As our quaint mountain town says goodbye to summer and prepares for another winter, it’s time for another Incline Village housing update.
In the third quarter of 2021, we continued to see prices rise for single-family homes and condominiums. Many people are seeking homes and a better quality of life in the Lake Tahoe Basin, and who can blame them?
While summer is our busiest time of the year for real estate and tourism, winter also attracts people looking for a home away from home, snow-driven recreation activities, and remote working opportunities.
If this sounds like you, or maybe you’re just curious about what happened in the third quarter in the Incline Village real estate market and what it means moving forward, then keep reading.
Q3 2021 Incline Village Housing Update: What Happened and What’s Next
Incline Village Real Estate: Condos
Condominiums offer buyers the opportunity to own real estate in Incline Village for less than the price of most single-family homes and with less maintenance. So, it’s easy to see why they’re one of the most popular segments of the market. Some buyers are looking for a place to lay their head at night after a big adventure, while others want a second home rather than a primary residence. Either way, condos offer the perfect solution.
In Q3, the median price for a condo in Incline Village reached $846,750, about 6% higher than last quarter and 18% higher year-over-year. This graph also shows the number of available units decreased by about 18% from the previous year.
From July to September 2021, the number of condos sold decreased by about 50% compared to the previous year. This is due to the surge of people buying and selling real estate after the economic shutdown. However, condos are selling faster than before, staying on the market for an average of 46 days versus 52 days at this same time last year. There were 20 more condos available than last quarter, which indicates the difference in demand for single-family homes during the warmer months and condos in the colder months.
With freezing temperatures and the first snow hitting the headlines, we expect to see condo sales increase over the next quarter. If you can live luxuriously without putting in the effort of maintaining thousands of square feet, then why not? Shoveling snow can quickly become an all-day affair for some properties in the Eastern Sierra Nevadas.
Incline Village Real Estate Update: Single-Family Homes
Single-family homes in the Incline Village market experienced the largest price increase during the third quarter of 2021. At the same time, we saw a decrease in the number of homes available, units sold, and days on the market.
Remember that luxury homes in the Incline Market are defined as those with a median price of more than $1 million, and one sale can significantly impact the overall statistics.
For example, there was a $32 million home that sold during the third quarter of 2021. The 14,000 square-foot lakefront property offers panoramic views of Lake Tahoe and has plans to build an indoor bowling alley, movie theater, and shooting range.
Although not all single-family homes have this market value, you can see how a sale like this can affect the numbers.
With this in mind, the median home sale price for a single-family home was $3,498,000, a 32% increase from the previous quarter and a 119% increase year-over-year.
Enjoy the views of the first green at the Championship Golf Course from the outdoor fire pit, wrap-around deck, and interior of this impeccably decorated and fully furnished home at 950 Fairway Park Drive in Incline Village, Nevada.
Advice for Buying and Selling Real Estate in Incline Village
The Incline Village housing market typically slows down in the fall, but the pandemic has largely impacted prices and sales. Although the market is showing signs of balancing out, we’re expecting demand to remain strong as we transition into the next quarter and upcoming year.
Lake Tahoe is a popular destination for winter ski trips and holiday vacations, which influences many people to consider buying a primary or second home in the market. This trend can cause a drop in available inventory because existing homeowners are less likely to sell in the snowy months.
If you’re looking to buy or sell a home, you’ll want first to consider these Incline Village housing update recommendations:
- Sellers: Housing prices have reached an all-time high, and homes are selling quickly. So, if you’ve been thinking about moving elsewhere and want to list your Incline Village property, now is the time to take advantage of the market. We’re expecting demand to continue into 2022, and a decrease in supply during the holidays will help you get the best price possible for your home.
- Buyers: Some competition has finally left the market, which means you can breathe a little easier. But don’t wait too long for prices to level off or decline because you might miss out on the home of your dreams. This is an excellent time to get your finances in order so that you can meet the speed of the market. You’ll also want to take advantage of the record-low mortgage rates as experts are expecting to see them rise in the following months.
Incline Village Community Update
Tahoe Biltmore Sold To California Developer With Luxury Design Plans
View this post on Instagram
In September 2021, the Tahoe Biltmore Lodge & Casino was sold to a California Developer for $56.8 million. The Newport Beach-based real estate firm EKN Development Group plans to continue hotel and casino operations to revamp the 75-year-old building into a beautiful marquee project.
As a historical landmark in the community, the Tahoe Biltmore has hosted many celebrities, including Phyllis Diller and Regis Philbin. Located between Kings Beach, California, and Incline Village, Nevada, it provides excellent access to nearby beaches and ski resorts.
EKN specializes in creating lodging-anchored mixed-use projects. With this design project, the Tahoe Biltmore will provide more hospitality and luxury lodging opportunities to the north shore of Lake Tahoe.
Ski Resorts Prep For Opening Day
It’s time to unpack your box of snow gear that’s tucked away in your garage and get ready for another ski season. Although the ‘Old Farmer’s Almanac’ predicts that we will have a mild and dry winter, we’re still hopeful that La Niña will bring colder temperatures and precipitation to Lake Tahoe. For the estimated ski resort openings in our region, see below.
- When: Tuesday, November 24, 2021
- Where: 2600 Alpine Meadows Road, Alpine Meadows, California
- When: Monday, November 23, 2021
- Where: 19749 Boreal Ridge Road, Soda Springs, California
- When: Friday, December 10, 2021
- Where: 1210 Ski Way, Incline Village, Nevada
- When: Friday, November 20, 2021
- Where: 3860 Saddle Road, South Lake Tahoe, California
- When: Friday, December 11, 2021
- Where: 5145 W. Lake Blvd., Homewood, California
- When: Friday, December 4, 2021
- Where: 1501 Kirkwood Meadows Drive, Kirkwood, California
- When: Friday, November 20, 2021
- Where: 22222 NV-431, Reno, Nevada
- When: Friday, November 20, 2021
- Where: 5001 Northstar Drive, Truckee, California
- When: Thursday, November 25, 2021
- Where: 1111 Sierra-At-Tahoe Road, Twin Bridges, California
Palisades Tahoe (Formerly Squaw Valley)
- When: Tuesday, November 24, 2021
- Where: 1960 Squaw Valley Road, Olympic Valley, California
Incline Village Golf Courses Closed Until Spring 2022
The Incline Village Golf Courses are closed from mid-October through mid-May, but the Championship golf shop is open year-round. You can practice your swing by requesting a lesson at the driving range or play a round of golf on the virtual simulator.
The driving range will remain open until the weather permits. You can purchase tokens and passes inside the Championship Golf Shop during operating hours.
During fall in Incline Village, the weather is beautiful, and golf professionals are available for lessons to help you practice your game. If weather permits, you can book private and semi-private lessons on the driving range by contacting the golf shop. View rates on the Golf Academy Page or call 775-832-1146 to book.
Maximize Your Tax Deductions This Season Through Local Charity
With the holiday season approaching, now is the time to start thinking about giving back to the community and those in need. What better way to do that than to maximize your 2021 tax deductions? For individuals who itemize their federal income taxes, the cap on deductions taken for annual contributions has been lifted from 60% to 100% of your adjusted gross income (AGI) for cash gifts to public charities.
This charitable incentive was made possible through the 2020 Cares Act, which extended to December 31, 2021. You can now partner with nonprofit organizations like Parasol Tahoe Community Foundation to take advantage of this great opportunity. Located in Incline Village, the Parasol Tahoe Community Foundation supports the Lake Tahoe region by partnering with donors to make their charitable giving meaningful. It has granted over $83.5 million to charitable causes since its inception. If you’d like to learn more about how to maximize your charitable giving this year, click here.
Tahoe Family Solutions Art & Wine Event For Mental Health
View this post on Instagram
As a board member for Tahoe Family Solutions, I’d like to thank everyone who helped us raise more than $200,000 in donations for mental health at our 2021 Shabby Chic event. At TFS, we feel deeply connected to the well-being of our fellow community members and care about their success. That’s why all proceeds will go towards our mental health program, offering counseling and psychiatric care to individuals and families in need.
Tahoe Family Solutions also offers assistance with advocacy, budgeting, clothing, housing, and more. You can find new and gently used clothing, furniture, and household items at our thrift store located in Incline Village. To learn more or if you’re interested in donating, click here.
Get More Incline Village Housing Updates, Trends And News
If you’d like to stay up to date on what’s happening in the Incline Village housing 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, 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.
