Coronavirus and the Incline Village Real Estate Market

Incline Village Homes Still Selling Despite Covid-19 Closures

Incline Village Lakeview Home

With hotels shuttered and the beaches yet to open for the season, Incline Village is unusually quiet this Spring. But the real estate market in this lakeside community on Lake Tahoe's north shore is still cooking.

Incline Village closed out the 1st quarter of 2020 with 36 single-family home sales, 12 homes selling per month on average. But significantly, the Incline real estate market moved into April with 18 homes under contract to sell. And more than half of them had accepted offers in mid-March, following the breaking news of the coronavirus pandemic and the March 15 closure of Tahoe's Ski Resorts.

In the midst of stock market volatility, and statewide shelter in place orders, this continued pace of sales shows strong buyer confidence in the Incline Village real estate market.

Ten of the homes under contract in Incline Village at the beginning of April were luxury homes (some with price tags well north of $1 million). The high-end homes under contract in early April include a brand new 6,700 square foot home on Fairview with stunning views of Lake Tahoe, and elegant contemporary fixtures (rendering above ... asking price: $7.5 million)

Incline Village Home Inventory Strong

The median sales price of a single-family home in Incline Village fell 16 percent to $1,175,000, and Q1 closed with 36 total sales, the same as Q1 2019. The total volume of Q1 sales fell to $54.3 million, a 12 percent drop.

Incline Village Real Estate Sales Q1 2020

While overall Q1 home sales are down in Incline Village over the first quarter of 2019, the number of homes currently in escrow suggests the market should remain stable into the mid-year, assuming that all of the properties currently in escrow move forward to close.

A good stock of inventory also positions the Incline real estate market to move solidly into the Spring and Summer buying season. With more than 80 homes to choose from -- ranging in price from $75 million for the outstanding Crystal Point lakefront estate (pictured below) to more than three dozen attractive properties priced under $2 million -- there are terrific pickings for every price range.

Crystal Point Lakefront Estate

Click here for a full List of Incline Village Homes & Condos for Sale

Luxury Home Sales in Incline Village offer Buyer Opportunities

Incline Village's luxury home market (those priced over $1 million) outperformed the overall market, with Q1 volume up slightly over last year. While the median sales price of a luxury home in Incline Village fell 4 percent to $1,550,000, the first three months of the year saw some unique, high-end homes change hands for multi-million price tags.

Among those was a lakefront home on the shores of Crystal Bay that closed for $9.1 million at the end of January after several years on the market:

Tahoe Lakefront Home

March also saw some nice opportunities for homebuyers. Half of the Incline Village homes that sold in March had been reduced in price, with an average reduction of 8 percent below the original list price. And the 12 homes that closed in March sold for within 4 percent of the asking price, on average.

Buyers have a LOT of choices in Incline as we move into the Spring/Summer season, but with the Incline Village Hyatt and many other hotels and short-term rentals temporarily closed due to Covid-19 shutdowns, finding a place to stay might well be more challenging than finding a home in Incline Village this Spring. A couple of Reno hotels are still welcoming guests, including The Renaissance, a remodeled non-smoking hotel near the downtown RiverWalk.