Curious How The North Lake Tahoe Real Estate Market Is Doing?
INCLINE VILLAGE & CRYSTAL BAY
3 Q TAHOE REPORT 2018
MARKET TRENDS BY NEIGHBORHOOD & PROPERTY TYPE
For the full report visit: TahoeReports.com
3RD QUARTER COMPARISON
2017 VS 2018
C
Total Sales Volume
Number of Sales
Avg. Days on Market
Median Sales Price
Single Family Homes
+19%
+15%
-9%
+29%
Planned Unit Developments
+30%
+15%
+8%
+5%
Condominiums
+11%
-1%
-16%
+16%
Lots and Land
- 84%
-56%
+65%
-63%
Incline Village & Crystal Bay Overall Market
+15%
+7%
-7%
+17%
losing out the third quarter, strong sales continue in Incline Village and Crystal Bay as we push into the fall and winter months. The luxury market ($2M+) has defined this quarter as sales in this category increased by over 25% despite historically low inventory. Contrary to our neighbor to the West where luxury sales have slowed, the number of home sales in our market has increased, suggesting buyers are likely looking outside of California when searching for a luxury home. This trend is driving up sales volumes in our area which have reached over $437 million so far this year. Compare that to 10 years ago and we see a whopping 240% increase in total sales volume!
We have been in a strong seller’s market for some time now and the third quarter has further bolstered home values. Tight inventory paired with the constant influx of buyers from California and other tax burdened areas has driven competition among buyers over any remaining properties. Looking forward, our next quarter is traditionally slower than the previous months as families head home after vacations and tourism traffic dies down. However, the pressure on tax burdened homeowners in our feeder markets won’t decrease any time soon which may encourage a busier than normal 4th quarter.
Stop By 954 Lakeshore Blvd. Incline Village, NV 89451 (1/2 Block from the Hyatt & across from Incline Beach)
So far the 3rd Quarter, 2018 has continued to experience record low inventory levels which sent home values skyrocketing, resulting in a staggering 35% increase in the median sales price from $1,107,500 in the 3rd Quarter 2017 to the current $1,499,000. The group that benefits most from this upward trend are retirees who are looking to sell their home and So Not far the 3rdshould Quarter, their 2018 has continued to experience lowthey inventory which downsize. only home sell quickly but therecord equity havelevels gained in this strong sent home resulting a staggering 35%had increase in the median sales market gives themvalues moreskyrocketing, buying power thaninthey have ever before.
Learning From Our Past MARKET INSIGHTS
price from $1,107,500 in the 3rd Quarter 2017 to the current $1,499,000. The group that benefits most from this upward trend are retirees who are looking to sell their home and
PUD's have experienced tremendous growth due but in large to the shortage in housing supply. downsize. Not only should their home sell quickly the equity they have gained in this strong The totalmarket sales gives volume bypower 30%than withthey only a few themincreased more buying have ever additionally had before. sales compared to 3rd quarter 2017. The growing median sales price can beof attributed to the Incline hen informing our clients the current stateCreek of Estate the If we PUD's have experienced growth due insales large in to the shortage housing supply. sales which were some of thetremendous highest priced PUD 2018 sellingin for $1,663,450, just The total sales volume increased by 30% with only a few additionally sales compared to 3rd above the median sales price ofmedian a single home. Another ofwhether note is the skinot market, the question naturally arises ofIncline or were quarter 2017. The growing salesfamily price can be attributed toarea the Creek Estate neighborhoods Tyrolia Village, which 18 sales.
sales which were and someTyrolian of the highest priced PUDhad salesaintotal 2018of selling for $1,663,450, just
W
$1,500,000
$750,000 $375,000
$375,000
$0
2014
2015
2016
$1,107,500
$750,000
$1,055,000
$1,125,000
$915,000
$1,075,000
$1,125,000
2017
$1,424,400
look back, the meteoric rise in home prices and sales due to dangerously loose lending standards and the we are experiencing another housing bubble. In most respects, general belief that home values could not and would not above the median sales price of a single family home. Another area of note is the ski neighborhoods and decreased Tyrolian Village, which had a total of 18 sales.
Lots & land total salesTyrolia volume 83% however there are over $15 million in pending home values inhighest our area increased beyond pre-recession sales including one of the pricedhave lakefront lots in Crystal Bay listed at $11.5 million. rapidly decrease. There was no lack of inventory due to Lots & land total sales volume decreased 83% however there are over $15 million in pending With this in consideration, the total sales volume would be elevated to match the current sales including one of the highest priced lakefront lots Crystal Bay listed at $11.5 million. levels and overall sales volume is inhigher than we have ever massive amounts of new construction nationwide and the market trends we throughout. Further of elevated the numbers is the evidence With this in see consideration, the total sales examination volume would be to match current of a growing market trends we see throughout. Further examination of the numbers is evidence of a growing luxury market amongst lots and land where we are seeing some of the rarest lakefront lots, economy wasn’t necessarily “booming”. Today, the basic seen before, prompting fears we ofareanother market crash. Despite market amongst lots Lakeshore and land where seeing some listed forluxury the first time, like 891 for $18.9 million.
of the rarest lakefront lots, listed for the first time, like 891 Lakeshore for $18.9 million. rapidly increasing home prices, there are two major factors that tenements of a healthy and growing real estate market are separate the current market from the previous crash; lack of in place with low inventory paired with high demand. This inventory and stricter lending standards. demand is backed up by a strong economy, tighter lending standards and incremental increases in interest rates to 3rd Quarter Single Family Homes Median Sales Price 3rd Quarter Single Family Homes Median Sales Price combat inflation. $1,500,000
2018
* Data from IVR retrieved Jan-Sep. 2018 is deemed reliable and accurate but is not guaranteed.
Call Today 775.831.7000 $0
2014
2015
2016
That being said, it is always wise to use caution when evaluating either a purchase or sale in this type of market. Although Incline Village and Crystal Bay will generally follow nationwide trends, our market has several unique factors that make it difficult to make general statements about the current or future value our homes. That is why it is so valuable to work with a local, experienced Realtor to guide you through your transaction and give you the most accurate and personal advice possible. Contact us today and let our insight work for you!
Toll Free 800.954.9554 2017
2018
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Jan-Mar
1
2016 2017 2018
Single Family Home
2015 April-June
2 2
3 3 3
SALES TRENDS
2016 2017
1
2018
So far the 3rd Quarter 2018 has continued to experience low inventory levels 0 which has2015 sent home values skyrocketing. So much so, the lowest asking price for 2016 1 a July-Sep home is2017 currently $650,000. The median sales price for a single family home is 4 at a record2018 breaking high of $1,424,400 which is a staggering 29% increase from 1 3rd Quarter 2017! Additionally, the luxury lakefront market continues4to flourish 0 0.8 1.6 2.4 3.2 with Lakeshore Realty’s pending sale of 55 Shoreline Circle, listed at $14,500,000, contributing to one 2015 of the strongest we have 2016 sellers markets 2017 2018ever seen.
Total Sales Volume $297,606,470
177
145
$1,424,400
$250,915,422
194
126
$1,107,500
18.61%
-8.76%
15.08%
28.61%
Total Sales Volume
Average DOM
Number of PUDs Sold
Median Sales Price
3Q, 2018
$44,578,632
192
46
$905,000
3Q, 2017
$34,306,400
178
40
$862,500
29.94%
7.87%
15.00%
Sales $1,000,000 -Total $1,200,000 Volume
Average =5 DOM
Number of =1 Condos Sold
$1,200,000 -$89,027,786 $1,400,000
111
% change
Price Range
$600,000 - $800,000
Jan-Mar
$800,000 - $1,000,000
22
2016
25
2017 2018
31 36 36
2015 April-June
2016 2017 2018
3Q, 2017 $1,400,000 -$80,094,300 $1,800,000
43
2015 July-Sep
3Q, 2018
2016 2017 2018 0
14 2015
28 2016
% change
42 2017
11.15%
$1,800,000 - $2,000,000
42 41 44
$2,000,000 - $2,500,000
56 2018
= 13 = 10
160=
12
-30.63%
=7 = 12
=6 =1 =4
=5
= 18
4.93%
= 16
Median = 19 Sales Price
= 13
143
$540,000
145 =3
$465,000 = 25
-1.38%
=0 =2
16.13% = 9
= 14
Median Sales Price
3Q, 2018
$886,000
533
4
$230,000
3Q, 2017
$5,423,000
324
9
$625,000
64.51%
-55.56%
-63.20%
$4,000,000 - $5,000,000 -84%
70
= 11
=0
Sold
Number of Lots Sold
% change
65
=0
Pending
Average DOM
$3,000,000 - $4,000,000
60
Active
Total Sales Volume
$2,500,000 - $3,000,000 52
Median Sales Price
3Q, 2017
% change
2015
Number of Homes Sold
3Q, 2018
$0 - $600,000
3RD QUARTER SALES COMPARISON
Average DOM
=6 = 11 =6
=1 =3 =1
=8
= 10 =4
$5,000,000 - $8,000,000
=9
=1
=2
$8,000,000 +
= 11
=1=
=2
TOTAL
= 113
= 24
= 145
* Data from IVR retrieved Jan-Sep. 2018 is deemed reliable and accurate but is not guaranteed.
Stop by our oďŹƒce 954 Lakeshore Blvd., across from Incline Beach and 1/2 Block from Hyatt Regency Lake Tahoe
Jan-Mar Jan-Mar
26
2015 2016 2016 2017 2017 2018 2018
33 33
38 38 38 38
Planned Unit Development
April-June April-June
2015 2015 2016 2016 2017 2017 2018 2018
SALES TRENDS
56 56
50 50 50 46 50 due46in large
3RD QUARTER SALES COMPARISON Jan-Mar Jan-Mar
April-June April-June
July-Sep July-Sep
7 7
3Q, 2018
$297,606,470
177
145
$1,424,400
3Q, 2017
$250,915,422
194
126
$1,107,500
18.61%
-8.76%
15.08%
28.61%
Total Sales Volume
Average DOM
Number of PUDs Sold
Median Sales Price
3Q, 2018
$44,578,632
192
46
$905,000
3Q, 2017
$34,306,400
178
40
$862,500
29.94%
7.87%
15.00%
4.93%
Total Sales Volume
Average DOM
Number of
Median Sales Price
3Q, 2018
$89,027,786
111
143
$540,000
3Q, 2017
$80,094,300
160
145
$465,000
-30.63%
-1.38%
% change
Price Range
$0 - $600,000
$600,000 - $800,000 11.15%
4.4 4.4
8.8 8.8 2016 2016
13.2 13.2 2017 2017
17.6 17.6
22 22
=9
$230,000
9=
0
$625,000 =6
=0
-55.56%
=0
-63.20%
$2,000,000 +
=2
=0
=0
TOTAL
= 15
= 13
= 46
-84%
$1,800,000 - $2,000,000
18 18
=2
= 10 16.13%
4
% change
2018
=1
=2
=7
4=
3Q, 2017 $1,400,000 -$5,423,000 $1,800,000
21 21 22 22
=3
=2
Sold
Median = 9 Sales Price
$1,200,000 - $886,000 $1,400,000
15 15
=2
Sales Average -Total $1,200,000 =0 Volume DOM
3Q, 2018
11 10 11 10
Sold Active Condos Pending
Number of =3 Lots Sold
$1,000,000
13 13
18 18
2015 2015
Median Sales Price
$800,000 - $1,000,000
9 8 9 8
2015 2015 2016 2016 2017 2017 2018 0 0
Number of Homes Sold
% change
8 8
2015 2015 2016 2016 2017 2017 2018 2018
Average DOM
% change
PUD's have experienced tremendous growth part to the shortage in housing 2015 supply. The total sales volume increased by 30% 58 with only a few 2015 58 2016 additional sales compared to 3rd quarter 2017. The growing66 median sales July-Sep 2016 66 57 July-Sep 2017 price can be2018 attributed to the Incline Creek Estate sales which were some of the 5759 2017 2018 59 highest priced PUD's in 2018 selling for $1,663,450, just above the median sales 0 14 28 42 56 70 price of a single0 family home. Another note is the56ski neighborhoods 14 28 area of 42 70 2015 2016 2017 2018 Tyrolia and Tyrolian Village, which had a total of 18 sales in 2018. 2015 2016 2017 2018
2015 2015 2016 2016 2017 2017 2018 2018
Total Sales Volume
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=2
533
324=
5
64.51%
=5 =0
EVERYTHING YOU NEED TO KNOW AT THE TIP OF YOUR FINGERS
2018 2018
* Data from IVR retrieved Jan-Sep. 2018 is deemed reliable and accurate but is not guaranteed.
Stop by our oďŹƒce 954 Lakeshore Blvd., across from Incline Beach and 1/2 Block from Hyatt Regency Lake Tahoe
Condominium
SALES TRENDS
Total Sales Volume
Average DOM
Number of PUDs Sold
Median Sales Price
3Q, 2018
$44,578,632
192
46
$905,000
3Q, 2017
$34,306,400
178
40
$862,500
29.94%
7.87%
15.00%
4.93%
Total Sales Volume
Average DOM
Number of Condos Sold
Median Sales Price
3Q, 2018
$89,027,786
111
143
$540,000
3Q, 2017
$80,094,300
160
145
$465,000
11.15%
-30.63%
-1.38%
16.13%
% change
The limited number of condos for sale and the large number of buyers continues to push prices upward. The median sales price of a condo is at an all time of high of $540,000 which is a 17% increase from 3rd Quarter 2017. The luxury condo market at $800,000 and above has started to slow as the most popular price range was $600,000 or below. The 12% increase in total sales volume from $80,094,300 in 3rd quarter 2017 to $89,027,786 is further proof that the condominium market is continuing to flourish! 3RD QUARTER SALES COMPARISON
% change
Price Range
Total Sales Volume
3Q, $02018 - $400,000$886,000
533=
3Q, 2017
$5,423,000
324
9
$625,000
-84%
64.51%
-55.56%
-63.20%
$400,000 - $500,000
% change
26
2015 Jan-Mar
2016 2017
38 38
2015 2016 2017
46
2018
58
2015 July-Sep
50 50
56
2016
57 59
2017 2018 0
14 2015
28 2016
42 2017
56
66
8
=5
$500,000 - $600,000
33
2018
April-June
Average Number of Median DOM Sold Sales Price Active Lots Pending Sold
=6
4=
3
=9 =8
$230,000
= 35 = 24 = 39
$600,000 - $800,000
=8
=8
= 22
$800,000 - $1,000,000
=4
=0
= 10
$1,000,000 - $1,500,000
=3
=1
=6
$1,500,000 - $2,000,000
=5
=0
=3
$2,000,000 +
=4
=0
=4
TOTAL
= 43
= 29
= 143
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2018
* Data from IVR retrieved Jan-Sep. 2018 is deemed reliable and accurate but is not guaranteed.
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Stop by our oďŹƒce 954 Lakeshore Blvd., across from Incline Beach and 1/2 Block from Hyatt Regency Lake Tahoe
Lots & Land
SALES TRENDS
3RD QUARTER SALES COMPARISON 1 11 1
2015 2015 2016
Jan-Mar 2016 2017 Jan-Mar 2017 2018 2018
2 22 2 3 33 33 3
2015 2015 2016
April-June 2016 2017 April-June 2017 2018 2018 2015 2015 2016 July-Sep 2016 2017 July-Sep 2017 2018 2018
1 1 0 0
1 1 1 1
0 0
0.8 0.8 2015 2015
4 4 1.6 1.6 2016 2016
2.4 2.4 2017 2017
Average DOM
Number of Condos Sold
3Q, 2018
$89,027,786
111
143
$540,000
3Q, 2017
$80,094,300
160
145
$465,000
11.15%
-30.63%
-1.38%
16.13%
Total Sales Volume
Average DOM
Number of Lots Sold
Median Sales Price
3Q, 2018
$886,000
533
4
$230,000
3Q, 2017
$5,423,000
324
9
$625,000
-84%
64.51%
-55.56%
-63.20%
% change
Lots & land total sales volume decreased 84% however there are over $15 million in pending sales including Lakeshore Realty’s 470 Gonowabie listed at $11.5 million. With this in consideration, the total sales volume would be elevated to match the current market trends we see throughout. Further examination of the numbers reveals evidence of a growing luxury market amongst lots and land where we are seeing some of the rarest lakefront lots,
listed for the first time, like 891 Lakeshore for $18.9 million.
Total Sales Volume
3.2 3.2 2018 2018
4 4
* Data from IVR retrieved Jan-Sep. 2018 is deemed reliable and accurate but is not guaranteed.
% change
Price Range
Active
Median Sales Price
Pending
Sold
$0 - $300,000
=6
=0
=4
$300,000 - $600,000
=2
=0
=0
$600,000 - $800,000
=0
=0
=0
$800,000 - $1,000,000
=1
=0
=0
$1,000,000 - $1,500,000
=1
=0
=0
$1,500,000 - $2,000,000
=1
=0
=0
$2,000,000 - $3,000,000
=0
=0
=0
$3,000,000 - $4,000,000
=1
=0
=0
$4,000,000 - $5,000,000
=0
=1
=0
$5,000,000 +
=1
=1
=0
TOTAL
= 13
=2
=2
LAKESHORE REALTY'S TOTAL SALES VOLUME 3RD QUARTER 2018 $158,489,182 and counting...
Stop by our oďŹƒce 954 Lakeshore Blvd., across from Incline Beach and 1/2 Block from Hyatt Regency Lake Tahoe
As the preferred real estate company on the Northernmost shores of Lake Tahoe for nearly 25 years, Lakeshore Realty — locally owned and independent — has grown with our small team of agents to serve home buyers and sellers throughout the region. Topping over $158 million in sales this year, a benchmark rarely achieved, even amongst our franchise competitors. Backed by proven professionals who specialize in our niche market, no other company can provide you with the vast local knowledge, comprehensive support and services or the indisputable value you experience when working with a Lakeshore Realty agent.
954 Lakeshore Blvd. Incline Village, NV 89451 775.831.7000 - 800.954.9554 Office@LakeshoreRealty.com www.LakeshoreRealty.com App.LakeshoreRealty.com