Real Estate Sales Slow in Incline Village
While many real estate markets around the Tahoe/Reno region have adjusted prices downward from the 2022 highs of the Covid era, Incline Village on Lake Tahoe's north shore continues to reach high on pricing, leading to a precipitous drop in sales volume from last year.
Moving into March, we saw only a dozen homes change hands in Incline Village for a total sales volume of a little more than $18 million. That's just a third of the sales we saw by this time last year.
Waterfront Lake Tahoe Condos Sold in 2023
The Incline condo market fared a little better, thanks in part to two lakefront condos that sold for hefty price tags:
- A beautifully remodeled Stillwater Cove condo listed at $4.250M had an accepted offer within a month, closing for $4M
- An end unit at Crystal Bay Cove sold for $3.250M (significantly lower than the asking price of $3.6M when it was listed last Fall
Overall, we saw $15.5 million in condo sales in the first 2 months of the year. And there were some nice deals to be had for buyers willing to push against the Covid-era pricing highs. One 4-bedroom in Forest Pines (a popular complex across the street from Incline's private beaches) closed for $999,000. It had been listed in April of 2022 at close to $1.4 million, and went into escrow after four successive markdowns brought the price closer to $1 million.
Last year at this time, the median sales for homes was $2,947,000 - a hair under the median asking price of $2,995,000. Today, as we move into March, we have 43 homes on the market with median asking price of almost $4.7M. That's a big spread.
Most of today's inventory in Incline is priced well north of $3 million, including a few beautiful lakefronts:
- A Chateau-style estate in Crystal Bay that's somewhat of a bargain at $29 Million
- A gorgeous Brand New home with a pier on a secluded cove in Crystal Bay at $28.5M
- A sprawling Lakeshore compound with backdoor access to two of Incline's most exclusive white-sand HOA beaches with pier, boat launch & buoy field that's come down $2 million from its original price of $14.5M (perfect for large families or corporate retreats)
The Lakeshore compound offers access to the private Vivian Lane HOA beach pictured above, as well as a terrific outdoor kitchen/BBQ area (pictured below) ... perfect for large gatherings or a corporate retreat.
Pre-pandemic, 2009 marked a high for Incline Village, with the median sales price inching above $2 million. Covid fueled an unprecedented demand at Lake Tahoe, pushing Incline's median sales price up to $2,343,000 by the close of 2022.
Moving into 2023, smart pricing will be key for those sellers who want a quick sale. (Homes that wallow on the market tend to sell for less than they would have if they were priced correctly out the gate). But this Spring also presents some terrific bargains for the Buyers who are not afraid to push on pricing.
When will the Pent-Up Demand be Unleashed?
The volatility of today's stock market has left many investors on wobbly knees, as would-be Tahoe owners sit on the fence to wait out what the Fed will do next. That's contributed to a LOT of pent up demand.
My prediction is that when the economy and the markets show signs of solid recovery, we will see buyers back in the market here en masse. If you have the funds (and the nerve), this is an excellent time to shop for deals.
Call or text me at 775-391-9443 for more information or to schedule a tour
~ Jackie
Posted by Jackie Ginley on
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