INCLINE VILLAGE & CRYSTAL BAY
3RD QUARTER MARKET UPDATE 2017
Local, Independent, Committed For more information visit: LakeshoreRealty.com
3rd QUARTER 2017
A SEASON OF FIRSTS
Not to sound like a broken record, but yet again the Incline Village & Crystal Bay real estate market had an unprecedented surge in sales, setting Per Agent Sales Comparison (1/1/201-10/11/2017 new benchmarks like we’ve never seen before! Agents With the exception of PUD’s with Sale 2017 Company Sales Volume Sale (see page 4), single family homes and condos reached the highest list price, 15 $178,968,550 Lakeshore Realty sales price, and number of properties sold in recent history. Despite a record Sierra Sotheby’s 28 $224,735,944 breaking year for sales volume, our inventory remains scarce; driving sales prices Coldwell Banker 37 $149,278,350 up. This booming market has led to an unusual problem; we need more homes to sell! Oliver 11 $46,929,250 Specializing solely in Incline Village & Crystal Bay real estate, Lakeshore Realty is the only independent real estate firm that competes at a franchise level. We have cultivated a select group of top producing agents and host the top luxury teams in the North Lake Tahoe. Our agents average over 10 years of experience and you can rest assured that you will only be working with the best. To further our point, see the chart to the right to see why a Lakeshore Realty agent makes all the difference in your real estate endeavors.
Chase
18
$57,004,650
Real Estate Companies
Agents with Sale 2017
Company Sales Volume
Sales Per Agent (w/ sale 2017)
Lakeshore Sierra Sotheby’s Realty
15
$178,968,550
$11,931,237
28
$224,735,944
$8,026,284
Coldwell Banker
37
$149,278,350
$4,034,550
Oliver
11
$46,929,250
$4,266,295
Chase
18
$57,004,650
$3,166,925
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 10/11/2017.
Stop by on your way to Ski Beach & pick up a free tote bag! 954 Lakeshore Blvd. Incline Village, NV 89451
Stop By 954 Lakeshore Blvd. Incline Village, NV 89451 (1/2 Block from the Hyatt & across from Incline Beach)
SINGLE FAMILY HOME
SALES TRENDS LES BY PRICE RANGE Single family home sales in InclineS AVillage and Crystal Bay have remained steady with 126 sales, which is only 1.6% less volume than last year at this time. The median sales price of $1,107,500 has increased over 5% which is 12% 6% $400,000 - $600,000 considered a normal and stable growth20% rate; bursting any fears of a looming $600,000 - $800,000 12% $800,000 - $1,000,000 real estate bubble in our market. The hottest selling price ranges are from $1,000,000 - $2,000,000 $1,000,000 - $2,000,000 with 42 sales thus far.$2,000,000 A close- $3,000,000 second are homes priced at $2,000,000 and above with17% 30 sales $3,000,000 in 2017.+Further, inventory 33% remains low with only 120 single family homes for sale as of early October 2017. This paired with increasing median sales prices and continued buyer demand signals a strong seller’s market for the rest of the year and beyond.
3Q Median Sales Price Comparison Q3 MEDIAN SALES PRICE $1,125,000
65
$1,050,000
32.5
$975,000
Year 2014 2015 2016 2017 YTD
Homes Sales
10%
Pending
Sold
< $400,000
0
0
0
$400,000 - $600,000
1
2
8
$600,000 - $800,000
14
4
25
9
4
21
$1,000,000 - $2,000,000
37
9
42
$2,000,000 - $3,000,000
7
2
15
$3,000,000 +
24
2
15
Totals
92
23
126
$800,000 - $1,000,000
I N V E6% NTORY FOR JAN-SEP 2017-1 12% $400,000 - $600,000
Year
2016
2015
2014
20%
Active
SALES BY PRICE RANGE Sales by Price Range
S$900,000 ALES BY PRICE RANGE
2017
0
2016
97.5
2015
$1,200,000
2014
130
Price Range 2017
3Q HomeQSales Comparison 3 HOME SALES
I N V E N T O Rfor Y F OJan R J A-N Sep - S E P 230 0 1 72017 -1-2 Inventory Price Range
Median Sales Price
12%
$600,000 - Sold $800,000 Pending
Active 20%
< $400,000
2
$400,000 - $600,000
2
$800,000 - $1,000,000 $1,000,000 0 - $2,000,000 4 $2,000,000 - $3,000,000 $3,000,000 0 + 11
17% $1,075,000 < $400,000 33% 7 0 $600,000 $800,000 102 2015 $919,950 $400,000 - $600,000 $600,000 - $800,000 128 2016 $1,055,000 28% 2 1 $800,000 - $1,000,000 $800,000 - $1,000,000 126 2017 YTD $1,107,500 $1,000,000 $1,200,000 25% $1,000,000 - $1,200,000 4 1 *Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 9/30/2017. $1,200,000 - $2,000,000 5% Call Today 775.831.7000 Toll Free 800.954.9554 Download App.LakeshoreRealty.com 13% $1,200,000 - $2,000,000 9 3 104
Q3 PUD SALES
2014
Q3 MEDIAN SALES PRICE
2 5 10 8
92
Totals
Q3 HOME SALES
Q3 MEDIAN SALES PRICE
PLANNED UNIT DEVELOPMENTS (PUD's) 130
SALES TRENDS $1,125,000
65
12%
$1,050,000
3 P U D SComparison ALES 3Q PUDQSales
2017
2016
2015
2014
2017
2016
2015
2014
Planned Unit Developments (PUD’s) have experienced the highest amount of 32.5 $975,000 sales (40) we have seen for this Stime A L E Speriod. B Y P R I CHowever, E R A N G E the median sales price had a 12% decrease compared to last year at this time. The sluggish sales of 0 $900,000 Incline Creek Estates so far this year may be one of the factors that has driven the 10% 20% median price-point down for PUD’s in InclineYearVillage andMedian Crystal Bay. In 2016, Year Homes Sales Sales Price < $400,000 11 units closed- $600,000 escrow so far this year. 2014 in this development 104 sold while only 2014 3 have $1,075,000 $400,000 $600,000 - $800,000 2015 market $919,950 construction The 2015 majority of the units 102 currently on28% the are still under $800,000 - $1,000,000 2016 128 2016 $1,055,000 and sales will likely increase as these units near completion. The PUD market $1,000,000 - $1,200,000 25% 2017 YTD 126 2017 YTD $1,107,500 will likely remain steady for the 4th quarter $1,200,000 of 2017- $2,000,000 with an anticipated 5% 13% increase in sales this spring when more units finish construction in 2018. Q 3 M Sales E D I A N SPrice A L E S PComparison RICE 3Q Median
40
$1,000,000
30
$750,000
20
$500,000
10
$250,000
12%
6%
$400,000 - $600,000
- 30 $800,000 I N V E N20% T O Rfor Y FO R J$600,000 A -SEP 2 0 2017 17-1 Inventory Jan - NSep
Price Range < $400,000
33%
Active
17%
2
0
11
$600,000 - $800,000
7
0
2
$800,000 - $1,000,000
2
1
5
$1,000,000 - $1,200,000
4
1
10
$1,200,000 - $2,000,000
9
3
8
$2,000,000 +
0
0
0
26
5
40
Sales by Price Range
2017
2016
2015
20.0%
Year
PUD Sales
Year
Median Sales Price
2014
33
2014
$552,000
2015
33
2015
$550,000
2016
38
2016
$981,500
2017
$862,500
40 6% 3%
2017
Stop
SALES BY PRICE RANGE
10%
4
SALES BY PRICE RANGE
2014
2017
2016
2015
2014
$0
$800,000 - $1,000,000 Pending- $2,000,000 Sold $1,000,000 $2,000,000 - $3,000,000 $3,000,000 + 0 2
$400,000 - $600,000
Totals
0
126
SALES BY PRICE RANGE
$1,200,000
97.5
23
10.0%
< $400,000 $400,000 - $600,000 $600,000 - $800,000 27.5% INVENTORY FOR JAN-SEP 2017-1-1 $800,000 - $1,000,000 $1,000,000 - $1,200,000 25.0% Price Range Active Pending Sold $1,200,000 - $2,000,000 5.0% 12.5% < $300,000 4 3 $300,000 - $400,000
15
7
9
42
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 9/30/2017. < $300,000 14% $400,000 - $500,000 By 954 Lakeshore Blvd. Incline$300,000 Village,- NV 89451 (1/2 Block from the Hyatt & across from Incline Beach)8 $400,000
3
27
0
28
Q3 CONDO SALES
29%
Q$400,000 3 M E D I A -N$500,000 SALES PRICE
$500,000 - $600,000
12
CONDOMINIUM
SALES BY PRICE RANGE
SALES TRENDS Following the trend of rising prices, the condominium market remains strong with 145 sales and a 9.4% increase in the median sales price of $465,000. SALES BY PRICE RANGE With higher prices for single family homes, many buyers are considering other options within their respectable price range. The McCloud complex 6% 10% yet again leads the market3% with 14 sales so far this year. With a median price < $300,000 14% units along with those point of $520,000, these from Bitterbrush and Third $300,000 - $400,000 Creek are all feeding an upward trend29% of condominium sales through the end $400,000 - $500,000 $500,000 $600,000 of 2017. With a low inventory of properties for rent in our area, complexes $600,000 - $800,000 19% with vacation and long-term rental potential are$800,000 leading- $1,000,000 the market in sales as $1,000,000 + investors look to capitalize on19% increasing rental income. 3Q Median Sales Price Comparison
417,500
0
400,000
Condo Sales
Year
< $300,000 25%
4
$300,000 - $400,000 13%
5%
$800,000 - $1,000,000 $1,000,000 3 - $1,200,000 15 $1,200,000 - $2,000,000
7
9
42
$400,000 - $500,000
8
3
27
$500,000 - $600,000
12
0
28
$600,000 - $800,000
2
0
21
$800,000 - $1,000,000
4
1
4
$1,000,000 +
13
1
8
Totals
50
17
145
1
10%
14% 29%
Median Sales Price
117
2014
$429,000
2015
140
2015
$404,263
2016
149
2016
$425,000
145
2017
$465,000
19% 19%
*Information from IVBOR is deemed reliable and accurate but is not guaranteed. Data retrieved 1/1/2017 - 9/30/2017.
Call Today 775.831.7000
Pending $600,000 - Sold $800,000
Active 28%
6% 3%
2014
2017
Price Range
Sales S A L E Sby B Y Price P R I C E Range RANGE
2017
37.5
2017
435,000
2016
75
2015
452,500
2014
112.5
Year
I N V E N T O R for Y F OJan R J A-NSep - S E<P $400,000 2 0 12017 7-1-1 Inventory 30 $400,000 - $600,000
470,000
2016
150
2015
3Q Condo Sales Comparison
Q3 MEDIAN SALES PRICE
2014
Q3 CONDO SALES
10%
20%
Toll Free 800.954.9554
< $300,000 $300,000 - $400,000 $400,000 - $500,000 $500,000 - $600,000 $600,000 - $800,000 $800,000 - $1,000,000 $1,000,000 +
Download App.LakeshoreRealty.com
$7,795,000 755Burgundy.com 5BD 5.5BA 8,498 SF
$1,565,000 929 Northwood #64 4BD 4BA 2,959 SF
$849,000 1122 Lucerne Way 4BD 2.5BA 2,148 SF
$4,300,000 130 Rubicon Peak 6BD 6BA 2 Half BA 6,905 SF
$1,469,000 145 Tramway 4BD 3BA 3,603 SF
$799,000 957 Jennifer Street 4BD 3.5BA 2,610 SF
$4,295,000 1100 Lakeshore Blvd. 4BD 4.5BA 4,740 SF
$3,395,000 501 Eagle Drive 5BD 4.5BA 4,697 SF
$1,449,000 1070 Tiller Drive 4BD 3BA 2,571 SF
$1,350,000 710 Birdie Way 5BD 3.5BA 3,828 SF
$745,000 942 Northwood Blvd. 2BD 2BA 1,440 SF
$639,000 973 Dorcey Drive 3BD 2BA 2,090 SF
Stop By 954 Lakeshore Blvd. Incline Village, NV 89451 (1/2 Block from the Hyatt & across from Incline Beach)
$2,998,000 507Driver.com 5BD 6.5BA 4,976 SF
$1,298,500 565Silvertip.com 6BD 4.5BA 3,754 SF
$569,000 400 Fairview #54 2BD 2BA 1,188 SF Call Today 775.831.7000
$1,795,000 709 Cristina Drive 6BD 5.5BA 3,762 SF
$1,195,000 999 Apollo Way 5BD 4BA 3,238 SF
$349,000 335 Ski Way #334 1BD 2BA 1,064 SF Toll Free 800.954.9554
$1,795,000 999 Fairway Blvd. 4BD 3.5BA 4,686 SF
$1,095,000 972 Pyrite Court 3BD 2BA 2,200 SF
$949,000 943 Dorcey Drive 3BD 3.5BA 2,795 SF
$279,000 870 Southwood #1 2BD 1.5BA 1,040 SF
$1,729,000 636 Lariat Circle 5BD 4.5BA 4,844 SF
$220,000 757 Randall .158 Acres
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