We’re moving into the best part of winter for snow enthusiasts, and as such, we’re seeing more and more interest in the Incline Village real estate market. With phenomenal alpine views and renowned outdoor recreation options for all seasons, it’s easy to see why people are looking to switch from urban living to the expansiveness of the Sierra Nevada landscape. Adding to the beauty of the Lake Tahoe region are the favorable income tax laws when moving to Nevada from nearby states.
In December 2020, 92 single-family homes and condos were available on the market—a 48.6% decrease year over year. So, it’s no surprise that the available homes sold quickly. The average days on market dropped from 205 days in December 2019 to 84 days in December 2019. As I write this blog, we only have 39 residential properties listed in Incline Village.
Earlier this month, I went with a buyer to visit a house that had just come on the market two days before. My buyer loved it and purchased it that day for the full price offer in cash. What was amazing was that the seller received three other back-up offers on the property.
This example demonstrates just how quickly these units are moving. There are usually three to four buyers for every property because inventory is so tight. I have people say to my sellers, “If you don’t have a buyer, or if it falls through, let us know. We want to buy it.”
People are still willing to pay top dollar with fewer homes on the market. In the last month of 2020, the average price per square foot for both condos and single-family homes in Incline stood at $736—a 39.5% increase over the prior year and an 8.7% increase in price per square foot over the third quarter of 2020.
The single-family home inventory shows a similar trend. From December 2019 to December 2020, the number of single-family homes for sale in the Incline Village area dropped by about 49%. The median price of houses rose about 21%, shifting from $1,425,000 to $1,725,000. Home sales have risen almost 138%, and average days on market has shortened by 70% from the same time last year, going from 300 to 90.
The number of condos on the market also decreased from 2019 by about 48%, while the median price rose by about 12%, from roughly $690,000 to $770,000. The number of units sold doubled from December 2019 to December 2020, and average days on market shortened by almost 30% from 104 to 73.
This increase in interest and the effects on the market is in response to the shift inremote work due to COVID-19. Many of the buyers I interact with have the mindset that if they do have to go back to the office, they’ll use these properties as second homes.
We’ll see how everything unfolds as the vaccines start rolling out, but for now, I anticipate this year to continue to see high prices based on supply and demand.
Diamond Peak Ski Resort Open and Ready for Snow Fall
Incline’s locally based ski resort, Diamond Peak, is open and operating. Sitting atop Incline Village, Diamond Peak caters to locals and visitors alike. As opposed to some of the larger ski resorts based in Lake Tahoe, Diamond Peak is community-run, often less crowded, and has a dedicated Child Ski Center. You can learn about current operations and COVID-19 protocols here.
In-Person Classes to Resume at Incline-Based Sierra Nevada University
Sierra Nevada University, Nevada’s only accredited private nonprofit four-year university located in Incline Village, has announced that it plans to host virtual classes for the first two weeks of the semester from January 25 to February 5. Students will return to campus for face-to-face classes beginning on February 10. Returning students must send proof of a negative COVID-19 test taken five days or less before the start of the semester. To learn more, click here.
Incline Village Recreation Center COVID-19 Operational Changes and Procedures
The Incline Village Recreation Center continues to operate with new restrictions to maintain COVID-19 safety protocols. Per Nevada Governor Steve Sisolak’s restrictions to help slow the spread of COVID-19, the Incline Village Recreation Center has implemented the following protocols as addressed in an informational letter, which you can read here:
A Halved Supply of Inventory Meets a More Than Doubled Demand of Buyers
An influx of buyers coupled with quickly moving inventory makes Incline Village real estate a hot market for both sellers and buyers alike—even when temperatures drop.
In December 2020, 92 single-family homes and condos were available on the market—a 48.6% decrease year over year. So, it’s no surprise that the available homes sold quickly. The average days on market dropped from 205 days in December 2019 to 84 days in December 2019. As I write this blog, we only have 39 residential properties listed in Incline Village.
Earlier this month, I went with a buyer to visit a house that had just come on the market two days before. My buyer loved it and purchased it that day for the full price offer in cash. What was amazing was that the seller received three other back-up offers on the property.
This example demonstrates just how quickly these units are moving. There are usually three to four buyers for every property because inventory is so tight. I have people say to my sellers, “If you don’t have a buyer, or if it falls through, let us know. We want to buy it.”
People are still willing to pay top dollar with fewer homes on the market. In the last month of 2020, the average price per square foot for both condos and single-family homes in Incline stood at $736—a 39.5% increase over the prior year and an 8.7% increase in price per square foot over the third quarter of 2020.
The single-family home inventory shows a similar trend. From December 2019 to December 2020, the number of single-family homes for sale in the Incline Village area dropped by about 49%. The median price of houses rose about 21%, shifting from $1,425,000 to $1,725,000. Home sales have risen almost 138%, and average days on market has shortened by 70% from the same time last year, going from 300 to 90.
The number of condos on the market also decreased from 2019 by about 48%, while the median price rose by about 12%, from roughly $690,000 to $770,000. The number of units sold doubled from December 2019 to December 2020, and average days on market shortened by almost 30% from 104 to 73.
This increase in interest and the effects on the market is in response to the shift inremote work due to COVID-19. Many of the buyers I interact with have the mindset that if they do have to go back to the office, they’ll use these properties as second homes.
We’ll see how everything unfolds as the vaccines start rolling out, but for now, I anticipate this year to continue to see high prices based on supply and demand.
Advice for Buying and Selling Real Estate in Incline Village
The Incline Village real estate market has experienced astronomical changes from 2019 to 2020. Many people now can work remotely and are leaving urban places such as San Francisco for the wide-open vistas of Lake Tahoe. Typically, condos sell better in the winter due to the snow enthusiasts hitting the mountain slopes, while single-family homes tend to fare better in the summer. If last summer is an indicator, it is a possibility that summertime 2021 rates may still increase. We are facing a convergence of opportunity and lifestyle shifts. That said, we are in an unprecedented time. So, if buying or selling is on your docket, it’s best to move quickly.- Sellers: The market is on fire right now. If you have been considering a shift in where you want to live, now is an excellent time to sell. If you’re over shoveling snow and want to live closer to convenience and amenities, such as grocery stores and health care facilities, take advantage of the market now and sell. You could cash in on some significant equity on your property.
- Buyers: As you have seen from our data, inventory is moving like hot chocolate at an ice-skating rink. So be ready to move quickly on properties you like. If you’re are at the start of your buying journey, do your research to set realistic expectations. A quick internet search can give you a general idea of the market. From there, we can work together to find you your Tahoe dream house.
Incline Village Community Update
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- Gyms and fitness facilities will be limited to 25% of applicable fire code capacity.
- A face covering must be worn at all times, even when you are distanced to 6ft.
- You must have a reservation.
- IVGID business at the Parks & Recreation counter is available for walk-up community members and customers.
- Do not come to the Incline Village Recreation Center if you have just returned to the area, and you might have been exposed to COVID-19.
- Please do not access the facility if you feel sick, are experiencing any symptoms of COVID-19, or have been in contact with someone who is known to be sick.
- Everyone must stop at the temporary “Greeter” station in the Incline Village Recreation Center lobby.
- The lobby, locker rooms, drinking fountains, coffee service, and Kid Zone will be closed until further notice.
Get More Incline Village Real Estate Updates
If you’d like to stay up to date on what’s happening in the Incline Village Real Estate market, email info@dicksonrealty.com or mjurkonis@dicksonrealty.com with the subject line, “Give me the Incline Village Inside Scoop!” Whether you are buying or selling Incline Village real estate, Dickson Realty agents have the experience and innovative technology to help you. For more information, contact a neighborhood real estate expert at Dickson Realty today.Featured Homes for Sale in Reno & Sparks, Nevada – January 28th, 2021
