Incline recovers from 2001 real estate slump
INCLINE VILLAGE – First-quarter figures for Incline Village/Crystal Bay real estate indicate a full recovery since the slump in 2001.
“We’re up almost to the level we were at in 2000,” Incline Village Board of Realtors President Kurt Carlstedt said.
January through March, 47 single-family homes and free-standing condominiums sold, and 73 condominiums sold, bringing the total number of residential units sold to 120.
“We’re well above 2001, 2002 and 2003,” Carlstedt said. “It looks very positive. The rate and pulse of the market are up to some kind of normalcy.”
The Board of Realtors’ figures have shifted somewhat from previous statistics, for which free-standing condominiums were included with condominiums rather than with single-family homes. But even with that consideration, the total number of homes sold tops the figures from four of the preceding six years.
Median prices also are up from previous years, with the exception of the first quarter of single-family home sales in 2000, which exceeds figures for all seven first-quarters. This year’s single-family homes were listed at a median price of $850,000 and sold for a median price of $845,000. This is up from last year’s, which were listed for $742,000 and sold for $721,000.
In the first quarter of 2001, single-family homes were listed at a median price of $895,000 and sold for a median price of $852,500. The following year, however, reflects the economic downturn. During the first quarter of 2002, the median list and selling prices were down by more than $200,000 to $663,000 for list and $633,000 for selling price. Last year saw some improvement, with prices climbing by nearly $100,000 to a median list price of $742,000 and a median sold price of $721,000.