3RD QUARTER 2019 MARKET UPDATE
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3RD QUARTER 2019 INCLINE VILL AGE & CRYSTAL BAY
PRICING TRENDS LATE FALL Comparing the first three quarters of 2019 (Jan-Sep) to the first three quarters of last year, median sales prices rose across all categories of housing: Homes, PUD’s and Condos; however, the size of those gains varied greatly based on each category.
Annually, the median sales price of Homes rose .02% from $1,424,500 to $1,425,000. The median sales price of PUD’s rose 34% from $925,000 to $1,240,000 this was largely due to two sales in The Glen which averaged $2,650,000. Lastly, Condos saw a moderate gain of 3.7% from $540,000 to $560,000.
Call Today 775-831-7000 or Visit www.LakeshoreRealty.com Single Family Homes Number of Sales: 128 Median Sales Price: $1,425,000 AVG Days On Market: 187
Planned Unit Developments Number of Sales: 41 Median Sales Price: $1,240,000 AVG Days On Market: 104
Condominiums The continuing theme of low inventory has led to a drop in sales across all categories. Comparing the first three quarters of 2019 to last year at this time, homes sales have declined -14% from 149 sales to 128, PUD’s decreased -8% from 45 to 41and condos are down -13% from 145 to 126.
Number of Sales: 126 Median Sales Price: $560,000 AVG Days On Market: 102
Data from IVR retrieved Jan-Sep 2018-2019 is deemed reliable and accurate but is not guaranteed.
3RD QUARTER 2019 INCLINE VILL AGE & CRYSTAL BAY
SINGLE FAMILY HOMES SALES TRENDS 3rd Quarter Number Of Sales Median Sales Price Average Days on Market Total Sales Volume
2018
2019
% Change
149
128
-14%
$1,424,700
$1,425,000
+.02%
176
187
+3.9%
$303,896,370
$263,459,231
-13.3%
SINGLE FAMILY 3Q (JAN-SEP) 2018 VS 2019
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What this means for Sellers We have been in a sellers’ market for quite some time, and while it may seem favorable to set the highest price for your home this may not be in your best interest. Why? Some homes continue to linger on the market even when inventory is low. Typically the house is in poor condition or isn’t in an appealing location. Buyers perceive the house as overpriced. Therefore it is essential to set the correct price from the start by using a comparative market analysis from a seasoned Realtor.
What this means for Buyers This selling season presented a challenge for buyers who struggled with a lack of inventory and increasing prices. Relief appears to be on the horizon, however, as the number of sales has slowed and list prices have shown the first hint of normalization. Sellers that have not sold their home this summer may be more willing to budge on their price as the season begins to cool down, providing buyers more negotiating power for the Fall and Winter months.
Data from IVR retrieved Jan-Sep 2018-2019 is deemed reliable and accurate but is not guaranteed.
3RD QUARTER 2019 INCLINE VILL AGE & CRYSTAL BAY
PLANNED UNIT DEVELOPMENTS SALES TRENDS 3rd Quarter Number Of Sales Median Sales Price Average Days on Market Total Sales Volume
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What this means for Sellers
2018
2019
% Change
45
41
-8.8%
$925,000
$1,240,000
+34%
195
104
-46.6%
Planned Unit Developments (PUDs) have enjoyed healthy growth in 2019 with nearly equal increases in both listing and selling prices. As the pricing of single family homes continues to climb, PUD's are often an attractive alternative for buyers struggling to find a home in their price range. Sellers would be wise to list
+9.6%
their PUD for sale soon in case prices for single family homes become more competitive.
$43,768,632
$47,996,457
PUD SALES (JAN-SEP) 2018 VS 2019
What this means for Buyers Buyers are facing more competition with the popularity increase in PUD’s. Units are selling with multiple offers and for over asking within a few days of hitting the market. This is due to the relatively limited supply and buyers waiting in the wings for a specific unit or complex. Buyers looking in this category benefit greatly by working with a well-connected Realtor who can keep them informed of off-market and upcoming listings, giving them the best opportunity to secure a property.
Data from IVR retrieved Jan-Sep 2018-2019 is deemed reliable and accurate but is not guaranteed.
3RD QUARTER 2019 INCLINE VILL AGE & CRYSTAL BAY
CONDOMINIUM SALES TRENDS 3rd Quarter Number Of Sales Median Sales Price Average Days on Market Total Sales Volume
2018
2019
% Change
145
126
-13.1%
$540,000
$560,000
+3.7%
112
102
-8.9%
$90,147,786
$83,344,588
-7.5%
CONDO SALES (JAN-SEP) 2018 VS 2019
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What this means for Sellers Condos have seen a slight increase in both median list price and median sold price so far in 2019, compared to the first three quarters of 2018. Sales would likely have been greater if not for the continued lack of inventory. Only 60 condos remain on the market at the time of this writing which is less than half the number of active home listings. With the days on market decreasing and selling prices increasing, the timing to sell your condo couldn’t be better!
What this means for Buyers Buyers in the condo market have struggled to keep up with the rapidly shifting inventory. Well-priced units are often receiving multiple offers, forcing buyers to increase their price points in order to secure their desired property. With intense competition for popular complexes, buyers are encouraged to work with one of our seasoned Realtors who can help with off-market and upcoming listings as well as formulating the best strategy to purchase a condo in Incline Village or Crystal Bay.
Data from IVR retrieved Jan-Sep 2018-2019 is deemed reliable and accurate but is not guaranteed.
Why Trust Lakeshore Realty to Represent You In Your Next Real Estate Transaction? Lakeshore Realty works as a tight-nit team of dedicated agents. We are highly specialized in the Incline Village & Crystal Bay real estate market and have received numerous awards including voted as “Best Incline Village Brokerage 2019� by the Tahoe Tribune. We have the most top-producing agents of any office and consistently rank as one of the Top 3 companies in total sales volume including #1 in 2018. 1) The Best Office In Incline Village: Voted Best Brokerage 2019 by Tahoe Tribune. Our backbone is based on customer satisfaction. Customer service at a smaller firm has a higher impact; rather than focusing on the number of homes sold, we can focus on you and the purchase or sale of your home. 2) Top-Tier Agents: Our greatest strength is in our people and the proof is in the results. So far in 2019 our agents averaged over $9.6 million in sales each, while the next topproducing companies averages $6.8 million and $6.7 million per agent. If you're looking for talent, we have it in spades.
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Our Paradise, Our Passion
3) Undaunted by the Giants: As one of the only top producing, independent brokerages 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 5 years including #1 in 2018 in total sales volume. Our success can be attributed to many factors but our greatest value is who we are: Local, Independent, Committed.
4) Experience Matters: Every Realtor at Lakeshore Realty is an experienced, proven professional with an in-depth knowledge of our community and market. We have the most extensive market knowledge because Incline Village & Crystal Bay is our sole focus and real estate is our passion. 5) A Unique Partner: Experience the Lakeshore difference; buying or selling your home with the best representation. We are a small close-knit group of individuals who celebrate camaraderie. Our entire office will work diligently to facilitate your realtor’s needs and therefore yours. 6) Community First: We choose to invest back into the community that has invested in us. Each year our donations and fundraising efforts go directly back into our home, Incline Village & Crystal Bay. Some of our highlights from this year include: Bob Wheeler Foundation, Kids N Horses, Incline Star Follies, Incline Village Boosters, Pet Network Humane Society, Incline Nursery School, Incline Village Cymbals and more! 7) Still Undecided: Refer back to 1-6 and call one of our experienced agents today!
As the preferred real estate company on the Northern most 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. Lakeshore Realty topped over $123 million in sales so far 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