Incline Village Market Report Year End 2020
Welcome to February in Incline Village Nevada! We have just enjoyed the type of winter storms that create huge demand for real estate in Lake Tahoe.
Incline Village Year End 2020 Market Report
We closed 2020 with record-breaking sales activity, and inventory is at an all-time low. These are just a few of the factors driving home values in an upward trend for 2021.
All over Lake Tahoe, Covid-19 and the ability for most people to work remotely, created unprecedented demand. We also saw this across the US, as more and more people have chosen to relocate to resort towns.
Buyers are choosing a better quality of life, but as demand increases, available inventory is quickly diminishing. This has driven home prices to rise at levels we've not seen before.
The majority of Incline Village home sales during 2020 was at a price greater that $1.2 million. The sales volume across all property types and neighborhoods saw a huge increase. Demand was driven both by the pursuit of the outdoor living Incline Village offers, but also, the favorable tax environment Nevada provides. All of these factors are like a 'Perfect Storm' for sales activity.
We are now starting 2021 with a reduction in available inventory and there has never been a better time to consider listing your home for sale. Although we generally follow seasonal cycles as most resort markets do, there is a different factor at play that is driving demand.
Home Values Increasing
Lake Tahoe homes have always retained a steady increase in value because the area is limited in terms of new developments. Today, there are only a handful of lots available for sale. Builders saw enormous activity last summer and as available inventory diminished, lots that had been on the market for years, started selling too.
Currently, homes are valued at $2,224 per sq ft, which is at an all time high.
We are not seeing any changes in interest rates, and they have also remained at an all-time low. As equities rise, many sellers are choosing to hold out on listing their properties. However, with so much changing, we really don’t know how long this seller’s market will last. This may be the optimal time for sellers to receive top-dollar on their home sales.
As an example of the low inventory, there are currently only 42 available listings in Incline Village. Only 2 of these listings are lakefront properties. 27 of those listings are houses, while only 6 are condos. For comparison, December 2020 showed 38 home sales!
Shortage of Inventory
Sales numbers year over year were up 138%! We currently only have one month of supply and of the available homes for sale, only 7 are below the median sale price of $1.1 million.
Currently one bedrooms have a median sale price of $472K, while two bedrooms are at $683K. Three bedroom properties have a median sale price of $978K and 4 bedroom and up, are listed at a median price of $1.7 million.
If you are considering buying a home at Incline Village, you will need an agent who knows about properties coming onto the market in advance, and who can keep you abreast the minute new homes hit the market.
If you are thinking of selling your Incline Village property, this may be the best possible time to get the most from your investment.
I would love to show you why so many people are choosing to buy their home at Incline Village Nevada. Contact me today for a free property analysis or for a list of available homes.