Q1-Q3 2020
Housing Market Update Incline Village & Crystal Bay Jan - Sept., 2020
From Your Local Realtors
www.LakeshoreRealty.com/MarketUpdate
Real Estate Market Update It goes without saying that 2020 has been quite an extraordinary year. With the outbreak of Covid-19, very little of our world has been left unchanged, and even less remains certain going forward. This can also be said of our real estate market here in Incline Village and Crystal Bay. Our market has seen unprecedented increases in property prices, sales,
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THE IMPACT OF COVID-19:
Our market has seen unprecedented increases in property prices, sales, and total sales volume across all categories and neighborhoods.
and total sales volume across all categories and neighborhoods. We have had to expand our graphs to capture the massive uptick in all metrics for the first time! For example,
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Lakeshore and its two nearest competitors will all surpass $300 million in total sales this year, while in 2019, only Lakeshore Realty even approached $200 Million!
WHAT IS DRIVING DEMAND? We were already seeing a steady influx of buyers leaving California's hightax environment in favor of Nevada and specifically the Nevada side of Lake Tahoe. With the outbreak of Covid-19 and other uncertainties, the typical financially dominated decision process has become an emotional one. We are seeing a demographic shift in our area as more families with children leave California's cities seeking safety, stability, and a less congested lifestyle. The ability to work remotely has made it possible for many to live anywhere they please, making our area particularly appealing to a broad, new category of potential buyers. All information provided by IVRMLS is deemed reliable, but is not guaranteed (1/1/2020-9/30/2020)
www.LakeshoreRealty.com www.LakeshoreRealty.com |
|954954 Lakeshore Blvd., Blvd., Incline Village NV 89451 | (775) Lakeshore Incline Village NV 89451 | 831-7000 (775)
831-7000
Looking Forward Towards The Future
Winter is coming...
Due to the lack of supply in our market and the continued demand, we expect values will increase going forward. Now that we have nine months' worth of insight and sales data, we have uncovered a few trends we can lean on to give us a better view looking ahead. Our market goes through an annual, seasonal cycle and this year will be no different. New listings and sales typically spike in summer when there are more tourists and potential buyers in the area along with the warmer weather. Once we get into October and the temperatures dip, listings and sales follow suit until around April or May. Another driver of sales is lending, which has been strong and shows no signs of changing. Buyers with loans are more qualified than ever and with the interest rates remaining low, the risk of default is slim. This counters any fears of another housing crash based on foreclosures and makes a case for an increasing market for the foreseeable future. Even if a recession hits, there should be vastly fewer defaults and foreclosures, which would stop any significant decline in values as we saw in 2008-2009. Lastly, scarcity dominates a market's values, and Incline Village and Crystal Bay are no different. With only a handful of buildable lots available, our area's property is as scarce as it has ever been. Even when sales are declining in other markets, Lake Tahoe's property will always be inherently more valuable than property in other areas. Access to the lake, our incredible amenities, and the less-congested lifestyle has and still will create a strong demand for our market for the foreseeable future.
This coming winter will be the most telling for future values and what we can expect next spring and summer. We have the fewest number of active listings that we have ever seen, and that is likely to continue in the coming weeks and months. The upcoming Presidential election results, the progression of Covid-19, and a potential recession are all factors to watch as they will have the most considerable impact on our real estate market in the future. The signs all point to another banner year for real estate in our area but the effects of the aforementioned factors are yet to be seen.
All information provided by IVRMLS is deemed reliable, but is not guaranteed (1/1/2020-9/30/2020)
www.LakeshoreRealty.com
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954 Lakeshore Blvd., Incline Village NV 89451
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(775) 831-7000
Single-Family Homes 2020 RECORD BREAKERS Number of Sales Total sales (199) have already surpassed the year-end sales for the last 12 years July-September Sales Q3, 2020 saw the most unit sales topping out at 140 (average is 47)
Median Sales Prices The Q3 Median sales price of $1,625,000 surpassed the Q4, 2018 record of $1,409,500
Total Sales Volume The total sales volume reached $513,620,816 so far, that is a 69% increase from Q3, 2019
Year Over Year Sales Comparison | Q1-Q3, 2020
63
48%
$1,625,000
Active Listings
Median Sales Price
199
179
54%
Units Sold from (Jan-Sep)
3 Days Longer
Avg. Days on Market DOM* (due to covid-19)
Real Estate Market Update January - September 2020 The number of sales increased by over 54% vs. this same period last year for single-family homes. The number of homes sold July-September increased by an incredible 337% compared to April-June's prior three months. Typically, we only see a seasonal increase of 20-40% from spring to summer when more buyers visit the area, making this summer's selling season one for the record books! The median sales price has naturally increased by 14%, and the total sales volume jumped by 69% to $513,620,816, the largest increase in recent history. The largest sales driver has been the $1M-$2M price point with more sales than the next two categories combined. The luxury market of homes over $6M has also seen an abnormal and substantial increase with 17 total sales, proving that the rush for Incline Village and Crystal Bay property spans all categories and price points!
All information provided by IVRMLS is deemed reliable, but is not guaranteed (1/1/2020-9/30/2020)
www.LakeshoreRealty.com www.LakeshoreRealty.com |
14%
|954954 Lakeshore Blvd., Blvd., Incline Village NV 89451 | (775) Lakeshore Incline Village NV 89451 | 831-7000 (775)
831-7000
Year Over Year Sales Comparison | Q1-Q3, 2020
14
$1,030,000
36%
Active Listings
Median Sales Price
52
110
24%
Units Sold from (Jan-Sep)
17%
6 Days Longer
Avg. Days on Market DOM* (due to covid-19)
Real Estate Market Update January - September 2020 The number of sales for PUDs increased by nearly 25% in the 3rd quarter, a substantial increase in an ordinarily quiet category. Sales volume has also increased by 23%, indicating rising price points for these freestanding units. Strangely, the median sales price shows a decrease of 16.9% compared to this time last year. Despite the negative connotation, this decrease represents a normalization of the median price rather than a declining trend. Typically with few sales, the higher-priced units artificially lift the median price point. With the recent increased sales volume trends, the median price point has moved back to a standard and non-inflated range. The most notable complex in this category was Lodgepole Parque, with over 25% of its units selling this year alone. This is a considerable percentage for any complex, let alone one with only 18 units in total, highlighting an incredible surge in sales in our area!
Planned Unit Developments 2020 RECORD BREAKERS Number of Sales Total sales (52) is set to break the 2018 year-end record of (62) unit sales July-September Sales Q3, 2020 saw the most unit sales for this period at 30 sales (avg. is 18)
Median Sales Prices The Q3 Median sales price of $1,030,000 is higher than the median list price of $950,000
Total Sales Volume The total sales volume reached $54,150,600 so far, that's a 23% increase from Q3, 2019
All information provided by IVRMLS is deemed reliable, but is not guaranteed (1/1/2020-9/30/2020)
www.LakeshoreRealty.com www.LakeshoreRealty.com|
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954954 Lakeshore Blvd.,Incline Incline Village NV 89451 (775) 831-7000 Lakeshore Blvd., Village NV 89451 | (775)| 831-7000
Year Over Year Sales Comparison | Q1-Q3, 2020
Condominiums 2020 RECORD BREAKERS
23
62%
Active Listings
Number of Sales Total sales (175) is 35 more unit sales than the average for Q1-Q3
175
39%
Units Sold from (Jan-Sep)
July-September Sales Q3, 2020 saw 100 unit sales. This breaks the previous Q3, 2016 record (66)
$620,000
Median Sales Price
116
14 Days
Avg. Days on Market DOM* (due to covid-19)
Real Estate Market Update January - September 2020 Along with all other categories, condominiums in our market saw an increase of nearly 40% this year vs. last year. Both the median list and sales prices increased by over 10%, marking one of the most robust appreciation gains our area has ever seen. This uptick in the number of sales and condo pricing has led to a whopping 55% increase in total sales volume. Although sales were strong in the sub $500K price bracket, the most substantial gains are in the $600-$800K range, with 40 total sales.
Median Sales Prices The Q3 Median sales price of $620,000 is the highest we have ever seen for a condo
In a surprising shift, the Third Creek complex saw the most sales, supplanting the longtime leaders of McCloud and Mountain Shadows. The newly constructed Granite Place building also sold 12 units, boosting both the median sales price and total sales volume in our market. Buyers who have been priced out of the home and PUD market are now targeting higher-end condos as their primary purchase, furthering the trend of increased sales in our market moving forward.
Total Sales Volume The total sales volume reached $139,279,188 so far, that's a 55% increase from Q3, 2019
All information provided by IVRMLS is deemed reliable, but is not guaranteed (1/1/2020-9/30/2020)
www.LakeshoreRealty.com
14%
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954 Lakeshore Blvd., Incline Village NV 89451
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(775) 831-7000
Your Local Realtors
Who you work with matters, why not work with the best! CONSISTENT MARKET LEADERS - #1 Brokerage in Incline Village & Crystal Bay in total sales volume for 2018 & 2019
VOTED BEST BROKERAGE - Voted "Best Brokerage" 2019 by Tahoe Tribune
MOST TOP PRODUCERS - Consistently house the most top producing Realtors in our area including 3 out of the top 10 producers and 6 out of the top 25!
YOUR LOCAL REALTORS - We have a deep understanding
of the local real estate market and a well established network to help you with any services you may require.
PROVEN TRACK RECORD - As an established leader in
Incline Village & Crystal Bay real estate market since 1994, we guarantee you only work with the best Realtors who genuinely know and understand the intricacies of our unique market. All information provided by IVRMLS is deemed reliable, but is not guaranteed (1/1/2020-9/30/2020)
www.LakeshoreRealty.com
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954 Lakeshore Blvd., Incline Village NV 89451
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(775) 831-7000
PATTI PLASTIRAS PLASTIRAS AUGUSTUS #1 Brokerage in Total CHRIS Sales Volume for Incline Village & Crystal Bay 2018 &PEG2019 BROKER/OWNER BROKER/OWNER
(775) 336-8631 (775) 843-7002 #1 Brokerage Brokerage in Total Sales Volume for Incline Village & Crystal Bay (775) 691-7000 #1 in Total Sales Volume for Incline Village & Crystal Bay 2019 2019 #1 Brokerage in Total Sales Volume for Incline Village & Crystal Bay 2019 Peg@InclineVillageRealEstateExperts.com Patti@LakeshoreRealty.com Chris@LakeshoreRealty.com #B.0021674
#B.0004440
#BS.0007180
PATTI CHRIS PATTI PLASTIRAS PLASTIRAS PATTIPLASTIRAS PLASTIRAS CHRIS PLASTIRAS CHRISPLASTIRAS PLASTIRAS PATTI PLASTIRAS PATTI CHRIS PLASTIRAS PLASTIRAS CHRIS PAM FERNANDEZ CAROLE MADRID BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER BROKER/OWNER (775) 742-3096 (775) 848-6242 (775) 843-7002 (775) (775) 843-7002 843-7002 (775) 691-7000 691-7000 (775) 843-7002 (775) (775) 691-7000 691-7000 (775) (775) 843-7002 TahoePam@gmail.com Carole@InclineVillageNow.comPatti@LakeshoreRealty.com (775) 691-7000 Patti@LakeshoreRealty.com Chris@LakeshoreRealty.com Chris@LakeshoreRealty.com Patti@LakeshoreRealty.com Patti@LakeshoreRealty.com Chris@LakeshoreRealty.com Chris@LakeshoreRealty.com #BS.0020002 #S.0023133
PEG PEG AUGUSTUS AUGUSTUS PEG AUGUSTUS AUGUSTUS VICTORIA POPESCU PEG (775) (775) 336-8631 336-8631 (775) 336-8631 336-8631 (775) 338-4341 (775) Peg@InclineVillageRealEstateExperts.com Peg@InclineVillageRealEstateExperts.com Peg@InclineVillageRealEstateExperts.com Victoria@LakeshoreRealty.com Peg@InclineVillageRealEstateExperts.com
PAM FERNANDEZ CAROLE PAM FERNANDEZ FERNANDEZ CAROLE MADRID MADRID WADE HOLIDAY PAM PAM CAROLE MADRID MADRID CAROLE JENNA MADRID PAMFERNANDEZ FERNANDEZ CAROLE MADRID (775) 742-3096 (775) 848-6242 (775) 742-3096 (775) 848-6242 (530) 412-2514 (775) 742-3096 (775) 742-3096 (775) 848-6242 (775) 848-6242 (775) 846-3856 (775) 742-3096 TahoePam@gmail.com Carole@InclineVillageNow.com TahoePam@gmail.com Carole@InclineVillageNow.com (775) 848-6242 WadeHoliday@gmail.com TahoePam@gmail.com Carole@InclineVillageNow.com Carole@InclineVillageNow.com Jenna@InclineVillageNow.comTahoePam@gmail.com
VICTORIA VICTORIA POPESCU POPESCU TRACY COHN VICTORIA POPESCU POPESCU VICTORIA TRACY COHN (775) (775) 338-4341 338-4341 (775) 443-6488 (775) 338-4341 338-4341 (775) (775) 443-6488 Victoria@LakeshoreRealty.com Victoria@LakeshoreRealty.com TracyJCohn@gmail.com Victoria@LakeshoreRealty.com Victoria@LakeshoreRealty.com
WADE HOLIDAY WADE HOLIDAY HOLIDAY JENNA JENNA MADRID WADE WADE SHARON PEPLAU JENNA MADRID MADRID JENNA WADEHOLIDAY HOLIDAY JENNAMADRID MADRID TIM LAMPE (530) (530) 412-2514 412-2514 (775) (775) 846-3856 846-3856 (530) 412-2514 412-2514 (530) (775) 745-5634 (775) 846-3856 846-3856 (775) (775) 745-9730 WadeHoliday@gmail.com (530) 412-2514 (775) 846-3856 WadeHoliday@gmail.com Jenna@InclineVillageNow.com Jenna@InclineVillageNow.com WadeHoliday@gmail.com Peplasha111@gmail.com Jenna@InclineVillageNow.com Jenna@InclineVillageNow.com LampeRealtyEstate@gmail.comWadeHoliday@gmail.com #S.0172891 #S.0172891
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SHARON PEPLAU SHARON PEPLAU PEPLAU TIM TIM LAMPE NEVADA METHERD SHARON PEPLAU SHARON TIM LAMPE LAMPE JAMIE GOLDEN TIM SHARON PEPLAU TIMLAMPE LAMPE (775) 745-5634 (775) 745-5634 (775) 745-9730 (775) 745-9730 (775) 771-6109 (775) 745-5634 (775) 745-5634 (775) 843-9891 (775) 745-9730 (775) 745-9730 Peplasha111@gmail.com (775) 745-5634 Peplasha111@gmail.com (775) 745-9730 LampeRealtyEstate@gmail.com LampeRealtyEstate@gmail.com Nevada@LowTaxNevada.com Peplasha111@gmail.com Jamie@InclineVillageSales.comPeplasha111@gmail.com LampeRealtyEstate@gmail.com LampeRealtyEstate@gmail.com
CHRISTINE FERRIS CHRISTINE FERRIS FERRIS LANA NELSON CHRISTINE LANA FERRIS CHRISTINE NELSON (775) (775) 771-3687 771-3687 (775) 771-2997 (775) 771-3687 771-3687 (775) (775) 771-2997 AFerris@aol.com AFerris@aol.com Lana@TahoeLana.com AFerris@aol.com AFerris@aol.com
#B.0004440 Chris@LakeshoreRealty.com #B.0004440
#B.0004440 #B.0004440
#B.0021674 #B.0021674
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TahoePam@gmail.com
#S.0023133 #BS.0145777 Carole@InclineVillageNow.com
#BS.0020002 #BS.0020002 #BS.0020002 #S.0172891 #BS.0020002
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#S.0172891
#S.0023133 #S.0023133
#S.0023133
#BS.0145777 #BS.0145777 #BS.0145777 #BS.0052601 #BS.0145777
LampeRealtyEstate@gmail.com
#BS.0052601 #BS.0052601 #BS.0052601 #BS.0031480 #BS.0052601
#S.0029697 #S.0029697
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KRISTI KRISTI FISHER PEG AUGUSTUS KRISTI FISHER FISHER KRISTI FISHER KRISTI FISHER (775) (775) 843-9892 843-9892 336-8631 (775) 843-9892 843-9892 (775) (775) 843-9892 Kristi@InclineVillageSales.com Kristi@InclineVillageSales.com Peg@InclineVillageRealEstateExperts.com Kristi@InclineVillageSales.com Kristi@InclineVillageSales.com
TREVOR ANDERSON TREVOR ANDERSON ANDERSON TREVOR ANDERSON TREVOR TREVOR ANDERSON (775) (775) 722-5397 722-5397 (775) 722-5397 722-5397 (775) Trevor@LakeshoreRealty.com Trevor@LakeshoreRealty.com (775) 722-5397 Trevor@LakeshoreRealty.com Trevor@LakeshoreRealty.com
Call Today (775) 831-7000
#BS.0007180 #BS.0007180 #BS.0007180 #BS.0007180
TracyJCohn@gmail.com
#S.01802019 #S.01802019 #S.01802019 #BS.0143524 #S.01802019
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