Mid-Year 2019 Real Estate Market Update

The first half of 2019 Incline Village & Crystal Bay real estate market set record highs in median sales prices across all housing categories, which includes Homes, Townhomes, and Condos. The sales were slow to start this year, likely due to a substantial and prolonged winter as well as a continued shortage of inventory.

Market Seasonality Seasonality is an essential factor to consider when looking at our housing market because the peak selling season (June-October) is a short five months out of the year and accounts for 51% of the overall sales. So while it might seem like the mid-year sales are lower than midyear 2018, it’s imperative to compare the snowfall levels as sales drop off starting in November and stretching through May.

Homes, PUDs, & Condo 2nd Quarter Sales 2016-2019

Single Family Homes The housing market in Incline Village continued its growth with sales prices up 5% compared to last year at this time, resulting in a median sales price of $1,379,000 for a single family home. The increasing prices of homes is largely due to the continuing trend of low inventory paired with a substantial winter.

Planned Unit Developments As an ever increasingly popular category, Planned Unit Developments have enjoyed strong price growth while maintaining steady sales throughout the year. While most categories dropped significantly in the number of sales through the first two quarters, PUDs only had one less sale (26) in 2019 vs 27 total sales in 2018. This is likely due to the availability and accessibility of these units throughout the winter. Unlike many single family homes, PUDs enjoy snow removal services allowing them to be easily accessible during the winter months. Buyers that may have considered a home were likely steered toward these units due to the convenience of snow removal during harsh winters.

6Condos The limited number of condos for sale and a large number of buyers in Incline Village & Crystal Bay continues to push prices upward. The median sales price of $560,000 is one of the highest we have seen and exceeds the 2nd Quarter 2018 median sales price of $529,500 by 6%. In line with market trends, sales were down by 18% from 84 units sold in 2nd Quarter 2018 to 69 units sold in 2nd Quarter 2019.