Incline Village – Crystal Bay Market Update
– December 21st –
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Single Family homes here in Incline Village and Crystal Bay have seen steady but stable price growth over the last year. Currently, the median sold price of single family homes is $1,060,000 which is 11.5% higher than last year’s median of $950,000. With a “normal” market growth rate of 5-7%, this rate is slightly higher than a typical market, but is to be expected with our unique supply of homes. The growth rate is encouraging, but there are several factors which may slowdown the market. The most prevalent being the widening price gap between buyers and sellers. The median sold price of homes is just over 1 million, however the median “list” price of homes currently on the market is $1,981,000. This shows that sellers feel that their homes are worth more than what buyers are willing to pay for them which will likely result in homes staying on the market for longer than expected and price reductions are sure to follow. As long as the economy remains stable, the market will continue to grow. However the growth may be slower than we have seen in recent years.
Condominium sales remain strong with over 191 properties sold so far this year, making this segment the highest volume category this year. This isn’t surprising as we have a large second home and vacation property market that has remained the backbone of real estate sales in our area. The median sold price is $425,000 which is only 4% higher than last year. This is a good thing for the market because buyers are still able to afford these units without having to spend more to keep up with an inflated market. The median list price is $535,000 which yet again shows a growing gap between seller perceptions and buyer affordability. Just like single family homes, this will likely lead to price corrections in the coming months.
PUDs (townhouses) are the one category that buyers and sellers seem to agree on. The median list price of townhouses currently on the market is $1,192,500 which is close to the median sold price of $957,500. This is mostly due to the 11 sales in the new Incline Creek Estates complex. These units are selling for very close to their asking price which is setting a stable price point for new construction. There were 55 sales in this category this year with only 22 remaining on the market. Since sellers of these types of properties often have to compete with both single family homes and condominiums, it is a good sign that prices remain strong and supply is low.
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Data gathered from IVBOR MLS on December 18th, 2016