Lake Tahoe Sales
With just over 1 month left in the year, I’ve compiled single family home sales data for Incline Village and included “pending sales” in the total sales data, assuming these close in under 40 days. The most notable trend is the increase in the number of sales between $1 Million and $2 Million jumping nearly 40% in 2016. $3 Million and above sales were almost absent in our market until mid August, however, 10 recent sales have brought us back on par with 2015. Lakefront home sales continue to be hampered by low inventory. I have had many inquiries from serious lakefront buyers waiting for the right lakefront opportunity to arise, in all price ranges.
With the election past us and the financial markets faring well, home sales in the luxury markets should continue to improve into 2017. Inventory may hamper upper end sales and lakefronts, and there are benefits for sellers who list in our quieter winter season targeting the serious buyers looking now.
Non-Lakefront Home Sales
Under $2 Million
In contrast to the slow start for sales in the luxury market over $3 Million in 2016, $1- $2 Million sales jumped nearly 40% to 85 homes sold in 2016 compared to just 54 in 2015. The total number of homes sold below $2 Million increased 7%, as well. Median price increased 16% and price per sq. ft. increased by 10%.
See all sales data under $2 Million for 2016
Over $2 Million
The Incline Village Crystal Bay luxury market is leveling out since the market made a come back starting in 2012. Median sales price is down just over 1% and price per sq. ft. dropped 1% to $614 per sq. ft. for homes over $2 Million. Notably, only 1 home sold in Incline Village over $3 Million up to mid August. Days on market for homes sold increased by 40%, sitting over 100 days longer on market before selling. After a slow start, there were 10 additional home sales over $3 Million since August, nearly on par with the 12 sales for 2015.
See all sales data over $2 Million for 2016
Lakefront properties comprise a small portion of our market, yet are a strong indicator for luxury home sales. We still see strength in pricing on relatively low inventory. Of note, there are currently only 3 direct lakefront homes listed for sale currently in Incline Village, all priced above $10 Million. There are 9 total lakefront properties, including both Incline Village and Crystal Bay, NV.
Lakefront home sales have dropped in numbers with 14 sales in 2013, 8 sales in 2014, 4 sales in 2015, and just 3 in 2016. The notable lakefront estate “Sierra Star” sold in the first week of 2016 for $25.25 Million which is the highest sales price in 3 years. Note that the data includes both direct lakefront homes and shared HOA lake frontage, so median pricing varies widely based on location, lake frontage and quality construction.