2012 Incline Village and Crystal Bay
First Quarter Sales Report
Below you’ll find “Sold” property data which includes Incline Village and Crystal Bay, both located on the North-shore of Lake Tahoe, Nevada. The charts show three categories of properties- Residential, Condominiums, Town homes (Planned Unit Developments).
Please note that the reports above were created using data extracted from the MLXChange System and reflects property sales starting 1/1/12 until 3/31/12
During the first three months of 2012 there was an increase in Residential home sales of over 25% compared to the previous two years, this was mainly caused by the large number of downward price adjustments within Incline Village and Crystal Bay. Short Sales and REO’s(Bank Owned properties) affected the residential sales the strongest. Out of 30 homes sold this year, 37% were Short Sales and REO’s, impacting the Median Price that dropped from $900,000 in 2011 to $650,000 in 2012. According to the Incline Village MLX System, currently there are 149 active home listings in Incline Village and Crystal Bay, of which 64 properties (representing over 40%) had a downward price adjustment in the past 6 months. The next quarter is going to be strong in sales since there are currently 27 homes in Escrow, 6 are Short Sales.
The Condominium report shows a significant price adjustment downwards (the Median Sold Price had a significant drop of 56%. Prices dropped from $440,000 in 2011 to $250,000 in 2012), and even if there were only 18 Condominiums sold so far this year (only 2 were short sales), there are 25 Condominiums in Escrow at this time (of which 8 are short sales). Suggesting a very strong next quarter. The Median price of Condominiums Escrow is $245,000.
On the Townhome report the amazing fact is that there was no price differential (% between asking price and selling price in 2012). Out of the 6 units all were sold at the asking price, only 1 was a bank owned sale. Currently 4 Townhomes are under Contract.
Price drops are occurring in all categories, and the increased number of Short Sales and REO’s make this a strong Buyer’s Market.
Sellers and Buyers need to be educated on the market which is where we come in.
Give us a call at 775-691-7000
Please note that the information above reflects data collected from the Incline Village MLX System starting 1/1/12 through 3/31/12.
To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.
