Incline Village Real Estate Primed for Spring Bounce Back
While it may appear Incline Village real estate trends are off to a rough start after the first quarter due to year-over-year decreases in sales, median prices and new contracts, home buyers and sellers shouldn’t fret: A record-setting Lake Tahoe winter that buried homes in feet of snow is the main culprit for the slow start.
With the winter snowmelt in full gear, real estate activity should quickly rise to peak spring levels once people are fully able to dig out their homes and showcase their properties to buyers who’ve been patiently waiting out the storm.
Let’s break down the numbers for Village real estate trends in this video.
https://vimeo.com/816775118
Incline Village Real Estate Trends to Know After the First Quarter
- One of the big data points came in the form of new home contracts. There were only two in February and three in March. Compare that to 17 new contracts in March 2022 — it’s an 82% year-over-year decrease.
- Three single-family homes sold in Incline-Crystal Bay in March, a 77% decrease from a year ago. The trend was similar for condo/townhome sales: four sold in March compared to 12 last year.
- Incline’s median home price was $1.39 million in March, down 14% from $1.6 million in February and down 43% from $2.4 million in March 2022. The biggest sale in Q1 was a home on James Way for $4.5 million.
- Meanwhile, condo home prices saw big increases; March’s median of $1.39 million was up 74% from February ($800,000) and up 24% from last year ($1.13 million), building off strong condo momentum to end 2022. So far this year, the highest condo sale was a $3.25 million lakefront property.
- As for inventory, March saw 10 new home listings compared to eight in February and 18 from March 2022; there were seven new condo listings in March, compared to six in February and 15 a year ago.
- All told, there are 45 homes on the market in Incline-Crystal Bay as of the end of March; the lowest-priced home is $1.2 million, while the highest is a $43 million lakefront. Of note, a second lakefront property is listed at $23 million.
National Real Estate Trends Point to Positive Momentum
- The number of new homes that go pending within the first seven days on the market is increasing, meaning more buyers are purchasing homes faster. As of March, there were roughly 69,000 new pending homes nationally, up 1.3% from last year, according to recent data from Altos Research.
- While total U.S. home inventory increased during the second half of 2022 amid inflation-fueled uncertainty and rising mortgage rates, the market is balancing faster — national inventory fell to roughly 418,736 homes in late March, which was the same as June of last year, and thus likely setting the stage for a stronger-than-expected spring rebound.
Our No. 1 Tip for Buyers and Sellers in Incline Village
Make no mistake: This past winter in Incline Village was one for the books, setting records for snowfall and no doubt setting back plans for prospective sellers to get their homes ready for showings. The great news is this snow season was truly an anomaly that will merely delay — not deter — ambitious homebuyers and motivated sellers this spring. Considering the second quarter is traditionally the busiest for home sales, with June often serving as the peak month, the Incline Village real estate market is poised perfectly to warm up along with the spring weather.
If you want to learn more about Incline Village real estate trends and what it’s like to live in North Lake Tahoe, email info@dicksonrealty.com with the subject line, “Give me the Incline Village Inside Scoop!”
