While many buyers are still looking for real estate in Incline Village/Crystal Bay to enjoy its quaint charm, telecommuting conveniences, and glorious outdoor recreational activities, demand is stabilizing in the market and as a result, so is available inventory.
Our Q1 2021 update covered the pandemic-driven migration driving demand for destination mountain communities, including those in the Lake Tahoe area. Since the beginning of the year, we’ve seen the supply levels grow for condominiums and single-family homes in Incline Village. This, coupled with our spring shoulder season, reflects the fewer units sold for April 2022.
Keep reading to learn more about what happened so far in 2022 and what to expect as we head into the heat of summer.
Real Estate in Incline Village/Crystal Bay: 3 Numbers You Need to Know For Summer
1. How many homes were available for sale in April 2022?
As Q1 2022 concluded, 45 condominiums were available for sale, representing a 40.6% increase year-over-year. Although this percentage is significantly higher than the previous year, it can also be attributed to the seasonality we typically see before moving into summer.
The single-family home inventory also experienced a similar trend, up 47.1% from 34 homes in April 2021 to 50 in April 2022.
2. How did median prices and home sales change year-over-year?
In April 2022, the median price for condos in Incline Village/Crystal Bay reached about $1.1 million. This number represents a 41.2% increase year-over-year and indicates that condos remain the market’s hottest segment. Remember, “median” is the middle, so half sold for less and half sold for more. However, with seasonal factors coming into play, fewer units were sold, down 36.8% from April 2021.
At the same time, the median price for a single-family home dropped to about $2.1 million, a 15% change year-over-year. Fewer units sold, resulting in a 15.6% decrease in home sales from the previous year.
3. How has inflation affected the Incline Village housing market?
With inflation near a 40-year high, the Federal Reserve is expected to make at least three big rate increases in the coming months, leading to even higher mortgage rates. In Q1 2022, mortgage rates rose by 1.5 percentage points, representing the biggest quarterly jump in 28 years.
While this has undoubtedly changed affordability for buyers across the country—especially first-time home buyers—the demand for real estate in Incline Village/Crystal Bay remained steady, and homes are still selling quickly.
In April 2022, it took 30 days for a condominium to go into contract, which was 11 days faster than the previous year. Single-family homes also left the market 11 days more quickly, from 46 days in April 2021 to 35 days in April 2022.
Short-term rental policy in Incline Village gets update
Since Lake Tahoe has always been a popular tourist destination, many Incline Village homeowners have historically had second homes for short-term rental (STR) use. However, in the first quarter of 2021, the Washoe County Board of Commissioners adopted a new STR ordinance, establishing higher standards and regulations around the permitting process.
While it’s still too early to tell how significantly this has impacted the demand for real estate in Incline Village, we know that some homeowner associations (HOA) prohibit STR use. This has primarily affected the market for the use of condos as second properties. So, if you’re considering applying for an STR permit, follow the Washoe County application guidelines and check with your HOA for specific rules and regulations.
What’s new in the Incline Village community?
4th Of July Extravaganza To Celebrate Local Heroes
The Incline Village Crystal Bay Community and Business Association (IVCBA) will host an extravaganza of festivities over the 4th of July weekend to celebrate local heroes including, but not limited to, veterans, firefighters, law enforcement officers, health care workers, educators, and service workers.
On July 2, a pancake breakfast will kick things off. The parade and community fair will follow on July 3, with a chance to meet and greet the Washoe County Sheriff’s Office. On July 4, the Veterans Club will hold its annual pancake breakfast at Aspen Grove. Then, the Firecracker Race will fundraise money for the cross country team at Sierra Nevada University.
Don’t miss the weekend highlight of the new Incline Village Crystal Bay SkyShow, a drone show that replaces the 4th of July fireworks in a safe and environmentally conscientious way. For more information, visit the IVCBA website.
Lake Tahoe Shakespeare Festival Celebrates Its 50th Season
This summer, the Lake Tahoe Shakespeare Festival (LTSF) will celebrate its 50th anniversary season by bringing entertainment, food, family, and friends together beneath the stars on the gorgeous shores of Lake Tahoe.
LTSF is a nonprofit organization dedicated to enriching the cultural lives of all residents and visitors to Lake Tahoe and the surrounding area, attracting more than 35,000 attendees from across the country annually.
The festival lineup for 2022 headliners will feature:
- Much Ado About Nothing: Shakespeare’s sublime battle of wits and wills
- Mamma Mia!: The smash-hit feel-good musical
- D.G. Menchetti Young Shakespeare Program: a free interactive and family-friendly one-hour performance adaptation of a Shakespeare play.
There will also be a showcase series of events featuring the Reno Phil Orchestra, ballet performances, and more.
For tickets, visit the LTSF website or call (800) 747- 4697.
Ordinance 7 To Improve Summer Recreational Activities In Incline Village
Over the last few years, the general improvement district Board of Trustees has sought to establish Ordinance 7, which enforces rates, rules, and regulations for recreation passes and punch cards issued by the district to parcel owners and tenants.
As an evolution of the 1968 Beach Deed for Incline Village, Ordinance 7 aims to reduce beach crowding and provide fair recreational access to community members and guests. Since Incline Village is a popular tourism destination, many residents feel that private beaches have become overrun.
The Ordinance 7 committee has hosted three virtual community forums to discuss the proposed changes and specific requirements. In addition, community members were encouraged to complete a survey. After collecting feedback, the committee adopted an updated version of the ordinance to go into effect on June 1, 2022.
Some of the key revisions include:
- Limiting groups to 15 people per parcel unless authorized by the Incline Village General Improvement District (IVGID)
- Stronger sanctions for misconduct, which can include suspension of recreation privileges for up to two years.
- There will be a more detailed list of activities that constitute misconduct.
- No commercial boat launching will be permitted.
- Hotel and motel occupants will be provided with an access beach pass, including a verification process and a $15 fee.
- To ensure the IVGID Picture Pass holder is recognizable, there is a requirement that all pass holders under the age of 18 must obtain an updated photo every three years.
- Each residential parcel and dwelling unit is eligible for a combination of up to 5 IVGID Picture Passes and/or Recreation Punch Cards.
- Recreation Punch Cards will not be permitted for golf course use.
- IVGID Picture Passes will not be permitted for golf course use or guest access to beaches.
- For a more detailed list of the revisions from May 26, 2022, visit the IVGID website.
Real Estate In Incline Village/Crystal Bay: Advice For Buyers And Sellers
With beach days and afternoons spent relaxing on sunny patios, the summer is our busiest time of the year. So, if you’re considering buying or selling real estate in Incline Village, now is the time to beat the rush. Here are some tips for finding success, no matter what side of the market you’re on.
Buyers: If you’re searching to buy real estate in Incline Village, don’t let rising mortgage rates stop you from buying your dream home. Many options are available, even if you’re up against all-cash offers. The key to success in the market is to be creative and informed by looking at your entire financial portfolio when considering financing. You’ll also want to work with a local real estate agent and a lender with local experience who can help you get the home you want.
Sellers: While the market has started to show signs of cooling off from a pandemic-driven frenzy, the demand is still there from buyers who want to own real estate in Incline Village. So, if you’re considering selling your second home, now is the time to do so. Summer is the peak season to attract motivated buyers. With the right pricing strategy and knowledgeable real estate by your side, you can take advantage of the gains in value over the past few years.
Get More Updates, Trends, And News About Real Estate in Incline Village/Crystal Bay
If you’d like to stay up to date on what’s happening in real estate in Incline Village/Crystal Bay, email info@dicksonrealty.com or mjurkonis@dicksonrealty.com with the subject line, “Give me the Incline Village Inside Scoop!”
