As the seasons shift, so do the Incline Village real estate trends that affect buyers and sellers in this picturesque alpine town on the north shore of Lake Tahoe.
In the second quarter of 2021, we continued to see strong demand for single-family homes and condominiums in the Incline Village market. Properties that came on the market generally sold more quickly and at higher median prices than they did in 2020.
For a more in-depth analysis of Incline Village real estate trends, let’s dig into the numbers.
Incline Village Real Estate Trends: Condos
Condos are one of the hottest segments of the Incline Village housing market because they offer buyers an opportunity to own real estate in this coveted zip code at a lower price point than single-family homes. This is especially true for buyers looking for a second home rather than a primary residence.
In the overall Incline Village/Crystal Bay condo market, the number of available condos decreased by about 27% from 2020, and those that sold spent about 13 days less on the market than the previous year. The number of units sold increased slightly from 2020, indicating that buyers could find more properties than the previous year. The median price increased by almost 36%, bringing it to $835,000.
The luxury market is a subset of the overall market and is differentiated by a more than $1 million median sales price. The luxury condo market in Incline Village saw a 500% increase in units sold year over year. At the same time, the median price and average sold price per square foot decreased. However, because of the relatively few condos sold in this market, one sale can significantly impact the overall statistics.
Incline Village Real Estate Trends: Single Family Homes
In the overall single-family home market in Incline Village, we saw a decrease in the number of homes available, units sold, and days on the market. At the same time, we also saw a more than 17% increase in the median price.
Luxury homes in the Incline Market are defined as those with a median price of more than $1 million. While the overall median price of a single-family home in Incline Village is more than $1 million, in the luxury segment, we look at ONLY the sales of $1 million or higher, so the median is even higher than $1 million.
In the luxury single-family home market, we saw an increase in the number of units sold, median price, average sold price per square foot, and percent of list price received. All these numbers indicate that this luxury segment of single-family homes is an in-demand market.
Financing Tips For Buyers In Incline Village
Because homes in Incline Village usually come with a higher price tag, many buyers will need to consider how to finance this purchase and be competitive against all-cash offers. For more insight into Incline Village’s real estate financing trends, I reached out to Bryan Wallpe with Mortgage Upside and Cardinal Financial, a mortgage advisor in Incline Village since 1995. Here are four key pieces of advice he had to share with buyers:
Don’t count yourself out if you can’t offer all cash
Although some buyers are offering all cash for homes in the Incline Village market, they are also often offering a lower price than individuals financing their purchase. As a result, people with financing can beat out a cash offer by offering a slightly higher price or additional flexibility, such as allowing the seller to stay in the property for a while and rent back.
Look at your entire financial portfolio when considering financing
If you have many different pieces that make up your financial portfolio, you might be able to use them in different ways to buy a home in Incline Village. For example, individuals with significant stock market wealth can borrow against their stock portfolio with a margin loan, pay cash for the property, and, after closing, finance with a mortgage and pay off the margin loan. This is called delayed financing. Or buyers who already own other properties may be able to pay cash for a home in Incline Village by utilizing the equity from those other homes. There are many creative options.
Work with a local lender
Having a local lender with deep experience and connections in Incline Village can make a difference for buyers. It’s no secret that this small mountain town is well connected. (Try buying a bunch of bananas in less than 45 minutes at the Raley’s on Tahoe Boulevard after seeing a dozen people you know on the way to the fruit aisle!) As a result, local lenders have relationships with other real estate professionals that could help you get the home you want. From answering due diligence inquiries from a seller’s agent to helping to expedite the appraisal process, a local mortgage advisor’s connections can sometimes be the difference in getting your offer accepted and helping make the home purchasing experience more manageable.
Keep your lender up to date on any significant financial decisions or changes
Getting pre-approved by an underwriter is critical when buying in a hot market such as Incline Village. Once you are pre-approved, it’s essential to keep your lender up to date on any changes that might impact that status. For example, if you change jobs or take out a loan on a new car, let your local lender know so they can ensure that your pre-approval status stays up to date as you continue to refresh the MLS.
Advice For Buyers And Sellers In The Incline Village Housing Market
As demonstrated by the Incline Village real estate trends discussed above, this market continues to be in demand and attractive to buyers looking for a Lake Tahoe address with Nevada tax benefits.
- Sellers: Market conditions are still in your favor, so now is the time to sell if you’re entertaining moving to a new area or getting rid of a second property. Don’t hold out for the perfect moment and take advantage of the high demand.
- Buyers: If you’re looking to buy a single-family home, the sweet spot for pricing is between the $2 million to $3 million mark. If you want more value and less price, look at the condo market for other options.
Incline Village Community Update
Incline Village Crystal Bay Launches Newly Formed Community and Business Association
Local leaders within the North Shore of Lake Tahoe recently launched the Incline Village Crystal Bay Association (IVCBA), the region’s newest collaboration formed to build community and communication among residents, businesses, and nonprofit organizations.
The organization’s website, IVCBA.org, is a community-wide resource with local news, a community calendar, and a directory that organizes businesses, nonprofits, and agencies by category.
Pending the status of COVID-19 restrictions, IVCBA plans to introduce business promotions, events, and community collaborations designed to engage residents and build community in Incline Village Crystal Bay, such as a new resident welcome program. Northern Lights Festival, a community-wide collaboration, will be its signature event in 2021.
For more information about the IVCBA’s numerous individual and business benefits, resident information, and how to get involved, visit IVCBA.org or email firstname.lastname@example.org.
Get Up To Date On Best Management Practices
Everyone has a role to play in protecting Lake Tahoe’s famed clarity and environment. Science shows that implementing Best Management Practices (BMPs) on existing development is a critical step toward improving Lake Tahoe’s water quality and clarity. To protect Lake Tahoe for future generations, the Tahoe Regional Planning Agency requires all developed parcels to install and maintain BMPs.
BMPs are proven methods that prevent sediment and nutrients from entering Lake Tahoe’s blue waters. By installing BMPs, all property owners can help slow or reverse the loss of Lake clarity.
BMPs prescribed for residential properties may include:
- Paving dirt driveways
- Protecting the soil under drip lines of roofs by installing drain rock
- Stabilizing or retaining steep slopes and loose soils
- Vegetating and mulching bare soils
To get started implementing BMPs on your property, visit tahoebmp.org.
Shabby Chic Returns To Raise Money For Tahoe Family Solutions
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Tahoe Family Solutions will host its lively summer party and fundraiser, Shabby Chic, on Tuesday, August 31, 2021. Attendees can enjoy live music, fine food, and a remarkable silent auction. All proceeds from the event will be directed to the TFS mental health program. Purchase tickets online at tahoefamily.org or by calling 775-413-5145.
Process Begins For Sierra Nevada University To Join University Of Nevada, Reno
The Board of Trustees of Sierra Nevada University has approved an agreement allowing Sierra Nevada University to become part of the University of Nevada, Reno. It is the first critical step in a careful process that requires further approvals by the Nevada System of Higher Education Board of Regents and several vital regulatory bodies.
Under the agreement, the Sierra Nevada University Incline campus would become part of UNR, and the institution’s programs and operations would gradually merge.
Located in Incline Village, the 20-acre master-planned environmentally sustainable campus of Sierra Nevada University offers an educational experience where students learn in one of the world’s most beautiful environments—Lake Tahoe.
Get More Incline Village Real Estate Trends And News
If you’d like to stay up to date on what’s happening in the Incline Village housing market, email email@example.com or firstname.lastname@example.org with the subject line, “Give me the Incline Village Inside Scoop!”
Whether you are buying or selling, 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.