For some people, the silver lining to the COVID-19 pandemic has been the opportunity to work from anywhere, and we are seeing this new flexibility reflected in the Incline Village real estate market.
More people want to move to Lake Tahoe and enjoy the year-round recreation it offers while also working remotely. Think about it—you could take a Zoom call in the morning and a hike or ski-break in the afternoon. Tahoe offers people a resort lifestyle even when they’re not on vacation.
In Lake Tahoe, Incline Village is unique in that it is on the Nevada side of the lake and offers full-time residents the tax benefits of being part of the Silver State.
Incline Village Real Estate Market: More Active Than Ever
With a combination of low interest rates, low inventory, and high demand, the Incline Village real estate market closed off a record-breaking Q3 in 2020 and saw that momentum carry into the first months of Q4 as well.
In Q3, we saw a more than 266% increase in closed sales month over month and a more than 132% increase year over year.
Going into November 2020, the market continued strong and saw 100% increase in closed sales from the previous year. While sales decreased compared to Q3, this is in line with our usual expectations for real estate sales during this time of year.
Of the homes that sold, sellers received at least more than 98 percent of their asking price.
In November 2020, the median sold price increased to $1.723 million, a 20.5% increase from October 2020, and a remarkable 60.3% increase year over year.
At the same time, the inventory in the market decreased by more than 72.5% year over year. In November 2019, the Incline market absorption rate was 8.5 months, which is the number of months it would take to sell through all the available inventory at the current sales rate. In November 2020, that number dropped to 2.3 months. This level of inventory is firmly the seller’s favor, making it a great time to sell with little competition in many neighborhoods. Five to six months of inventory is considered to be a balanced market, while more than 6 months is considered a buyer’s market.
A significant driver of this activity is people who, up until recently, were required to work from or commute to the Bay Area for their jobs. With more companies implementing remote work for the foreseeable future, many of the California residents are looking to Incline Village for its lifestyle, tax benefits and housing prices. In some cases, these individuals rented housing in Lake Tahoe for a short period of time at the beginning of the pandemic and decided to make the move more permanent in recent months. In addition, record-low interest rates are making mortgages more affordable and allowing people to stretch their budgets.
Advice for Buying and Selling Real Estate in Incline Village
While the real estate market typically slows down for the fourth quarter of the year and into the first quarter of the upcoming year, the pandemic may disrupt this trend. As people retreat to Lake Tahoe for winter ski trips and holiday vacations, they often consider buying a primary or second home in the market. This can increase demand as supply dips because homeowners are less likely to sell and move in the middle of the snowy months. So, if you’re looking to buy or sell a home in the Incline Village area, here are some recommendations to consider:
- Sellers: If you are considering moving elsewhere and want to list your Incline Village property, now is the time to do it. This level of demand will likely continue through 2021, and a decrease in supply during the holidays will help you get the best price possible for your home.
- Buyers: If you want to buy a home in the Incline Village market, now is the time. Don’t wait for prices to level off or decline, and don’t wait for the perfect turnkey, new-construction property. Many of Incline Village’s homes are situated in excellent neighborhoods that are a bit older and may need some updating to be tailored to your tastes and needs.
Incline Village Community Update
Look Up Offers Incline Village Residents Remote Wellness Programs
One of the unique things about Incline Village is its sense of community and the amenities most homeowners receive. When the COVID-19 pandemic resulted in more regulations regarding the use of the community’s recreation center and facilities, the Incline Village General Improvement District (IVGID) Fitness, Health & Wellness team introduced the Look Up Remote Wellness Program. This online program offers classes, events, and activities for all ages, including fitness and yoga, the popular community conversations called “Fireside Chats,” and programs for children. For more information, click here.
Tahoe Family Solutions Raising Funds to Help Bridge the Gap for Families
Incline Village truly is a community, and this is particularly evident in the number of nonprofits organizations that offer services and support. One of those organizations that I am particularly proud of is Tahoe Family Solutions, especially because I sit on the board. Tahoe Family Solutions offers an array of community-based services tailored to the needs of Incline Village and Crystal Bay residents. Education, mental health, and youth development are primary areas of TFS’s focus. In addition, TFS offers case management and referrals, environmental education through its summer camp program, and parent education. TFS also operates a local thrift store offering new and gently used clothing, furniture, and household items. To help support the area’s most vulnerable populations In light of the hardships created by the COVID-19 pandemic, TFS is raising funds that will be distributed by its Community Support Team. This money will go toward emergency financial support to help individuals to cover doctor bills, rent, utility bills, gas cards, grocery store gift cards, and more. To learn more and donate, click here.
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Incline-Based Sierra Nevada University Gets New President
After an extensive search, Sierra Nevada University, Nevada’s only accredited private nonprofit four-year university that is also located in Incline Village, has secured a new president. Dr. Rob Valli, an alumnus of U.C. Berkeley, Stanford, and Cambridge universities, has accepted the position at SNU Tahoe. Dr. Valli’s academic experience draws from a deep background in engaged learning and interdisciplinary coordination. His expertise leading both STEM and liberal arts students alike guides their self-efficacy and emotional intelligence development. His career trajectory spans academic administration, nonprofit policy development, investment banking, and Silicon Valley ventures, offering a unique arsenal of hybrid skills essential to modern-day college leaders. To learn more, click here.
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