA permit but must be declared, including repair and maintenance of existing shorezone structures
  • A general shorezone application for concessions, pier expansions and modifications, boat ramps, shoreline protective structures, floating platforms, beach raking, and lakebed dredging and filling activities
  • An information packet on the application process for new piers

Adopted by TRPA’s Governing Board in October 2018, the Shoreline Plan lifts a longstanding moratorium on new shorezone structures including private piers and buoys at Lake Tahoe. The plan authorizes up to 12 private piers permitted every two years with a cap at 128 new private piers.

The new pier information packet provides more details about applying for a new pier. TRPA will accept applications for new piers between June 1 and June 30, 2019 and will select up to 12 new pier applications by July 17, 2019 to move forward through the permitting process. Private piers serving multiple parcels will be scored for consideration based on criteria in the TRPA Code of Ordinances, while private piers serving only one parcel will be selected for consideration through a new lottery system.

The Shoreline Plan also requires existing buoys to be registered with TRPA starting March 1, 2019. TRPA is creating a portal on the website https://LakeTahoeInfo.org where people will be able to register buoys online and pay annual buoy registration fees and scenic impact fees.

Property owners will be able to register existing buoys starting this March if they have a buoy permit from Nevada Division of State Lands, California State Lands Commission, or the U.S. Army Corps of Engineers; if they applied for a buoy permit from TRPA between 2008 and 2010; or if they can provide proof that a buoy was in place prior to 1972.

More information on registering existing buoys will be released in coming weeks as the new registration system is put in place. Applications for new buoys at Tahoe will not be accepted by TRPA until March 1, 2020.


Incline Village Market Report

by Jeffrey Corman

Incline Village, NV 89451

Fri Jan 11 2019 
This week the median list price for Incline Village, NV 89451 is $1,622,500 with the market action index hovering around 22. This is less than last month's market action index of 28. Inventory has held steady at or around 30. Click here to stay informed with the Incline Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100022

Slight Buyer's Advantage

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Incline Village market.
Median List Price
$1,622,500
Per Square Foot
$551
Days on Market
186
Price Decreased
23%
Price Increased
0%
Relisted
0%
Inventory
30
Median House Rent
$3,000
Most Expensive   $10,500,000
Least Expensive   $499,000
Market Action Index 
Slight Buyer's Advantage
22
Avg 7-DayAvg 90-DayJan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Jan 2019$1.2M$1.3M$1.4M$1.5M$1.6M$1.7M$1.8M

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 

Tahoe Reno 2018 Year-End Real Estate Data

by Jeffrey Corman

 

 
 
2018 Year-End Real Estate Data
2018 Year-End Real Estate Market Reports
 
2018 was a good year for Lake Tahoe, Truckee and the surrounding area real
estate market. While major urban and suburban markets experienced a cool down fueled by buyer price exhaustion and supply factors that play into frenzied markets, Northern California and Nevada resort properties remained a popular investment.
 
As interest rates continue to be a hot topic, second home/ resort markets remain fairly insulated from the effects of nominal rate hikes. And with winter off to a healthy start in the Sierra, we can anticipate another prosperous real estate
climate in 2019 with a bustling and balanced market that benefits everyone.
 

CLICK ON THE LINKS BELOW TO REVIEW MARKET TRENDS BY NEIGHBORHOOD 
 
If your community of interest is not listed or you’re unsure what the data means for your situation, please don't hesitate to contact me.  Data was compiled from six multiple listing services and is current as of January 9, 2019. The information is deemed reliable but has not been verified. 
 
FEATURED PROPERTIES
 
638 Fairview Blvd. Incline Village $3,295,000
 
 
434 Valerie Court Incline Village $3,995,000
 
 
431 Valerie Court Incline Village $3,995,000
 
 
1082 Flume Road Incline Village REDUCED! $1,299,000
 
Interested to know what your home might be worth in today's active market?
Looking for primary home, vacation or investment opportunities? I'm happy to assist.
 
The Corman Luxury Group: Jeffrey Corman , Kirstin Burbank- Corman , Khal Plunkhan, Stacy Sorenson, Brendan Donovan
BlogFacebookLinkedIn
 
The Corman Luxury Group
775.339.1144
 
 
 
 

Incline Village Market Report

by Jeffrey Corman

ncline Village, NV 89451

Mon Dec 31 2018 
This week the median list price for Incline Village, NV 89451 is $1,622,500 with the market action index hovering around 24. This is less than last month's market action index of 29. Inventory has held steady at or around 30. Click here to stay informed with the Incline Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100024

Slight Buyer's Advantage

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Incline Village market.
Median List Price
$1,622,500
Per Square Foot
$556
Days on Market
179
Price Decreased
23%
Price Increased
0%
Relisted
0%
Inventory
30
Median House Rent
$3,000
Most Expensive   $10,500,000
Least Expensive   $499,000
Market Action Index 
Slight Buyer's Advantage
24
Avg 7-DayAvg 90-DayJan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Dec 2018$1.2M$1.3M$1.4M$1.5M$1.6M$1.7M$1.8M

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 
S&P Case-Shiller Home Price Index
The S&P Case-Shiller Home Price Index for October saw a rise of +.4% vs. the prior month, a larger than expected increase. Looking back at September’s monthly growth, we have a positive revision to +.7% from the previously reported +.3%. However, if we look year-over-year, the rate has still declined to +5.0% from a previous +5.2%. This now marks the seventh month in a row where the annual rate is down from the peak of +6.8% back in March. Diving into the report, 18 of 20 cities saw price increases, with Las Vegas (+.8%) leading the charge. The two declining cities in October were San Francisco (-.6%) and Seattle (-.3%).
Pending Home Sales
The NAR’s pending home sales index for November decreased 0.7% vs. the prior month. Economists forecasted an increase in the index of 0.7%, a sizeable miss. The index is down 7.7% year-over-year. Activity in the Northeast and West saw increases in their respective regions, while the Midwest and South are down over 2% month-over-month. This index is a leading indicator of housing activity, which shows further weakness in US housing.
Conference Board Consumer Confidence
The Conference Board Consumer Confidence index, which measures consumer confidence based on 5,000 households, came in weaker than expected at 128.1 vs. 133.5, adding fear of economic slowdown. The October reading of 137.9 was the highest since 2000. December’s index is elevated, but the index has fallen from October’s highs the past two months, leading to more concerns of an economic slowdown.

Nevada becomes fastest growing state in the nation

by Jeffrey Corman

Nevada is now the nation’s fasting growing state, after the U.S. Census Bureau released their most recent data Wednesday, Dec. 19.

The Silver State is home to more than 3 million people, with over 450,000 of them living in Washoe County, according to the bureau.

Between July 2017 and July 2018, Nevada’s population increased by nearly 61,000 people.

More than 330,000 people have moved to Nevada since 2010, per the U.S. Census Bureau’s decennial census.

In fact, Washoe County saw a growth rate of 1.8% in the last year.

According to the Northern Nevada Regional Growth Forecast, Washoe County has seen a 13.5% increase in jobs and an 8% increase in the number of occupied households.

Storey County alone saw a 218% population increase largely due to the Tesla Gigafactory, per the state demographer.

 

 

Douglas County had seen a population decline for several years before the arrival of the gigafactory.

The state demographer also notes that Washoe County is expected to see a population increase of over 16,000 people over the course of the next four years.

In the same time, Nevada is expected to grow by 200,000 over the next four years.

 

 

Experts who study these numbers say Nevada will be characterized by an increasingly diverse and more technologically advanced economy.

That will likely mean higher paying jobs, but it will create a need for a more highly trained workforce.

 

 

Incline Village Market Report

by Jeffrey Corman

Incline Village, NV 89451

Mon Dec 24 2018 
This week the median list price for Incline Village, NV 89451 is $1,650,000 with the market action index hovering around 23. This is less than last month's market action index of 26. Inventory has held steady at or around 31. Click here to stay informed with the Incline Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100023

Slight Buyer's Advantage

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Incline Village market.
Median List Price
$1,650,000
Per Square Foot
$550
Days on Market
185
Price Decreased
29%
Price Increased
0%
Relisted
0%
Inventory
31
Median House Rent
$3,100
Most Expensive   $10,500,000
Least Expensive   $499,000
Market Action Index 
Slight Buyer's Advantage
23
Avg 7-DayAvg 90-DayJan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018$1.2M$1.3M$1.4M$1.5M$1.6M$1.7M$1.8M

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

Incline Village Market Report

by Jeffrey Corman

ncline Village, NV 89451

Thu Dec 06 2018 
This week the median list price for Incline Village, NV 89451 is $1,547,500 with the market action index hovering around 26. This is less than last month's market action index of 27. Inventory has held steady at or around 40. Click here to stay informed with the Incline Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100026

Slight Buyer's Advantage

While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

Real-Time Market Profile

Never miss important changes in the Incline Village market.
Median List Price
$1,547,500
Per Square Foot
$533
Days on Market
210
Price Decreased
30%
Price Increased
3%
Relisted
53%
Inventory
40
Median House Rent
$3,400
Most Expensive   $10,500,000
Least Expensive   $511,000
Market Action Index 
Slight Buyer's Advantage
26
Avg 7-DayAvg 90-DayDec 2015Apr 2016Aug 2016Dec 2016Apr 2017Aug 2017Dec 2017Apr 2018Aug 2018Nov 2018$1.2M$1.3M$1.4M$1.5M$1.6M$1.7M$1.8MFriday, Dec 9, 2016 Avg 7-Day: $1,375,000

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

Incline Village Market Report

by Jeffrey Corman

Incline Village, NV 89451

Tue Nov 20 2018 
This week the median list price for Incline Village, NV 89451 is $1,550,000 with the market action index hovering around 26. This is less than last month's market action index of 28. Inventory has held steady at or around 41. Click here to stay informed with the Incline Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100026

Slight Buyer's Advantage

While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

Real-Time Market Profile

Never miss important changes in the Incline Village market.
Median List Price
$1,550,000
Per Square Foot
$539
Days on Market
253
Price Decreased
34%
Price Increased
5%
Relisted
63%
Inventory
41
Median House Rent
$3,500
Most Expensive   $10,500,000
Least Expensive   $511,000
Market Action Index 
Slight Buyer's Advantage
26
Avg 7-DayAvg 90-DayNov 2015Apr 2016Aug 2016Dec 2016Apr 2017Aug 2017Dec 2017Apr 2018Aug 2018$1.2M$1.3M$1.4M$1.5M$1.6M$1.7M$1.8M

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Displaying blog entries 1-10 of 180

Contact Information

Photo of Jeffrey Corman Real Estate
Jeffrey Corman
Sierra Sotheby's International Realty
570 Lakeshore Blvd.
Incline Village NV 89451
775-339-1144
775-832-4900 ext. 330