Real Estate: Hot market and cool prices

Sabrina Belleci / Special to the Tribune
Weekly Real Estate Update Statistics gathered from the Incline Village MLS on 07/17/2023 Houses                Condos                     PUDs For Sale                                         73                         35                          11 Under $1 million                           1                           20                         0 Median Price For Sale          $3,495,000             $995,000             $2,489,000 YTD Sales 2023                           35                          44                             12 YTD Sales 2022                           71                           79                            14 New Listings                                 13         In Escrow                                      11 Price reductions                 12 Closed Escrow                             4 Range in Escrow        $845,000 - $5,995,000 These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of July 17, 2023. 

As the sun blazes overhead and we hit the mid-year mark in July 2023, things are heating up both in terms of temperatures and the local real estate market. However, amidst the summer sizzle, we can’t ignore the trend of slowing total unit sales and overall dollar volume in residential properties like single-family homes, condos, and vacant land. It’s a balancing act that keeps us on our toes! 

Incline Village and Crystal Bay have been feeling the heat due to a record lack of inventory that stretches from Incline all the way to the West Shore and from Meyers to Tahoe Donner. Imagine a real estate treasure hunt, where buyers face limited options and prices that have skyrocketed to unprecedented heights. It’s no easy feat to secure a dream property in this scorching market. But fear not, there’s hope on the horizon as more listings have started to pop up for the summer 2023 selling season. However, let’s not get too excited just yet, as inventory remains at historic lows. 

Amidst the rising temperatures, the North Lake Tahoe real estate market has managed to stay steady this week, providing some cool relief. Our recent observations include 13 new listings, 11 contingent listings, 12 price reductions and 4 successful sales. These numbers indicate an active market, with a range of properties currently in escrow spanning from a refreshing $845,000 to a luxurious $5,995,000. It’s a smorgasbord of opportunities! 

Most notably, the property located at 1128 Lakeshore Blvd. This property sold off-market for $11,500,000 (or $1,890/SF). Roughly 2.5 years ago this property hit the MLS and sold in a matter of days for $9,900,000. It’s a rare, newer built, low-elevation propert with a fantastic setting. At this price, it is clearly setting a new records for the “dry side” of Lakeshore Blvd.  This is definitely on of the handful of local luxury homes that make our jaws drop and our hearts skip a beat. These grandiose properties in Incline Village/Crystal Bay to Zephyr Cove have been stealing the show, commanding some of the highest median sale prices in the entire country last year. They’re like the celebrities of our local real estate scene, setting the bar high and making us dream big. 

But who’s responsible for this lavish real estate landscape? Well, apart from the stunning natural beauty that surrounds us, we have to give credit to the influence of millionaires and billionaires who have made their mark in the Tahoe Basin. In fact, our little slice of paradise is home to over 25 Lake Tahoe billionaires, a remarkable figure when compared to major cities like New York, Beijing, Hong Kong, London, and Palm Beach Island (Source: Forbes, World’s Richest Cities 2022). Who knew our community had such star power? 

While prices may have reached their peak in late spring 2022, they have shown incredible resilience despite incremental decreases and the steady rise in mortgage rates. It’s like a game of tug-of-war between buyers and sellers. Although unit sales have experienced a notable decline of 35-40% in Incline Village and Crystal Bay, prices have remained strong, refusing to back down. It’s a testament to the enduring appeal of our remarkable area. 

So, as the summer heat continues to radiate and the real estate market keeps us on our toes, we’ll be here, providing updates and insights into the ever-evolving landscape of Incline Village and Crystal Bay. Stay cool, stay tuned, and remember that amidst the challenges, there are always opportunities to find your dream home in our remarkable community. 

Disclaimer: The information provided is based on data from the Incline Village Board of REALTORS® or its Multiple Listing Service as of July 17, 2023. 

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