Incline Village Q3 Real Estate Market Report
Lake Tahoe real estate has seen a strong uptick in sales activity as more people are working virtually and seeking a better quality of life. The Incline Village real estate market report is also showing strong growth numbers year over year.
Buying a Home in Incline Village
Incline Village home buyers are drawn to the many golf course properties, lakeview, and unparalleled lakefront properties that surround Lake Tahoe. Nevada offers great tax advantages, which attracts investors. As a mountain community with easy access to golf, boating and skiing, Incline Village is in a class of its own.
Year Over Year Sales Comparison
There are currently only four homes for sale on prestigious Lakeshore Boulevard ranging in prices from $ 7.9 million to $44 million. Total inventory numbers of all homes for sale in Incline Village is at 154. This is much lower than previous years and is part of the reason that values are being driven upward.
The third quarter of sales activity boasts year to date numbers that are already stronger than prior year sales. In 2016, the median sales price was just over $1 million and values only grew slightly each year. In 2019, the average sales price was at $1.3 million, and in 2020, the median sales price for Incline Village home sales is $1.4 million. While 2019 showed 170 properties sold over the entire year, already in the third quarter of 2020, we have had 250 sales.
More Competitive Market
The market has shifted to a seller’s market and has become very competitive. In 2019, lakefront homes were selling at 94% of list price. In 2020, that number has jumped to 98%. Lakefront condo sales show the same sale to list price increase. In 2019, lakefront condos sold at 95% of asking price and in 2020, that number rose to 97%. In 2019, a total of 4 lakefront properties sold in Incline Village and in 2020, that number jumped to 11, a 175% increase. 7 lakefront condo sold in 2019, while we have already had 11 sell in 2020.
Price Per Sq Ft Higher
The average sold price per square feet is also higher. In 2019, home were selling at $517 per square feet. In 2020, homes are now selling at $564 per square feet. For non-lakefront single family homes, the highest sales price for a non-lakefront home in 2019 was $5 million and in 2020, it is $7 million. 166 non lakefront homes sold in 2019 and that number is at 239 just in the third quarter of 2020.
If we look just at September, the median sales price was $1.65 million with 47 units sold and a price per square foot of $723.
East Shore Nevada Sales Activity
The East shore of Lake Tahoe shows even stronger sales activity. The average sales price in 2019 was at $4.7 million and in 2020, it is just shy of $11 million. This shows an increase in value of 129%. The highest price for a home sold on the East shore in 2019 was $5.9 million and in 2020, the highest price for a home sold is $38 million. Six lakefront homes sold last year on the East shore, while we’ve already had 13 sales in 2020.
Whether you are thinking of buying or selling a home at Lake Tahoe, I specialize in lakefront and luxury properties with amenities. I can help you find the home that captures your dream of the perfect lifestyle. Contact me today for a free property analysis or to be notified of available listings.
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