What the mid year stats really mean in Incline Village,Nevada

July 12, 2010

Here is a current snap shot of what properties are in escrow in Incline Village nevada as of today:

221 active listings for homes on the market.

27 homes in escrow,10  of which are distreesed properties,either a short sale or bankowned .

7 homes are below  $500,000

12 are above $500,000-yet under $1million

2 are btween $1m-1.5m

2 between $4m-6m(one of which is a short sale and has been in escrow for many months)

4 are between $1.9-3.095m

This has been the typical mix in 2010,some real rollbacks in the teardown sector of older homes in the under$500k range,some movement finally in the $1.5m range, and decent luxury activity.

Despite Incline mirroring the rest of the nation ,the ultra luxruy sector primarily on the Incline lakefront has seen 4 sales already in 2010 near or above the $10m dollar mark.

 

19 condos are in escrow,11 of which are shortsales or bankowned.

17 of these condos are below $499,000

1 at $669,000

1 at $2,650,000 on the lakefront,single level living,elevator access

3 Freestanding townhomes are in escrow, 2 in Tyrolian Village both short sales,1 with  killer lakeview at $950k

The Lakefront homeowners tend to be holding to  their pricing and  closing near ask in most cases,or holding on for the value proposition buyer,rather than the buyer looking for the best deal.

If you are a considering selling you still  need to price ahead of the market ,and understand that price is almost everything to most buyer’s.

If you are buying,there are some great opportunities if you have the patience equity to put into a distreesed property.If you do not,buy what you really want and enjoy it.Keep in mind location is still key.

Incline Village ,Nevada mid year Lake Tahoe stats

July 12, 2010

2010-second-quarter-stats-lt

 

 

For Immediate Release

 

TAHOE HOME PRICES BEGIN TO LEVEL OFF

Home Sales Pick Up With Surge in the $10 Million Market

 

LAKE TAHOE, Nev. (July 8, 2010) – Home prices in Lake Tahoe are beginning to level off and the high-end market is looking lively, according to a mid-year analysis by Chase International.

 

The average home price was up two percent ($899,515) while the median dropped only one percent ($530,681). The slight changes mark the first time the Lake Tahoe real estate market hasn’t experienced a significant drop in home prices since the end of 2007.  The report compares sales and figures from January 1 through June 30, 2009 to the first two quarters of 2010.

 

Sue Lowe, vice president for Chase International, notes that while the recent tax credits boosted sales in some markets, such as Reno, they probably had little effect on Tahoe home sales. “Most of the sales around the lake are second homes.”

 

There was a 36 percent increase in homes sold for less than $1 million while homes over a million jumped 60 percent. Tahoe City and Incline Village showed the biggest improvements in sales. The majority of million-dollar homes sold in the $1 – $2 million range, however four homes sold for more than $10 million.

 

“The $2 – $10 million market is still soft but we have had some significant activity in the ultra high-end sales (over $10 million),” Lowe said. “There’s been definite signs of a rebound this year compared to the first half of 2009, which was quite challenging. But inventory is down and prices are leveling off – we’re optimistic that the market is starting to stabalize.”

 

Truckee home prices saw only minor drops in median ($505,000) and average ($615,514) home prices – six and five percent respectively.