INCLINE VILLAGE & CRYSTAL BAY
MARKET UPDATE Local, Independent, Committed
For more information visit: LakeshoreRealty.com
Lakeshore Realty Achieves Highest Luxury Sale in Over a Decade Span Highest Sales H I G H EHome ST HO M E by S A Year LES $40,000,000
(Old Forge Estate) $30,000,000 $20,000,000
$0
Stop By 954 Lakeshore Blvd. Incline Village, NV 89451 (1/2 Block from the Hyatt & across from Incline Beach) Year Homes Sales
$10.5M
$10,000,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Locals say there is something in the water and we tend to agree! Incline Village has seen a surge of high-end property sales capped by the record breaking sale of “Old Forge Estate” at over $31 million dollars. In the first six months of 2017, Lakeshore Realty has sold $36,000,000 more than the same period last year. There have been more sales over $10M in the last 5 years than the previous 10 years combined. Typically, homes over $10M in Incline village stay on the market for an average of 468, days but “Old Forge Estate” closed escrow in only 66 days! This emerging market for high-end real estate has encouraged more owners to put their homes on the market, including the Crystal Pointe Estate currently listed for $75M. With the economy doing well in 2017, we expect this trend to continue for the foreseeable future! Sold for: $31,100,000
SINGLE FAMILY HOME
SALES TRENDS Residential home sales in Incline Village, Nevada are down 13% compared to last year at this time. However, the trend in growing sales prices remains steady with a 15% increase to the median price of $1,137,500. What we can interpret from these numbers is that we are currently in a very strong seller's market with rising prices and a shortage of inventory. Further support for this argument can be seen with the rising minimum and maximum sales prices compared to last year. The minimum sales price rose from $395,000 in 2016 to $455,000 in 2017, while the maximum rose from $25,200,000 in 2016 to $31,100,000 in 2017. The spread of inventory is not expanding but the market for residential homes is rising to a higher sales bracket all together.
0
$0
Year
Homes Sales
Year
Active
Pending H O M E S SSold OLD BY P R I C E6 R A N G 16 E
< $750,000
10
$750,000 - $1,000,000
11
9
12
$1,000,000 - $1,250,000
12
3
8
$1,250,000 - $1,500,000
5
$1,500,000 - $1,750,000
8
$1,750,000 - $2,000,000
6
11%
7 14%
$2,000,000 - $3,000,000
3
3
2
2
9
22%
6
1
3
$4,000,000 - $6,000,000
3
1
4
$6,000,000 - $8,000,000
4
0
$8,000,000 +
3
0 12%
$3,000,000 - $4,000,000
9%
1
18%
75
11%
5% 9% 22%
14%
Median Sales Price
65
2014
$1,025,000
2015
59
2015
$900,000
2016
75
2016
$985,000
2017
65
2017
$1,137,500
32
2
65
9% 18%
12%
$400,000 - $600,000 $600,000 - $800,000 $800,000 - $1,000,000 $1,000,000 - $1,500,000 $1,500,000 - $2,000,000 $2,000,000 - $3,000,000 $3,000,000 - $6,000,000 $6,000,000 +
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 6/30/2017.
5
1
Sales by Price Range
2014
Call Today 775.831.7000
4 5% 9%
HOMES SOLD BY PRICE RANGE
2017
$300,000
Price Range
Totals
2016
20
2017
$600,000
2016
40
2015
$900,000
2014
60
MEDIAN SALES PRICE Median Sales Price
2015
$1,200,000
2014
HOME SALES Home Sales
80
INVENTOR Y FJan OR JAN -JUN 17 Inventory for Jun 302 02017
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$400,000 - $600,000 $600,000 - $800,000 $800,000 - $1,000,000
Price Range
MEDIAN L Sold
PLANNED UNIT DEVELOPMENTS (PUD's)
SALES TRENDS Planned Unit Developments (PUD’s) are steadily climbing with a 5% increase to the median price of $1,065,000 compared to last year at this time. Price ranges vary per complex with entry level beginning at $353,000 Mt. Rose Chalets, mid-level $1,125,000 Red Cedar Estates, and a high of $1,330,000 Incline Creek Estates. New construction at Incline Creek Estates has accounted for a higher median list price for PUD’s currently on the market than we have seen in previous years and time will tell if the higher price point results in sales.
Meet with a local, experienced Realtor Today! Call 775.831.7000
0
$0
Year
PUD Sales
Year
$300,000 - $400,000
Pending
2
$400,000 - $500,000
Sold
HOMES SOLD BY 0 0 3 PRICE RANGE 5
1
$500,000 - $600,000
2
0
0
$600,000 - $700,000
0
1
0
$700,000 - $800,000
0
11% 0
2
$800,000 - $900,000 $900,000 - $1,000,000 $1,000,000 - $1,500,000
0
0
22% 3
17% 2
0
1
5
4
10
$1,500,000 - $2,000,000
10
2
Totals
23
12
0
22% 18
28%
Sales by Price Range
11% 2017
$275,000
Active
HOMES SOLD BY PRICE RANGE
2016
5.5
2017
$550,000
2016
11
2015
$825,000
2014
16.5
MEDIAN SALES PRICE Median Sales Price
2015
$1,100,000
2014
PUD SALES PUD Sales
22
I N V E N T O Rfor Y F Jan OR JA -JUN 17 Inventory - NJun 302 02017 Price Range
17%
Median Sales Price
2014
22
2014
$552,000
2015
15
2015
$467,500
2016
18
2016
$1,010,000
2017
18
2017
$1,065,000
22%
22% 28%
$300,000 - $500,000 $500,000 - $1,000,000 $1,000,000 - $1,200,000 $1,200,000 - $1,300,000 $1,300,000 +
- $500,000 *Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved$300,000 1/1/2017 - 6/30/2017.
Stop By 954 Lakeshore Blvd. Incline Village, NV 89451 (1/2 Block from the Hyatt &$500,000 across- $1,000,000 from Incline Beach) $1,000,000 - $1,200,000 $1,200,000 - $1,300,000 Price
Range
MEDIAN Sold
CONDOMINIUM
SALES TRENDS The condominium market remains strong with median sales price of $442,500 and 87 total listings sold. With higher prices for single family homes, many buyers are considering other options within their respectable price range. This has lead to a surge interest in the condominium market through the first six months of this year. Mt. Shadows complex leads the market with 10 listings sold at a median price point of $328,750. The sales volume at this price point is further proof that the condominium market will continue to flourish as long as home prices continue to increase.
For more information visit www.LakeshoreRealty.com
$115,000
0
$0
Year
Condo Sales
Year
Price Range
Active
$300,000 - $400,000
S O L D11 B Y P R I C 3E R A N G26E
15 6
4
17
$500,000 - $600,000
13
8
16
$600,000 - $700,000
6
$700,000 - $800,000
1
$800,000 - $900,000
4
13%
0 7% 1 0
13% 6 5
3
$900,000 - $1,000,000
1
0
1
$1,000,000 - $2,000,000
6
1
2
3
0
0
18%
$2,000,000 - $3,000,000
2 61
CONDOS SOLD BY PRICE RANGE
0 20 20%
30%
0 87
Sales by Price Range
13%
7%
13%
Median Sales Price
71
2014
$395,000
2015
82
2015
$333,750
2016
83
2016
$415,000
2017
87
2017
$442,500
30%
18%
Toll Free 800.954.9554
$100,000 - $300,000 $300,000 - $400,000 $400,000 - $500,000 $500,000 - $600,000 $600,000 - $800,000 $800,000 - $1,300,000
20%
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 6/30/2017.
Sold
$400,000 - $500,000
$3,000,000 +
2014
Call Today 775.831.7000
Pending
4 C O N D O3 S
$100,000 - $300,000
Total
2017
22.5
2017
$230,000
2016
45
2015
$345,000
2014
67.5
2016
$460,000
2015
90
MEDIAN SALES PRICE Median Sales Price
2014
CONDO SALES Condo Sales
INVENTOR Y FJan OR JAN -JUN 17 Inventory for Jun 302 02017
Download App.LakeshoreRealty.com M E D I A N L
$100,000 - $300,000 $300,000 - $400,000 $400,000 - $500,000
LOT & LAND
SALES TRENDS "When communities age and inventory becomes tight, a new real estate trend tends to emerge: raze and rebuild. It’s increasingly happening around the North Shores of Lake Tahoe on the Nevada side, where Californians desire an escape from high taxes. When a strong economy results in a scarcity of quality homes, people struggle to find what they’re looking for in the market. However, tearing down and starting all over is a huge undertaking. Ideally, prospective homebuyers want a home that’s live-in ready. The second choice tends to be a rebuild. The third choice tends to be starting from scratch on a vacant lot."
INVENTOR Y FJan O R J -A N -JUN 17 Inventory for Jun 302 02017 Price Range
Active
Pending
Sold
< $200,000
0
0
1
$200,000 - $300,000
1
0
1
$300,000 - $600,000
3
0
0
$600,000 - $900,000
1
0
1
$900,000 +
1
1
2
Totals
6
1
5
By Lauren Glendenning North Lake Tahoe Bonanza
1.25
$275,000
0
$0
Year
2017
$550,000
2016
2.5
2015
$825,000
2014
3.75
Homes Sales
Year
MEDIAN SALES PRICE Median Sales Price
2017
$1,100,000
2016
Lot & Land Sales
2015
5
2014
LOT & LAND SALES
Median Sales Price
2014
4
2014
2015
4
2015
$387,500
2016
4
2016
$1,100,000
5
2017
$740,000
2017
$714,500
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954 Lakeshore Blvd. Incline Village, NV 89451
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 6/30/2017.
Stop By 954 Lakeshore Blvd. Incline Village, NV 89451 (1/2 Block from the Hyatt & across from Incline Beach) 1
Experience the Lakeshore Difference Fanchise VS. Independent
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 7/27/2017.
1) Quality over Quantity As a boutique firm, our backbone is based on customer satisfaction. Customer service at a smaller firm has a higher impact and rather than focusing on the number of homes sold we can focus on you and the sale or purchase of your home. 2) Office Support We are a small close-knit group of individuals who celebrate camaraderie, meaning an entire office will work diligently to facilitate your broker’s needs and therefore yours.
4) Undaunted by the Giants As one of the only top producing, independent companies in Incline Village & Crystal Bay, Lakeshore Realty is no stranger to competition. We have consistently maintained our position as one of the top three producing brokerages in the last five years, including brokering the record breaking sale of Old Forge Estate at $31,100,000. Our success can be attributed to many factors but our greatest value is who we are: Local, Independent, Committed. 5) A Unique Partner One of the only independently owned companies to stand the test of time! We have grown with this community as it has grown with us! Experience the Lakeshore Realty difference, selling your home for the most amount of money in the least amount of time, with the best representation.
3) Top-Tier Agents Our greatest strength is our people and the proof is in the results. In 2017, our agents averaged over $9.8 million in sales each, while the next top-producing Call 775.831.7000 800.954.9554 954 Lakeshore Blvd. 6) Still Undecided? companies averaged $7.4 million and $4.8 million Visit LakeshoreRealty.com Incline Village Refer back to 1-5 and call one of our experienced App.LakeshoreRealty.com NV 89451 agents per agent. If you’re looking for talent, we have itDownload in today! spades.
Call Today 775.831.7000
Toll Free 800.954.9554
Download App.LakeshoreRealty.com
Lakeshore Realty is an established leader in the Incline Village Real Estate market since 1994. Our agents offer a wealth of market knowledge, professionalism, experience and above all, exceptional customer service. From the homes we represent to the buyers who fall in love with them, the agents at Lakeshore Realty are more than just professionals. We are your potential future neighbors and friends. Our office is open 7 days a week to assist you.
954 Lakeshore Blvd. Incline Village, NV 89451 775.831.7000 - 800.954.9554 Office@LakeshoreRealty.com www.LakeshoreRealty.com App.LakeshoreRealty.com