Incline Village at Lake Tahoe, Nevada Real Estate and Community News

April 4, 2024

Incline Village Real Estate - 1st Quarter 2024 Update

The real estate landscape on the Nevada side of North Lake Tahoe has been steadily progressing in the first quarter of 2024. In Incline Village and Crystal Bay, a total of 49 property transactions have been finalized during these initial three months, marking a significant increase compared to the 26 sales recorded during the same period last year. This remarkable surge of 88% in sales volume typically signals an active summer season ahead.

However, inventory levels are currently lower than historical norms. Presently, only 79 properties, including houses, condos, and freestanding condos, are listed for sale on the Incline Village MLS. While a shortage in supply might typically hinder sales growth, this hasn't been the case in 2024. Buyers are readily seizing reasonably priced properties in desirable locations, even with fewer new listings entering the market.

Real estate transactions play a pivotal role in the local economy of Incline Village and Crystal Bay. Increased property turnover benefits various service providers such as title companies, lenders, home inspectors, and contractors. Moreover, the money spent within the community stimulates local businesses, including restaurants and retail establishments.

Comparing this year's statistics with previous years reveals substantial differences. For instance, in Q1 of 2016, before the onset of the pandemic, there were significantly more homes, condos, and Planned Unit Developments (PUDs) available for sale. Factors like low-interest rates and an influx of full-time residents are contributing to the present tightness in the market.

Looking ahead, neighborhoods like Millcreek, Lakeview Sub, and Championship Golf Course are anticipated to maintain high property prices due to robust demand. With less than two months' worth of homes listed for sale on the Incline Village MLS, demand is expected to surpass supply for the foreseeable future. Properties that are overpriced or require extensive renovations may linger on the market and undergo price reductions.

Conversely, attention is shifting towards the Woods subdivision. Despite its elevated location, it's emerging as a sought-after destination for individuals seeking smaller, single-level homes that offer renovation potential without exorbitant costs. Opportunities for favorable deals remain available for those willing to invest effort. Currently, there are only 40 homes, 33 condos, and 6 PUDs actively listed in the subdivision.

In terms of condos, an influx of new listings is anticipated in the coming months. However, this may not necessarily translate into a surge in sales. Certain condo complexes in Incline Village pose challenges for buyers due to their ineligibility for standard financing. Consequently, an increase in "cash-only" transactions, akin to those observed in places like McCloud or Mountain Shadows, may occur.

Regarding single-family homes, inventory levels have fluctuated over the past year. Of the 23 houses sold in 2024 thus far, 13 boasted some form of lake view, indicating heightened interest in lakefront properties this year. Nonetheless, homeowners may encounter insurance-related uncertainties, particularly with insurers like Farmers discontinuing policies.

Only time will unveil the trajectory of the real estate market for the remainder of 2024. Nonetheless, for prospective sellers contemplating listing their properties, seizing the opportunity to do so early in the spring season may yield optimal prices.

Posted in Market Updates
April 4, 2024

Incline Village Real Estate - 1st Quarter 2024 Update

The real estate landscape on the Nevada side of North Lake Tahoe has been steadily progressing in the first quarter of 2024. In Incline Village and Crystal Bay, a total of 49 property transactions have been finalized during these initial three months, marking a significant increase compared to the 26 sales recorded during the same period last year. This remarkable surge of 88% in sales volume typically signals an active summer season ahead.

However, inventory levels are currently lower than historical norms. Presently, only 79 properties, including houses, condos, and freestanding condos, are listed for sale on the Incline Village MLS. While a shortage in supply might typically hinder sales growth, this hasn't been the case in 2024. Buyers are readily seizing reasonably priced properties in desirable locations, even with fewer new listings entering the market.

Real estate transactions play a pivotal role in the local economy of Incline Village and Crystal Bay. Increased property turnover benefits various service providers such as title companies, lenders, home inspectors, and contractors. Moreover, the money spent within the community stimulates local businesses, including restaurants and retail establishments.

Comparing this year's statistics with previous years reveals substantial differences. For instance, in Q1 of 2016, before the onset of the pandemic, there were significantly more homes, condos, and Planned Unit Developments (PUDs) available for sale. Factors like low-interest rates and an influx of full-time residents are contributing to the present tightness in the market.

Looking ahead, neighborhoods like Millcreek, Lakeview Sub, and Championship Golf Course are anticipated to maintain high property prices due to robust demand. With less than two months' worth of homes listed for sale on the Incline Village MLS, demand is expected to surpass supply for the foreseeable future. Properties that are overpriced or require extensive renovations may linger on the market and undergo price reductions.

Conversely, attention is shifting towards the Woods subdivision. Despite its elevated location, it's emerging as a sought-after destination for individuals seeking smaller, single-level homes that offer renovation potential without exorbitant costs. Opportunities for favorable deals remain available for those willing to invest effort. Currently, there are only 40 homes, 33 condos, and 6 PUDs actively listed in the subdivision.

In terms of condos, an influx of new listings is anticipated in the coming months. However, this may not necessarily translate into a surge in sales. Certain condo complexes in Incline Village pose challenges for buyers due to their ineligibility for standard financing. Consequently, an increase in "cash-only" transactions, akin to those observed in places like McCloud or Mountain Shadows, may occur.

Regarding single-family homes, inventory levels have fluctuated over the past year. Of the 23 houses sold in 2024 thus far, 13 boasted some form of lake view, indicating heightened interest in lakefront properties this year. Nonetheless, homeowners may encounter insurance-related uncertainties, particularly with insurers like Farmers discontinuing policies.

Only time will unveil the trajectory of the real estate market for the remainder of 2024. Nonetheless, for prospective sellers contemplating listing their properties, seizing the opportunity to do so early in the spring season may yield optimal prices.

Posted in Market Updates
Feb. 12, 2024

Incline Village Nevada Real Estate Market Report

https://exp.rezora.com/public/11100968

The snow is finally falling! February started strong with the biggest snowstorm of the season. And that is not the only thing that is picking up. 

 

As I am sure you know, 2023 was the slowest of the last 10 years regarding Real Estate sales. 

January 2024 numbers show 21 closings for the Incline Village, Lake Tahoe area, which is up from January 2023's 9 closings.

The sales-to-list price ratio also increased to 98%, as opposed to the last two months' ratio of 96.5%.

 

These increases are slight but a step in the right direction.

However, properties are still taking longer to get into contract, with a growing median of 161 days on the market.

 

In the last 14 days, there have been 7 new escrows.

1 had been on market under 60 days..

6 had been on the market for over 100 days!

 

This trend shows that houses that have been sitting for a while are slowly starting to get some action again.

 

Single Family Homes: This week the median list price for Incline Village, NV 89451 is $3,411,500. Inventory has decreased to 41.

Condos: This week the median list price for Incline Village, NV 89451 is $1,149,000. Inventory has decreased to 29

 

Real-Time Market Profile

Median List Price $3,411,500

Median Price of New Listings $5,249,000

Per Square Foot $1,020

Average Days on Market 214

Median Days on Market 161

Price Decreased 39%

Price Increased 5%

Relisted 16%

Median Rent $2,995

 

 

 

 

Questions? Please feel free to call, text, or email me for a private consultation. 

 

 

March 9, 2022

Incline Village !! Airbnb Bonanza! Best Places To Buy a Vacation Rental and Cash In on the Post-Pandemic Travel Boom

Does it really need to be said? Americans are itching to get away this summer. Whether it’s a long-delayed visit to relatives, a soul-saving journey to the beach or trails, or a sojourn to the middle of Nowhere, USA, it’s all good—anything, in fact, that doesn’t involve more time moldering in our own living rooms.

After a year-plus of being cooped up indoors with limited travel options, everyone seems gung-ho to explore. More than two-thirds of Americans said they plan to travel at some point this summer, according to a Trip Advisor survey released in April, and three-quarters of them plan to stay within the United States.

This new American wanderlust translates into one thing for the owners of short-term vacation rentals: a big-time boom, after last year’s devastating pandemic-fueled bust.

That means those who buy short-term rentals can make a killing—if they know where to get the best return on their investment dollars. The data team at Realtor.com® found the most profitable real estate markets for those thinking of buying a property to list on a site like Airbnb or Vrbo. These are the places where extra rental income can really help chip away at mortgages—provided owners don’t mind giving up a few choice weekends.

“There’s a very big opportunity to buy cheap and make a lot of money in return,” says Luis D. Ortiz, a real estate broker who stars on Netflix’s “World’s Most Amazing Vacation Rentals.” The series highlights drool-worthy properties around the globe.

“Vacation rentals give you something that hotels can’t give you,” says Ortiz, “and it’s that sense of home.”

8. Incline Village, NV

A home on the market in Incline Village, NV, offers breathtaking views of Lake Tahoe.

(Realtor.com)

Median list price: $1.7 million
Annual change in revenue generated: 56%
Average daily rate: $360
Days to break even: 22
See all short-term rental data

The most expensive city on our list, Incline Village has some of Lake Tahoe’s most eye-popping properties. Located on the lake’s north shore, homes with water views are key and beach access is even better.

Incline Village can feel more like a giant country club than a typical vacation town. For the sporty types, there are tennis courts and golf courses to let off some steam; adrenaline junkies can try mountain biking down the Flume trail, a steep path that offers killer views of the turquoise waters below. There’s also tons to do in the winter, including skiing at the Diamond Peak Ski Area or hitting the spas and casinos.

While there aren’t a ton of available options at the moment, a condo located near downtown that includes access to the town’s beaches is currently on the market for a slightly more reasonable $550,000.

Posted in Community News
March 9, 2022

#5 in the State of Nevada

For Immediate Release                                                          Contact: Liz Smith     

June 11, 2021                                                                        

 

 

RealTrends + Tom Ferry Announce 2021 America’s Best Real Estate Professionals List

16th Annual Real Estate Ranking

Jeffrey Corman was Named to RealTrends + Tom Ferry America’s Best Real Estate Professionals in Incline Village, Nevada

 

Jeffrey Corman of EXP Realty Luxury Collection was named one of America’s most productive sales associates as a part of RealTrends + Tom Ferry America’s Best Real Estate Professionals, a ranking report produced by RealTrends and Tom Ferry International. He is now a member of the “America’s Best Real Estate Agents,” and ranked number FIVE for the state of Nevada.

 

RealTrends America’s Best Real Estate Professionals ranks over 18,500 residential real estate professionals solely based on their excellence in real estate sales during calendar year 2020. All production numbers are independently verified by a third party to ensure accuracy and report integrity. This group of highly successful real estate sales agents represents the top 1 percent of all real estate practitioners in the United States.

 

“Congratulations to Jeffrey Corman who made the America’s Best list,” says Tom Ferry, owner and founder of Tom Ferry International. "I have the pleasure of working with successful real estate professionals day in and day out, and I know all the hard work, late nights, and huge effort that goes into achieving such incredible results," says Ferry. “There are multiple ways to become successful in real estate. Yet, despite the differences, the real estate professionals on this list have one thing in common—they are simply the best. Congratulations to all recipients of this prestigious recognition.”

 

The America’s Best are ranked in ten categories:

 
By Transactions 

Individuals by Transaction Sides

Teams, Small (2-5 licensed members) by Transaction Sides

Teams, Medium (6-10) by Transaction Sides

Teams, Large (11-20) by Transaction Sides
Team,
Mega (21+) by Transaction Sides




 

 

By Volume 

Individuals by Volume

Teams, Small (2-5) by Volume

Teams, Medium (6-10) by Volume

Teams, Large (11-20) by Volume

Team, Mega (21+) by Volume

 


To qualify for inclusion, an individual agent must have closed at least 50 transaction sides or $20 million in sales volume in 20
20. For real estate agent teams, the minimum is 75 transaction sides or $30 million in closed sales volume.

 

"Those individual agents and teams who make up the 2021 America’s Best Real Estate Professionals represent only about 1.5% of all Realtors® in the country yet account for over 10% of the closed transactions, and more than 16% of all the sales volume closed last year,” says Steve Murray, Special Advisor to HW Media LLC. “To say that Jeffrey Corman is an exceptional sales professional is an understatement. To attain this level of sales is extraordinary.”

 

“I’m pleased and honored to be ranked on this ranking of the country’s top residential real estate agents,” says Jeffrey Corman “ It represents the time and effort that we put into each client that we serve and how much work it takes to build a successful real estate career. The level of sales it takes to qualify makes it a special recognition.”

 

Information on those receiving this recognition can be found online at https://www.realtrends.com/rankings/americas-best.

 

METHODOLOGY

RealTrends + Tom Ferry America’s Best Real Estate Professionals honors America's finest real estate agents and their companies and is compiled and analyzed by RealTrends.

 

The rankings are compiled based on surveys from virtually every nationally branded network, many state and local associations of Realtors®, MLSs, all applicants from past years’ rankings, and the 900 largest brokerage firms in the United States. Verification from an independent source is required for all submissions. In addition, RealTrends senior staff reviews every submission for completeness and accuracy.

 

About The RealTrends + Tom Ferry The Thousand

The RealTrends + Tom Ferry America’s Best Real Estate Professionals ranking report is sponsored jointly by RealTrends and Tom Ferry International. RealTrends America’s Best honors America’s elite real estate agents and their companies and is compiled and analyzed by RealTrends.

RealTrends is a leading source of analysis and information for the residential real estate brokerage industry. Tom Ferry International is a nationwide real estate business and life coaching and training company.

 

Posted in Real Estate News
July 20, 2019

One of America's Best!!

I am thrilled to be recognized on REAL Trends + Tom Ferry’s 2019 list of America’s Best Real Estate Professionals. Being included among the top 1% of real estate professionals in the U.S. is a true honor. Thank you to our colleagues, community and clients who have made this achievement possible for us! #EVAmericas #InclineVillage #Realtor#topproducer #Top1000 #Sellingalifestyle #ReputationMatters#Numberone #engelvolkers #Realtor #775 #inclinevillagerealestate#Homes call 775.339.1144 or #View our websitewww.Jeffreycorman.com for all your Real Estate needs & Info.

Posted in Real Estate News
July 14, 2019

The Housing Slowdown May Be Ending: What Buyers, Sellers Need to Know

The Housing Slowdown May Be Ending: What Buyers, Sellers Need to Know

The much discussed—and, in some quarters, much feared—housing slowdown may be coming to an end.

 

The real estate softening that began last summer, marked by a surge in homes hitting the market and fewer sales after years of crazy-high annual price growth, may show signs of reversing course by this fall, say housing experts. That's a boon for sellers, but not so much for buyers.

 

"I don't think we'll get back all the way to ... the frenzy we saw at the beginning of 2018," says Chief Economist Danielle Hale of realtor.com®. But "it's certainly a possibility that home sales and prices will pick up, especially if mortgage rates stay low."

 

Falling below 4% again. It's a big incentive for folks to purchase properties now before rates go back up. Just a single percentage point can add a significant amount to a monthly mortgage payment, and potentially tens of thousands of dollars over the life of a 30-year, fixed-rate mortgage. Rates went all the way down to 3.75% as of July 3, according to Freddie Mac.

Moreover, the number of homes available for sale is expected to decline again within the next few months, says Hale. That's because the growth in inventory is starting to slow, slipping from 2.9% annual growth in May to 2.8% in June, according to realtor.com data. Experts predict it will fall even further this year. When supply is low and demand is high, prices typically go up.

 

"We're not seeing as many new listings come up on the market," says Hale. That could be because homeowners looking to trade up to bigger, nicer residences can't find anything in their price range.

 

"It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we've ever seen," she explains.

 

Which parts of the country could see the biggest real estate gains?

If mortgage rates continue to stay low, higher-priced cities on the coasts could get the biggest boosts.

 

Cities such as San Francisco, Seattle, and San Jose, CA, have been among the areas most affected by the slowdown. Many buyers took a step back or were priced out of the market, forcing plenty of sellers who shot for the stars to reduce prices to score a sale. But lower rates could make buying a home a bit more affordable there.

 

"The slowdown definitely reversed in San Francisco," says Patrick Carlisle, chief marketing analyst for the San Francisco Bay Area at Compass. "San Francisco just hit new highs in both median house and median condo sales prices of $1.77 million and $1.3 million in June."

 

He attributes the turnaround to low mortgage rates, a strong stock market, and some big IPOs (e.g., Uber, Lyft, Slack, and Pinterest) in the area.

 

However, there's no telling what the future holds for these real estate markets.

 

"The markets are much hotter than they were in the second half of last year," says Carlisle. "But they were not as hot as they were in the spring of 2018, which was the hottest market in 18 years in the Bay Area."

 

Is the real estate market heating back up?

So is the nation heading back into a seller's market?

 

Prices are still at record highs. The median home list price hit an all-time high of $316,000 in June, according to the most recent realtor.com data.

 

And even with lower mortgage interest rates, fewer buyers are entering no-holds-barred bidding wars or paying whatever sellers are asking for their abodes.

 

"There's still plenty of pent-up demand from years of underbuilding and more millennials coming of age" and wanting a home of their own to raise their families in, says Hale. But "this year's buyers seem a little more patient. They're more willing to wait for a good property."

 

Fears that the economy could falter and another recession could begin later this year or next have many buyers on edge. Potential buyers want to be sure their jobs are safe.

 

"We're past the peak of the business cycle. ... [So economic] growth is going to slow down," says Hale. "When people are a little uncertain about what the economy is going to look like in the future, it’s harder for them to think about buying a home."

 

But much of the fate of the housing market relies on mortgage interest rates. If they stay low, buyers have more money to spend on homes. So prices have more room to rise.

 

"It's still going to be a good time to sell as prices are near record highs. And with mortgage rates staying low, that might bring in more buyers," Hale says.

Posted in Market Updates
July 10, 2019

Delinquency rates hit 20-year low

Delinquency rates hit 20-year low

| Jul 09, 2019

Home delinquency rates have reached a 20-year low, an indication that fewer homeowners are struggling to make mortgage payments than ever before, according to the latest CoreLogic data.

Nationwide, only 3.6 percent of homeowners fell into some sort of delinquency on their mortgages in April, down from 4 percent in March. Foreclosure rates, in which the government seizes one’s home due to inability to pay, are at 0.4 percent, down from 0.5 percent in April 2018.

Courtesy of CoreLogic

“Thanks to a 50-year low in unemployment, rising home prices and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years,” Dr. Frank Nothaft, chief economist at CoreLogic, said in a prepared statement. “However, a number of metros that suffered a natural disaster or economic decline contradict this national trend.”

According to CoreLogic, a strong economy is contributing to record low delinquency rates — overall delinquency rates are at a 20-year low while serious delinquency rates (mortgage payments that are late by more than 90 days) are at a 14-year low.

Nonetheless, homeowners in areas ravaged by natural disasters are struggling more than others, including those who were impacted last year by wildfires near Chico in northern California, where delinquency rates spiked by 21 percent due in part to delayed payments as homeowners struggled to decide whether to repair damages, sell their property or do nothing.

Courtesy of CoreLogic

“The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country,” said Frank Martell, president and CEO of CoreLogic, in a prepared statement. “Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane.”

Nationally, however, fewer people are struggling with mortgage payments on a monthly basis — a trend that, according to CoreLogic, is likely to continue.

Posted in Real Estate News
July 10, 2019

Realtor.com predicts market shift impacting buyers is on the way

Realtor.com predicts market shift impacting buyers is on the way

| Jul 09, 2019

A market shift that will impact buyers well into 2020 is likely on the way, according to realtor.com’s June 2019 trend report.

Total inventory grew 2.8 percent year-over-year, according to the study, but annual gains have softened throughout the year; the number of newly listed homes dropped 2.3 percent year-over-year in June.

If this trend continues, inventory growth is set to flatten over the next three months and could start to once again decline in October.

“It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen,” Danielle Hale, chief economist for realtor.com, said in a statement. “If the trend we’re seeing continues, overall inventory could near record lows by early next year.”

Declining inventory could lead to the return of bidding wars, stronger price appreciation and quicker home sales, according to the report.

“So far there’s been a lackluster response to low mortgage rates, but if they do spark fresh buyer interest later in the year, U.S. inventory could set new record lows this winter,” Hale added.

While rates are historically low, they’re still higher than they were seven years ago when they reached their lowest point, at 3.3 percent for a 30-year-fixed-rate mortgage. Rates are higher than one-third of weekly rates seen over the last seven years, which means many homeowners have mortgage rates lower than today’s levels, according to the report.

Hale says that the reason why people aren’t putting their homes on the market is difficult to pinpoint. “It’s likely a combination of rate-lock, recently decreased consumer confidence and older generations choosing to age in place,” she added.

Consumer confidence fell 4.4 percent over the past year, signaling that potential homesellers are more worried about a possible recession or future economic growth, according to the report.

In the short term, the U.S. median listing price likely reached its high point for the year in June, at $316,000, according to realtor.com’s data. Prices usually peak in July, but the report notes that the likely high point came earlier in the year due to a mismatch of what’s available and what buyers want.

Posted in Market Updates
July 8, 2019

Weekly Market Report

 

Incline Village, NV 89451

Mon Jul 08 2019 
This week the median list price for Incline Village, NV 89451 is $1,535,000 with the market action index hovering around 25. This is less than last month's market action index of 27. Inventory has held steady at or around 37. 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
100025

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   $1,535,000
Per Square Foot   $533
Days on Market   190
Price Decreased   35%
Price Increased   3%
Relisted   0%
Inventory   37
Median House Rent   $3,500
Most Expensive   $15,750,000
Least Expensive   $495,000
Market Action Index 
Slight Buyer's Advantage
  25
Avg 7-DayAvg 90-DayJan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Jan 2019May 2019$1.2M$1.3M$1.4M$1.5M$1.6M$1.7M$1.8MFriday, Dec 28, 2018● Avg 90-Day: $1,580,576

Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

Market Segments

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

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$5,445,000 5,550 0.25 - 0.5 acre 5 5 17 0 0 351
$3,200,000 5,337 0.25 - 0.5 acre 5 4 34 0 1 206
$1,325,000 2,704 0.25 - 0.5 acre 4 3 35 1 0 140
$707,000 1,801 6,500 - 8,000 sqft 3 2 44 2 1 77
Posted in Market Updates