Incline Village & Crystal Bay Market Report 2018

# 1 B r o k e r ag e I NCLINE V ILLAGE

&

C RY S TA L B AY 2 0 1 8

Lakeshore Realty is the #1 brokerage in terms of total sales volume for 2018. Data retrieved from IVR.Matrix Jan-Dec 2018 is deemed reliable and accurate but not guaranteed.

Incline Village & Crystal Bay Real Estate Report Year End 2018

2009

$165,415,391

-66%

2009

160

-53%

2009

1115360

-6%

2010

$217,162,069

31%

2010

243

52%

2010

839000

-25%

2011

231

-5%

2011

771500

-8%

53%

2012

744900

-3%

31%

2013

935000

26%

2011 Market Trends -17% $179,597,294

2012 Market 353 2012 2018 And $276,655,473 The Overall54% Real Estate 2013

$476,950,327

72%

2013

461

The 2014 end of year numbers are in and the Incline Village and-22% Crystal Bay housing market 2014 358 $358,144,646 -25% 2014 1072500 is flourishing and exceeding expectations. Total sales volume for our entire market 2015 378 2015 $340,119,111 2015 947500 (Homes, PUD’s, Condos, -5% Lots & Land) has increased by6% over 14% and topped an 2016 12% of properties 2016 $567 $400,873,696 2016 1060000 incredible million in18% 2018. However, the423 total number sold has decreased with 440 properties year vs. 6% 445 sold in 2017.1115000 Lack of 2017sold last 450 2017 slightly $497,765,580 24% 2017 inventory has reduced the number of sales by 1%, while a sharp increase in prices has 2018 449 -0% 2018 $567,849,588 2018 1419000 led to a substantial increase14% in the total dollar volume of sales for 2018.

Total Sales Volume

Number of Sales

500

$600,000,000

423

$450,000,000 375

342

358

445

440

378

$300,000,000 250

243

$150,000,000 125 2008

2009

2010

2011

12% 5% 27%

Market Leaders #1 Brokerage in Incline Village & Crystal Bay in total sales volume for 2018 at $206M+.

Realtors ® We consistently house the most top producing realtors in our area, averaging $13.7 million in sales per agent in 2018.

As the only firm with a sole focus on Incline Village & Crystal Bay real estate, we specialize in our niche market, giving you unparalleled indepth knowledge and local expertise.

Experience

231

160

0

$0

-12%

Independent

461

353

15%

2012

2013

2014

2015

2016

2017

2018

As an established leader in the 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.

Stop by our office 954 Lakeshore Blvd., across from Incline Beach and 1/2 Block from Hyatt Regency Lake Tahoe

Looking Ahead at 2019 What You Need To Know About The Market

Buyers:

$567M

$206M

Total Sales Volume

Lakeshore Realty Sales

Sales prices for homes, PUDs, and condominiums have exceeded prerecession levels regarding median sales price and total sales volume. The healthy market has encouraged sellers to set higher prices than ever before. However, as we enter 2019, we are starting to see the first signs of a market softening with homes sitting on the market longer and price reductions looming.

440 Number of Sales

$1.42M

$941K

$545K

Residential Median Sales Price

PUD Median Sales Price

Condo Median Sales Price

Buyers are still struggling with the current lack of inventory presented by the 4th quarter 2018 which is the likely culprit for fewer home sales than we have seen in previous years. Typically, a lack of inventory paired with high buyer demand leads to faster and more frequent sales, but in our discretionary market, buyers are electing to wait until inventory increases as it typically does as spring approaches.

203 Average Days On Market

Although the days of purchasing a home for under market value are nonexistent, the intrinsic value of owning a property in our area remains strong. Incline Village and Crystal Bay boast a lifestyle rarely rivaled anywhere in the world and owning property here goes beyond the typical investment value. If you are looking to purchase in the coming year, let our experienced local agents guide you through the ins and outs of one of the most unique real estate markets in the country.

Sellers:

Although interest rates increased in 2018, it virtually had no impact on sales prices or overall market growth for home sales. This bodes well for the coming year, as most homeowners considering listing will likely start the process in the coming months ahead of the busy listing season in spring. Sellers are encouraged to use caution when pricing their homes as the purchasing power of potential buyers may not be able to keep up with rising prices in 2019. Over-priced properties have been shown to remain on the market for substantially longer than more competitively priced homes and often have to incur a price reduction before selling.

The 4th quarter of 2018 showed sellers that the market continues to ebb and flow despite many positive signs of growth. If the time is right for you to consider selling your property, let the #1 real estate company in Incline Village and Crystal Bay guide you through the process and ensure you have the best representation possible!

Stop by our office 954 Lakeshore Blvd., across from Incline Beach and 1/2 Block from Hyatt Regency Lake Tahoe

Single Family Home

SALES TRENDS The single family home market has continued to grow as the number of sales are up 4% compared to 2017.

Despite this relatively small increase, the total sales volume for homes grew by a staggering 14% over last year, confirming earlier predictions for a strong finish to 2018. The $45 million dollar jump in volume is largely due to the impressive $1.4 million dollar median price point in Incline Village and Crystal Bay which is 27% higher than the previous year.

Despite low inventory and high buyer demand, the average days on market for homes in our area has increased slightly by 10% to an average of 176 days. This is normal as our market is considered “luxury” or “secondary” and buyers can and will take their time in choosing a property that is perfect for them. Oddly enough, the most valuable homes in our entire market bucked this trend and posted the lowest Call Today 775.831.7000

average days on market at just 75 days.

This bodes well for the luxury market as these homes typically take much longer to sell due to the small number of potential buyers and an increased interest in these properties signals strong potential for 2019.

One of the most popular neighborhoods by far in terms of sales was Lower Tyner with 29 sales in 2018. This makes sense as it is one of only 5 neighborhoods with a median price point below that of the entire market. With 17 sales each, the Mill Creek and Championship Golf Course neighborhoods were the next most popular, but for different reasons.

The Championship Golf Course likely attracted buyers for its golf appeal and a median price point that is close to the median for all homes in our area.

Mill Creek, however, has become a target for builders and developers who are either remodeling or completely rebuilding high-end homes in this low elevation neighborhood.

Toll Free 800.954.9554

Year over Year Comparison 2017 vs 2018 Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

Single Family 2017

$324,034,274

160

174

$1,115,000

Single Family 2018

$369,483,270

176

181

$1,419,000

14.03%

10.00%

4.02%

27.26%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

Condo 2017

$119,081,406

124

210

$452,500

Condo 2018

$117,673,786

117

190

$545,000

-1.18%

-5.65%

-9.52%

20.44%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

PUD 2017

$45,111,900

160

52

$862,500

PUD 2018

$62,189,132

161

62

$941,750

37.86%

0.63%

19.23%

9.19%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate *Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and guaranteed.

accurate but is not guaranteed.

Total Sales Average Number DownloadVolume App.LakeshoreRealty.com DOM of Sales Lots & Land 2017

$5,423,000

257

9

Median Sales Price $625,000

Planned Unit Developments (PUD)

Unit sales for PUD’s increased in 2018 by 19% which equates to 10 unit sales over 2017. Total sales volume is up a staggering 37.8%, a $17 million increase over 2017. The increase in overall PUD sales volume is driven by the 2018 median sales price $941,750, a 9% increase over 2017 median sales price $862,500.

The PUD market is also experiencing a shortage of inventory which drives pricing up based on supply vs demand. PUD’s average days on market (average days to sell) are 161 for 2018. The high price point Call Today 775.831.7000

and the discretionary nature of these homes are likely the leading cause of a longer sale period which would be normal for our unique market.

The most popular complexes based on closed sales are: Complex

Sales Median Price

Tyrolian Village: 13 Incline Creek Est: 12 Tyrolia: 10 Lodgepole Parque: 3

$119,081,406

124

210

$452,500

Condo 2018

$117,673,786

117

190

$545,000

-1.18%

-5.65%

-9.52%

20.44%

% Change

SALES TRENDS

Although a relatively small segment, planned unit developments (PUDs) are a popular category for buyers looking for size and privacy while still enjoying the benefits of a yearround HOA.

Condo 2017

$726,000 $1,502,000 $812,500 $1,150,000

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Year over Year Comparison 2017 vs 2018 Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

PUD 2017

$45,111,900

160

52

$862,500

PUD 2018

$62,189,132

161

62

$941,750

37.86%

0.63%

19.23%

9.19%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

Lots & Land 2017

$5,423,000

257

9

$625,000

Lots & Land 2018

$11,705,000

402

7

$275,000

115.84%

56.42%

-22.22%

-56.00%

% Change

Incline Creek Estates has typically been the leader in sales, yet Tyrolian Village experienced more activity due to a steep differential in median pricing as shown above. Overall the median list price for PUD’s when compared to the median selling price for PUD’s is only a 2% difference.

This data indicates a very healthy market!

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate but is not guaranteed.

Toll Free 800.954.9554

Download App.LakeshoreRealty.com

Condominium

SALES TRENDS The condominium market was the only segment to decrease last year in terms of total unit sales and volume. With 190 transactions in 2018, unit sales slowed by over 9% compared to 2017. Total sales volume was also down, but only by 1% to $117 million vs. $119 million in 2017. However, the median price point jumped significantly to $545,000 which is an increase of over 20% compared to $452,000 in 2017.

With a decrease in volume and unit sales paired with a substantial increase in median price, the only culprit can be a lack of inventory. Currently, the condominium market only has 2.5 months worth of inventory, which is considered a strong seller’s market. Compared to Call Today 775.831.7000

single family homes, condos have a relatively low 117 days on market, meaning units are selling quickly, keeping inventory levels low and prices high.

Not surprisingly, the McCloud complex led the market in sales with 22 units sold this year. With a median price of $575,000, McCloud condos continue to push the market price point higher as they outpace most complexes in our area. Mountain Shadows (15), Forest Pines (15), Bitterbrush (14), and Third Creek (9) all round out the top 5 complexes and they account for 40% of the total condominium market in Incline Village and Crystal Bay. Call Lakeshore Realty Today (775) 831-7000 Toll Free 800.954.9554

Volume

DOM

of Sales

Sales Price

Single Family 2017

$324,034,274

160

174

$1,115,000

Single Family 2018

$369,483,270

176

181

$1,419,000

14.03%

10.00%

4.02%

27.26%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Year over Year Comparison 2017 vs 2018 Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

Condo 2017

$119,081,406

124

210

$452,500

Condo 2018

$117,673,786

117

190

$545,000

-1.18%

-5.65%

-9.52%

20.44%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

PUD 2017

$45,111,900

160

52

$862,500

PUD 2018

$62,189,132

161

62

$941,750

37.86%

0.63%

19.23%

9.19%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

Lots & Land 2017

$5,423,000

257

9

$625,000

Lots & Land 2018

$11,705,000

402

7

$275,000

115.84%

56.42%

-22.22%

-56.00%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate but is not guaranteed.

Download App.LakeshoreRealty.com

Lots & Land

SALES TRENDS The market for lots and vacant land in Incline Village and Crystal Bay is particularly unique and held some surprises for 2018. At this point, our area has very little open or undeveloped land and sales have been traditionally low year over year. In 2018 however, total sales volume increased by over $6 million or 115% vs. 2017, despite having fewer sales.

This large increase in total sales volume is almost entirely due to Lakeshore Realty’s landmark sale of a three-parcel property located on the shores of Crystal Bay. This historic lakefront property was owned by the same family for decades and the small cabin located on the property (now a tear down) was used for Lake Tahoe getaways.

These rare parcels on Gonowabie Road span across 1.480 acres and included a pier and boat house.

Call Today 775.831.7000

As one of the very few remaining buildable lakefront lots, this sale was truly a once in a lifetime event. Split into three distinct parcels that could each support new construction, the property was a developer’s dream with sweeping views of Tahoe and rare lakefront access.

With so few undeveloped lots left available, it is unlikely that we will see sales volume such as we saw in 2018. This lack of available land has led developers and builders to instead look at homes to tear down and rebuild on desirable lots rather than wait for a vacant lot to hit the market. This lack of inventory will further bolster existing home sales as there will be fewer and fewer opportunities to buy vacant land and build from scratch.

PUD 2017

$45,111,900

160

52

$862,500

PUD 2018

$62,189,132

161

62

$941,750

37.86%

0.63%

19.23%

9.19%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate guaranteed.

Year over Year Comparison 2017 vs 2018 Total Sales Volume

Average DOM

Number of Sales

Median Sales Price

Lots & Land 2017

$5,423,000

257

9

$625,000

Lots & Land 2018

$11,705,000

402

7

$275,000

115.84%

56.42%

-22.22%

-56.00%

% Change

*Data retrieved from IVR Matrix Jan-Dec 2018 is deemed reliable and accurate but is not guaranteed.

Toll Free 800.954.9554

Download App.LakeshoreRealty.com

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 $206 million in sales 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