Coronavirus and the Incline Village Real Estate Market

Posted by Jackie Ginley on Tuesday, April 7th, 2020 at 11:24am.

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 EstateCrystal Point Lakefront Estate at Lake Tahoe

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.

UPDATE ON Incline Village GOLF Season

Incline Village Golf

 

 

Please feel free to call or email me for additional information about the Lake Tahoe real estate market or a particular property.

~ Jackie, 775-391-9443, Jackie@TahoeisHome.com

All Property Types in Crystal Bay & more...

257 Properties Found. Page 1 of 7.
Photo of Listing #1002621

300 Nv-28, Crystal Bay

$75,000,000 - 8 Beds, 12 Baths

MLS® # 1002621

Chase International
Photo of Listing #150013844

580 Gonowabie, Crystal Bay

$39,750,000 - 4 Beds, 5 Baths, 8,694 Sf

MLS® # 150013844

Corcoran Global LivingNorthern Nevada Regional Multiple Listing Service Logo
Photo of Listing #942984

580 Gonowabie, Crystal Bay

$32,500,000 - 4 Beds, 5 Baths

MLS® # 942984

Corcoran Global Living IV
Photo of Listing #20152810

580 Gonowabie Road, Crystal Bay

$32,500,000 - 4 Beds, 5 Baths, 8,694 Sf

MLS® # 20152810

Corcoran Global LivingTahoe Sierra MLS Logo
Photo of Listing #1006373

885.887 Lakeshore Blvd, Incline Village

$27,500,000 - 5 Beds, 4 Baths

MLS® # 1006373

Lakeshore Realty
Photo of Listing #1006649
New Listing

20 Crystal Dr, Crystal Bay

$24,850,000 - 5 Beds, 7 Baths

MLS® # 1006649

Chase International
Photo of Listing #1006526

835 Lakeshore Blvd, Incline Village

$16,500,000 - 4 Beds, 6 Baths

MLS® # 1006526

Lakeshore Realty
Photo of Listing #943566

674 Alpine View Dr, Incline Village

$11,750,000 - 8 Beds, 10 Baths

MLS® # 943566

Sierra Sotheby's International
Photo of Listing #190016058

674 Alpine View Drive, Incline Village

$11,750,000 - 8 Beds, 10 Baths, 11,136 Sf

MLS® # 190016058

Sierra Sotheby's InternationalNorthern Nevada Regional Multiple Listing Service Logo
Photo of Listing #1006573

1169 Lakeshore Blvd, Incline Village

$9,998,000 - 4 Beds, 6 Baths

MLS® # 1006573

Sierra Sotheby's International
Photo of Listing #200003876

1169 Lakeshore Boulevard, Incline Village

$9,998,000 - 4 Beds, 6 Baths, 7,130 Sf

MLS® # 200003876

Sierra Sotheby's InternationalNorthern Nevada Regional Multiple Listing Service Logo
Photo of Listing #190009417

1580 Vivian Lane, Incline Village

$8,770,000 - 6 Beds, 9 Baths, 7,045 Sf

MLS® # 190009417

Trans Action Realty 500Northern Nevada Regional Multiple Listing Service Logo
Photo of Listing #1006214

1580 Vivian Ln, Incline Village

$8,770,000 - 6 Beds, 9 Baths

MLS® # 1006214

Trans-action Realty 500
Photo of Listing #1004358

453 Lakeshore Blvd, Incline Village

$7,995,000 - 4 Beds, 4 Baths

MLS® # 1004358

Sierra Sotheby's International
Photo of Listing #1004832

757 Champagne Rd, Incline Village

$7,650,000 - 4 Beds, 7 Baths

MLS® # 1004832

Chase International

 

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© 2020 Incline Village Board of Realtors® MLS (INVBOR). Information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.Information is deemed reliable but is not guaranteed.

Listing information last updated on June 2nd, 2020 at 9:16am CDT.

Northern Nevada Regional Multiple Listing Service Logo The data relating to real estate for sale on this web site comes in part from the BROKER RECIPROCITY Program of the Northern Nevada Regional MLS. Real estate listings held by brokerage firms other than Chase International are marked with the BROKER RECIPROCITY logo or the BROKER RECIPROCITY thumbnail logo and detailed information about them includes the name of the listing brokerage.

The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

Listing information last updated on June 2nd, 2020 at 9:26am CDT.

Tahoe Sierra MLS Logo The data relating to real estate for sale on this web site comes from the Broker Reciprocity Program of the Tahoe Sierra Multiple Listing Service. Real estate listings held by brokerage firms other than Chase International are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.

The information being provided is for the consumers personal, non-commercial use and may not be used for any other purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable, but not guaranteed.

Copyright 2020, Tahoe Sierra Multiple Listing Service. All Rights Reserved.

Listing information last updated on June 2nd, 2020 at 9:24am CDT.

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