In the last quarter of 2021, the Incline Village and Crystal Bay housing market started to plateau as seasonal factors came into play and home sale prices leveled.
This seasonal slowdown in the real estate industry can be attributed to homeowners who are hesitant to sell during extreme winter conditions—such as the record-breaking snowfall we had in December—and many homebuyers also experienced burnout after navigating a competitive market.
But this doesn’t mean that there isn’t a demand for Incline Village/Crystal Bay housing. Winter can be our busiest time of the year, attracting people looking for a home away from home near snow-driven recreation activities and remote working opportunities.
So, if you’re thinking about entering the market and want to know more about living in the Sierra Nevadas, we’re here to help you when you’re ready. Here’s how.
Have Incline Village And Crystal Bay Housing Prices Reached A Plateau?
As a long-time North Lake Tahoe resident and dedicated real estate professional, I’m happy to share quarterly updates about the close-knit communities of Incline Village and Crystal Bay. Here’s what happened in the last quarter of 2021 and what you can expect for 2022.
Condos Stayed On The Market Longer
Since the beginning of the pandemic, Incline Village/Crystal Bay housing has experienced tremendous growth. Condominiums are one of the market’s hottest segments as they are often less costly than most single-family homes and require less maintenance—the perfect solution for a remote worker. As a condo owner, you’ll spend less time raking leaves and shoveling snow and more time hanging out at the pool or simply relaxing at home. But, besides the convenience of owning a condo, let’s talk about the numbers.
In Q4 of 2021, the median sales price for a condo in the Incline Village/Crystal Bay housing market reached $950,000, representing a 31% increase year-over-year. Although this increase is substantial, we have started to see prices for condos and single-family homes come to somewhat of a plateau in the last few months. This leveling off could potentially provide buyers with an upper hand in the market.
In total, there were 50 available condos for sale in the fourth quarter, representing a 2% decrease from the previous year. The number of units sold also decreased from 71 to 53, which can be explained by the surge of people buying and selling real estate after the economic shutdown. For the first time in 2021, condos stayed on the market for longer than the previous year, from 52 to 85.
Single Family Home Prices Stopped Growing As Rapidly
If you read our third-quarter update, then you know that single-family homes in the Incline Village/Crystal Bay housing market experienced the most significant price increase of 119% year-year-year. However, in the fourth quarter of 2021, the median price for single-family homes increased by 11%, from about $1.7 to $1.9 million.
There were also fewer single-family homes available, down 38% from the previous year. With lower inventory levels, 60 fewer units sold, and homes sold at a quick pace. The average number of days on market was 46, representing a 34% decrease year-over-year.
It’s important to remember that luxury homes in the Incline Market/Crystal Bay housing market are defined as those with a median price of more than $1 million, and one sale can significantly impact the overall statistics.
With this in mind, Lake Tahoe’s real estate market broke its all-time record for the number of multimillion-dollar homes sold in 2021, and Incline Village had two properties sell for more than $45 million in first and second place.
Advice For Buyers And Sellers
Many of our clients come to us and ask, “Are we in a buyer’s or a seller’s market?” Although we can’t predict the future, we’re happy to provide them with the most up-to-date information about the Incline Village/Crystal Bay housing market to help them achieve their real estate goals.
- Sellers: Don’t wait too long and miss the opportunity to sell your home for these peak-value prices. Now is the time to take advantage of the market since it’s still in your favor. With less fear of missing out (FOMO), buyers are now entering the market with more confidence and taking more time to decide what works best for them. If you contact one of our real estate agents, we can help you get the best possible price for your home.
- Buyers: Incline Village/Crystal Bay housing prices have started to level off, which means you can breathe a little easier, at least for now. Condos are also staying longer on the market, but inventory remains low. So, if you see something you like, it’s probably a smart move to put an offer out there. You’ll also want to take advantage of interest rates since the Federal Reserve recently announced its bond purchasing program, which will likely increase mortgage rates to 3.5% or more in 2022.
Incline Village Community Update
Diamond Peak Hosts Its 12th Annual ULRR Fest
On Friday, Feb. 4, community members can attend the 12th annual Ullr Fest Parade & Party at Diamond Peak for a torchlight parade, bonfire, music, raffles, food, drinks, and more while raising funds for the Diamond Peak Ski Team. This fun outdoor celebration is named after the Scandinavian god of winter and snow, widely regarded as skier’s patron saint. Participants are encouraged to come dressed in Ullr attire.
Admission and parking are free but dress warmly as the event will be held exclusively outdoors. There will also be a raffle with a grand prize of a YETI Tundra 75 Cooler, donated by Village Ace Hardware. To donate a prize to the Ullr Raffle or online auction, contact Darolyn at foundationdirector@dpsef.org.
Please see below for the event schedule:
- 4 p.m. Raffle tickets and Ullr merchandise will be for sale while supplies last.
- 4-7 p.m. Diamond Peak will be serving Ullr BBQ and food specials.
- 4-7:30 p.m. Enjoy Ullr drink specials.
- 5:30 p.m. Kickoff of the Diamond Peak Ski Team parade at the Base Lodge
- 6:15 p.m. There will be a torchlight parade on “Show-Off” and Bonfire with viewing from decks.
- 6:45 p.m. Raffle and Ullr Costume Contest will begin.
New Chairperson For The Tahoe Family Solutions Board
As a long-time board member, I am honored to be the new Chairperson for the Tahoe Family Solutions (TFS) Board of Directors. Together, my team and I help provide free to low-cost services to women and children of North Lake Tahoe who need it the most.
Although education, mental health, and youth development are our primary focus, we also offer case management, referrals, and volunteer income tax assistance.
In addition to those programs, TFS is a proud member of the Tahoe Collaborative Associate of Nonprofits. This opportunity has enabled us to expand our partnerships with other agencies to provide optimum service delivery.
So, if you want to become one of our collaborative partners or need help finding access to resources, please visit our website and contact us here.
Incline Board Approves Exploring Expansion Of Recreation Center Programs
The Board of Trustees of the Incline Village General Improvement District asked staff to work with the Dave and Cheryl Duffield Foundation to develop concepts to expand the services and programs at the Incline Village Recreation Center.
The 37,000 square foot Recreation Center is open to the public and boasts various activities for all ages and interests. The vision for this partnership includes expanding the Recreation Center to better serve youth and teens in the community through well-managed and supervised programs and activities. While the expansion’s primary goal would be to help kids and teens, there would also be a chance to use the facilities for personal training and other types of commission-based recreation services.
Get More Incline Village/Crystal Bay Housing Updates, Trends, And News
If you’d like to stay up to date on what’s happening in the Incline Village/Crystal Bay housing market, email info@dicksonrealty.com or mjurkonis@dicksonrealty.com with the subject line, “Give me the Incline Village Inside Scoop!”
