MARKET REPORT INCLINE VILLAGE Q3 MARKET REPORT JANUARY - SEPTEMBER 2020
W W W. R E MAXNOR THLAK E.COM
INCLINE VILLAGE REAL ESTATE MARKET:
REFLECTING ON Q3 The number of properties listed on the market has been decreasing every year since our “boom” year in 2012, except for 2020. In all of 2019 there were a total of 484 listings on the MLS. In 2020 so far, we’ve seen more than 544 properties come on the market for sale, receiving an average of 98.1% of the asking price, an increase in the average median sale price of 10.3% and the total number of sales up from 331 in 2019 to 500 sales in 2020 year to date. The most interesting thing about out numbers during the pandemic is not just how many properties hit the market, it’s when these properties hit the market. Due to the pandemic, people held of listing in the spring which is our normal start of our selling season. After sellers realized Tahoe properties were in high demand and prices were jumping at rapid pace, we had an influx of inventory in the 2nd and 3rd quarters, at historic levels we have not seen for years. By no means were these distressed sales. These were opportunistic sellers cashing on the nation-wide migration of consumers from urban to rural properties. The most notable shift this year is the Tahoe real estate consumer. We have seen more families move here than ever before and setting up full-time roots in Tahoe. Our typically client lives in Tahoe or vacations in Tahoe about 6 months out of the year. This is a drastic change for our communities, small businesses and our infrastructure as our full-time residents have doubled from a year ago. Also, it’s hard to ignore all the national media attention of the Lake Tahoe real estate market going gang-busters and there are zero signs of demand for Nevada and Lake Tahoe residency cooling. Until the tech giants call everyone back to the city, our newly gained community members are here to stay.
OVERALL MARKET BREAKDOWN
$2,875,000 M E D I A N S A LE S P RICE
143 AV E RAG E DAY S O N MA RKET
165 TOTA L U NI T S S O LD
$404,413,976.00 TOTA L VO LU M E SO LD
98.2 % LI S T TO SA LE
228 U N I T S OV E R 1M
81 U N I T S U N D E R 1M
INCLINE VILLAGE
MARKET AREAS
MA R K ET
LAKEFRONT S I N G L E FA M I LY H O M E
-21%
R EPOR T
JA N UA R Y - S E P T E M B E R
CONDOMINIUMS
-6%
S EPT.
2020
%
MED IAN S AL E S P R IC E
$14,375,000
$9,100,000
-37%
AVERAGE S OL D P R IC E
$14,600,000
$11,599,818
-21%
248
573
131%
HIGHES T S O L D P R IC E
$24,500,000
$27,500,000
12%
LOWES T S O L D P R IC E
$5,150.000
$5,850,000
14%
4
11
175%
94%
98%
4%
AVERAGE DAYS O N MAR K E T
% S OL D PRICE TO AVG L IST P R IC E
JA N UA R Y - S E P T E M B E R
$58,400,000 $127,598,000
CHANGE
118%
%
2019
2020
MED IAN S AL E S P R IC E
$2,150,000
$2,000,000
-7%
AVERAGE S OL D P R IC E
$2,382,000
$2,234,091
-6%
256
150
-41%
HIGHES T S O L D P R IC E
$4,100,000
$4,425,000
8%
LOWES T S O L D P R IC E
$1,385,000
$950,000
-31%
7
11
57%
95%
97%
2%
$16,674,000
$24,575,000
47%
AVERAGE DAYS O N MAR K E T
PROPER TIES SO L D AVERAGE SOLD PRICE
-
2020
TOTAL D OL L AR VO LU ME
LAKEFRONT
JAN.
2019
PROPER TIES SO L D AVERAGE SOLD PRICE
|
% S OL D PRICE TO AVG L IST P R IC E TOTAL D OL L AR VO LU ME
CHANGE
MARKE T
RE P O R T
|
JA N UA R Y - S E P T E M B E R
JA N.
-
SEPT.
2 0 2 0
%
2019
2020
MEDI AN SALES PRICE
$ 1, 292,500
$1,420,000
10%
AVERAGE SOLD PRICE
$ 1, 530,607
$1,841,730
20%
198
212
7%
HI G HEST SOLD PRICE
$ 5, 000,000
$7,140,000
43%
LOWEST SOLD PRICE
$ 435,000
$475,000
9%
P ROPER TI ES SOL D
166
239
44%
% SOLD PRI C E TO AVG L IS T PRICE
97%
96%
-1%
AVERAGE DAYS O N MARKET
TOTAL DOLLAR VO LUME
JA N UA R Y - S E P T E M B E R
$ 254, 0 80,688 $440,173,416
2019
2020
CHANGE
% CHANGE
$ 512 ,000
$600,000
17%
AVERAG E SOLD PRICE
$ 560 ,257
$702,344
25%
11 1
137
23%
HIGHEST SOLD PRICE
$ 1, 300,000
$2,212,500
70%
LOWEST SOLD PRICE
$ 250 ,000
$265,000
6%
P ROPER TI ES SOL D
11 9
165
39%
% SOLD PRI C E TO AVG L IS T PRICE
98 %
98%
0%
$ 66, 67 0,588
$115,886,688
74%
TOTAL DOLLAR VOLUME
NON-LAKEFRONT S I N G L E FA M I LY H O M E
+20% AVERAGE SOLD PRICE
73%
MEDI AN SALES PRICE
AVERAG E DAYS O N MARKET
K NOW. L IK E. TRU ST.
NON-LAKEFRONT CONDOMINIUMS
+25% AVERAGE SOLD PRICE
W W W. R E M A X N O R T H TA H O E . C O M
MA R K ET
LAKEVIEW ALL PROPERTIES
+29%
R EPOR T
JA N UA R Y - S E P T E M B E R
ALL PROPERTIES
+62%
S EPT.
2020
%
MED IAN S AL E S P R IC E
$2,200,000
$2,620,000
19%
AVERAGE S OL D P R IC E
$2,062,923
$2,652,304
29%
183
411
125%
HIGHES T S O L D P R IC E
$3,500,000
$5,250,000
50%
LOWES T S O L D P R IC E
$735,000
$998,000
36%
13
21
62%
98%
96%
-2%
$26,818,000
$55,698,376
108%
2019
2020
MED IAN S AL E S P R IC E
$1,300,000
$2,775,000
113%
AVERAGE S OL D P R IC E
$1,971,409
$3,202,643
62%
152
268
76%
HIGHES T S O L D P R IC E
$4,700,000
$7,140,000
52%
LOWES T S O L D P R IC E
$835,000
$1,200,000
44%
11
21
91%
94%
97%
3%
$21,685,500
$67,255,500
210%
AVERAGE DAYS O N MAR K E T
% S OL D PRICE TO AVG L IST P R IC E
JA N UA R Y - S E P T E M B E R
AVERAGE DAYS O N MAR K E T
PROPER TIES SO L D AVERAGE SOLD PRICE
-
2020
TOTAL D OL L AR VO LU ME
MILL CREEK
JAN.
2019
PROPER TIES SO L D AVERAGE SOLD PRICE
|
% S OL D PRICE TO AVG L IST P R IC E TOTAL D OL L AR VO LU ME
CHANGE
% CHANGE
MARKE T
RE P O R T
|
JA N UA R Y - S E P T E M B E R
JA N.
-
SEPT.
2 0 2 0
%
2019
2020
MEDI AN SALES PRICE
$ 1, 37 2,500
$1,235,000
-10%
AVERAGE SOLD PRICE
$ 1, 70 9,854
$1,587,375
-7%
2 15
292
36%
HI G HEST SOLD PRICE
$ 3, 09 5,000
$4,175,000
35%
LOWEST SOLD PRICE
$ 980,000
$665,000
-32%
12
16
33%
95%
90%
-5%
$ 20, 518,250
$25,398,000
24%
2019
2020
MEDI AN SALES PRICE
$ 1, 755,000
$4,325,000
146%
AVERAG E SOLD PRICE
$ 1, 894,000
$6,276,458
231%
317
552
74%
HIGHEST SOLD PRICE
$ 3, 750,000
$24,850,000
563%
LOWEST SOLD PRICE
$ 950 ,000
$670,000
-29%
10
12
20%
98%
98%
0%
$ 18, 9 40,000
$75,317,500
298%
AVERAGE DAYS O N MARKET
P ROPER TI ES SOL D % SOLD PRI C E TO AVG L IS T PRICE TOTAL DOLLAR VO LUME
JA N UA R Y - S E P T E M B E R
AVERAG E DAYS O N MARKET
P ROPER TI ES SOL D % SOLD PRI C E TO AVG L IS T PRICE TOTAL DOLLAR VOLUME
CHANGE
% CHANGE
K NOW. L IK E. TRU ST.
PONDEROSA ALL PROPERTIES
-7% AVERAGE SOLD PRICE
CRYSTAL BAY ALL PROPERTIES
+231% AVERAGE SOLD PRICE
W W W. R E M A X N O R T H TA H O E . C O M
MA R K ET
LOWER TYNER ALL PROPERTIES
+3%
R EPOR T
JA N UA R Y - S E P T E M B E R
ALL PROPERTIES
-1%
S EPT.
2020
%
MED IAN S AL E S P R IC E
$1,610,000
$1,470,000
-9%
AVERAGE S OL D P R IC E
$1,830,167
$1,883,105
3%
275
256
-7%
HIGHES T S O L D P R IC E
$5,000,000
$3,900,000
-22%
LOWES T S O L D P R IC E
$650,000
$830,000
28%
15
19
27%
97%
98%
1%
$27,452,500
$35,779,000
30%
2019
2020
MED IAN S AL E S P R IC E
$1,495,000
$1,185,000
-21%
AVERAGE S OL D P R IC E
$1,693,533
$1,668,500
-1%
172
164
-5%
HIGHES T S O L D P R IC E
$3,750,000
$5,700,000
52%
LOWES T S O L D P R IC E
$614,000
$689,000
12%
15
12
-20%
95%
97%
2%
$25,403,000
$20,022,000
-21%
AVERAGE DAYS O N MAR K E T
% S OL D PRICE TO AVG L IST P R IC E
JA N UA R Y - S E P T E M B E R
AVERAGE DAYS O N MAR K E T
PROPER TIES SO L D AVERAGE SOLD PRICE
-
2020
TOTAL D OL L AR VO LU ME
UPPER TYNER
JAN.
2019
PROPER TIES SO L D AVERAGE SOLD PRICE
|
% S OL D PRICE TO AVG L IST P R IC E TOTAL D OL L AR VO LU ME
CHANGE
% CHANGE
MARKE T
RE P O R T
|
JA N UA R Y - S E P T E M B E R
JA N.
-
SEPT.
2 0 2 0
%
2019
2020
MEDI AN SALES PRICE
$ 875,000
$1,300,000
49%
AVERAGE SOLD PRICE
$ 921,038
$1,270,940
38%
2 57
142
-45%
HI G HEST SOLD PRICE
$ 1, 19 0,000
$2,580,000
117%
LOWEST SOLD PRICE
$ 700,000
$648,000
-7%
13
25
92%
97%
98%
1%
$ 11, 973,500
$31,773,500
165%
2019
2020
MEDI AN SALES PRICE
$0
$1,085,000
0%
AVERAG E SOLD PRICE
$0
$1,016,143
0%
0
89
0%
HIGHEST SOLD PRICE
$0
$1,425,000
0%
LOWEST SOLD PRICE
$0
$704,000
0%
0
7
0%
% SOLD PRI C E TO AVG L IS T PRICE
0%
97%
0%
TOTAL DOLLAR VOLUME
$0
$7,113,000
0%
AVERAGE DAYS O N MARKET
P ROPER TI ES SOL D % SOLD PRI C E TO AVG L IS T PRICE TOTAL DOLLAR VO LUME
JA N UA R Y - S E P T E M B E R
AVERAG E DAYS O N MARKET
P ROPER TI ES SOL D
CHANGE
% CHANGE
K NOW. L IK E. TRU ST.
JENNIFER ALL PROPERTIES
+38% AVERAGE SOLD PRICE
APOLLO ALL PROPERTIES
0% AVERAGE SOLD PRICE
W W W. R E M A X N O R T H TA H O E . C O M
MA R K ET
CENTRAL NORTH & SOUTH
ALL PROPERTIES
+26%
R EPOR T
JA N UA R Y - S E P T E M B E R
ALL PROPERTIES
2020
%
$1,285,000
$ 1,400,000
9%
AVERAGE S OL D P R IC E
$1,389,808
$1,749,154
26%
125
75
-40%
HIGHES T S O L D P R IC E
$2,850,000
$5,000,000
75%
LOWES T S O L D P R IC E
$650,000
$880,000
35%
13
13
0%
97%
98%
1%
$18,067,500
$22,739,000
26%
2019
2020
$860,000
$895,500
4%
$1,092,733
$1,236,114
13%
179
97
-46%
HIGHES T S O L D P R IC E
$2,900,000
$2,950,000
2%
LOWES T S O L D P R IC E
$490,000
$515,000
5%
15
17
13%
96%
99%
3%
$16,391,000
$21,013,940
28%
AVERAGE DAYS O N MAR K E T
% S OL D PRICE TO AVG L IST P R IC E
JA N UA R Y - S E P T E M B E R MED IAN S AL E S P R IC E
AVERAGE DAYS O N MAR K E T
PROPER TIES SO L D AVERAGE SOLD PRICE
S EPT.
MED IAN S AL E S P R IC E
AVERAGE S OL D P R IC E
+13%
-
2020
TOTAL D OL L AR VO LU ME
THE WOODS
JAN.
2019
PROPER TIES SO L D AVERAGE SOLD PRICE
|
% S OL D PRICE TO AVG L IST P R IC E TOTAL D OL L AR VO LU ME
CHANGE
% CHANGE
MARKE T
RE P O R T
|
JA N UA R Y - S E P T E M B E R
JA N.
-
SEPT.
2 0 2 0
%
2019
2020
MEDI AN SALES PRICE
$ 1, 60 0,000
$1,860,000
16%
AVERAGE SOLD PRICE
$ 1, 50 6,845
$1,924,786
28%
1 87
267
43%
HI G HEST SOLD PRICE
$ 2, 50 0,000
$5,300,000
112%
LOWEST SOLD PRICE
$ 595,000
$485,000
-18%
13
21
62%
96%
96%
0%
$ 19, 588,980
$40,420,500
106%
2019
2020
MEDI AN SALES PRICE
$ 1, 433,957
AVERAG E SOLD PRICE
AVERAGE DAYS O N MARKET
P ROPER TI ES SOL D % SOLD PRI C E TO AVG L IS T PRICE TOTAL DOLLAR VO LUME
JA N UA R Y - S E P T E M B E R
CHANGE
%
K NOW. L IK E. TRU ST.
CHAMPIONSHIP GOLF COURSE ALL PROPERTIES
+28% AVERAGE SOLD PRICE
EXECUTIVE
CHANGE
GOLF COURSE
$1,525,000
6%
ALL PROPERTIES
$ 1, 209,762
$1,384.286
14%
182
167
-8%
HIGHEST SOLD PRICE
$ 1, 662,500
$1,950,000
17%
LOWEST SOLD PRICE
$ 435 ,000
$540,000
24%
17
14
-18%
96%
98%
2%
$ 20, 5 65,958
$19,380,000
-6%
AVERAG E DAYS O N MARKET
P ROPER TI ES SOL D % SOLD PRI C E TO AVG L IS T PRICE TOTAL DOLLAR VOLUME
+14% AVERAGE SOLD PRICE
W W W. R E M A X N O R T H TA H O E . C O M
MA R K ET
SKI WAY ALL PROPERTIES
-8%
R EPOR T
JA N UA R Y - S E P T E M B E R
JAN.
-
S EPT.
2020
%
2019
2020
MED IAN S AL E S P R IC E
$680,000
$687,500
1%
AVERAGE S OL D P R IC E
$861,318
$792,355
-8%
130
150
15%
HIGHES T S O L D P R IC E
$1,615,000
$1,600,000
-1%
LOWES T S O L D P R IC E
$540,000
$475,000
-12%
11
20
82%
97%
97%
0%
$9,474,500
$15,847,100
67%
2019
2020
AVERAGE DAYS O N MAR K E T
PROPER TIES SO L D AVERAGE SOLD PRICE
|
% S OL D PRICE TO AVG L IST P R IC E TOTAL D OL L AR VO LU ME
CHANGE
EASTERN SLOPE
JA N UA R Y - S E P T E M B E R
ALL PROPERTIES
MED IAN S AL E S P R IC E
$1,702,500
$1,380,000
-19%
AVERAGE S OL D P R IC E
$2,150,250
$2,469,111
15%
217
204
-6%
HIGHES T S O L D P R IC E
$4,580,000
$6,900,000
51%
LOWES T S O L D P R IC E
$812,000
$830,000
2%
8
27
238%
97%
95%
-2%
$17,202,000
$66,666,000
288%
+15%
AVERAGE DAYS O N MAR K E T
PROPER TIES SO L D AVERAGE SOLD PRICE
% S OL D PRICE TO AVG L IST P R IC E TOTAL D OL L AR VO LU ME
% CHANGE
MARKE T
RE P O R T
|
JA N.
-
SEPT.
2 0 2 0
K NOW. L IK E. TRU ST.
W W W. R E M A X N O R T H TA H O E . C O M
M A R K ET
R EPOR T
|
JAN.
-
S EPT.
2020
ABOUT INCLINE VILLAGE Incline Village, located on the North Shore of Lake Tahoe, is a unique area boasting spectacular homes, exceptional amenities available to residents, and Nevada tax benefits. The Incline Village General Improvement District, commonly referred to as IVGID, is a quasi-public agency and a fiscally responsible community partner which provides superior utility services and community-oriented recreation programs and facilities. As an Incline Village resident, you have access to two private gorgeous sandy beaches with park facilities, a state-of-the-art recreation center that includes an olympic-sized swimming pool, basketball courts, tennis courts, pickle ball, a pro-shop, and a cafe. Group fitness classes are offered year-round. There are two distinct Robert Trent Jones Jr. designed golf courses including the award-winning Championship Golf Course. In the winter, ski Diamond Peak Ski Resort, in your back yard. Or, enjoy the nearby Mt. Rose - Ski Tahoe, Northstar California, Squaw Valley, Alpine Meadows, or Homewood Mountain Resort, all within 15 - 40 minutes drive. We have a plethora of small mom and pop shops and resturants in town and plenty of local activities to keep you busy all year! We have three public schools: Incline Elementary, Incline Middle and Incline High School. Incline is also home to Nevada’s only four-year private university, Sierra Nevada University ( Go Eagles!) and the North Shore’s only private K-8th School, Lake Taheo School. Go Bobcats! Nevada tax benefits include no personal income tax, no corporate income tax, no gross receipts tax, no franchise tax, no inventory tax, no tax on issuance of corporate shares, no requirements of shareholders & directors to live in Nevada, no tax on sale or transfer of shares, no succession or inheritance with IRS, no sharing of information with IRS, and low property taxes.
MARKE T
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JA N.
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SEPT.
2 0 2 0
K NOW. L IK E. TRU ST.
OUR STORY RE/MAX North Lake is a full-service agency specializing in real estate sales and rentals on Lake Tahoe’s North and South shore Shore, and Incline Village, Crystal Bay, and Tahoe’s East Shore in Nevada. We are a team of experts living locally, available as a resource to you to help you understand the area and the market, whether you are looking to buy, sell, invest or vacation in Lake Tahoe. Over 20 years ago, while helping her grandparents at thier real estate firm, our Broker Sabrina Belleci knew she enjoyed working with Buyers, Sellers, and investors to find the right home. At the time, Sabrina lived in the Bay Area and worked after schoold at her family’s mom and pop boutique brokerage. Frustrated from the suburban lifestyle. she knew her destiny was living at Lake Tahoe and playing in the Sierra Nevada Mountians. She then attened Sierra Nevada College (now Sierra Nevada University) in Incline Village where she studied Global Buisiness and minored in finance, economics and marketing. After traveling through the rurual Himalays prior to her final year of college, she knew she wanted to stay in Incline Village . She decided to get into real estate where she met her mentor, Don Kanare. Don showed her to ropes and the importance of being a contributing member of our wonderful community. They opened the RE/MAX office together in 2012 and knew they wanted to build a sucess team of like minded, entreprenuerial, go -getters. As a young entrepreneur, Sabrina was up for the challenge. RE/MAX North Lake was born. Each year, as word spread, more and more homeowners sought to work with real people who understood the hostory of Tahoe and dream that comes with owning property here. Today, Sabrina and her team has sold over $300 million in residential real estate in Nevada. She is on the board of Lake tahoe School and the immediate past president of the Incline Village Realtors. Together both the Real Estate Sales and Vacation/Longterm Rentals that comprise our services and aloows us to thrive. And while we pride our business acumen, our success is attributed to more. After two decades in this business, we have learned that the secret to our success is in our sincere belief in treating our homeowners, our guests, our clients, and our team like family. We manage the homes as if they were our own; we are available for assistance and as a local resource at all times; and, we truly strive to make each guests’ stay a genuine Tahoe experience. In real estate, our approach is the same. We are your trusted advisors, operating with patience, integrity, and realness taking the stress out of the process for you. We encourage you to stop by our Incline Village and/or Crystal Bay office and meet our team in person!
OFFICE: 775-831-2420 www.remaxnorthtahoe.com @remaxlaketahoe
923 Tahoe Blvd. Ste 101 | Incline Village, NV 89451 S e Of r v i fince g Inde C a pl iendent f o r n ilay Owned a n d and N eO vap derated a. * Each