Seller’s Market This Summer for Incline Village Real Estate
Despite an extended cooling period for home sales due to the historic 2022-23 Tahoe winter, Incline Village real estate trends are heating up, evidenced by significant increases in new listings, active inventory, and median prices.
With summer conditions at their peak, the stage is set for an optimal seller’s market in August and September. Let’s look at the latest numbers for Incline Village real estate trends in this video.
Incline Village Real Estate Trends to Know for the Second Quarter
- Incline-Crystal Bay reported 88 active single-family home listings in June, a 40% uptick from 63 in May and a year-over-year decrease of 5.4%. Active inventory for condos was 49 in June compared to 39 in May (25% increase) and 47 in June 2022.
- Thirty new homes were listed in June, up 11% from 27 in May, while 20 new condos were listed, up 43% from 14 in May.
- The median home price was nearly $3.5 million, up 38.5% from $2.53 million in May and 35.2% from last year ($2.59 million). It’s also up nearly 150% from $1.39 million in March. Condo prices also rose in June, up 12% to $975,000 from $870,000 in May.
- Ten homes were sold in June, up from seven in May and eight a year ago — and up 233% from only three this March. While condo sales decreased from 12 in May to nine in June, it’s a marked improvement from four sold in March.
- Steady over-ask percentages suggest a solid seller’s market. Home sellers received nearly 96% of their list price in June, compared to 100.7% in May and 97.4% a year ago. Condo sales were at 98.7% in June, up 1% from May (97.8%) and unchanged from June 2022.
National Real Estate Trends Point to Economic Strength
- Despite below-average inventory nationwide and mortgage rates that are persistently above 7%, moderate price strength continues in the U.S., further proof the economy continues to positively impact the market.
- Roughly 40% of U.S. homes have zero debt, and homeowners possess over $30 trillion in equity, aided by Americans having historically great credit scores of 760 or higher. Homeowner equity that high indicates a healthy market showing no signs of shadow inventory coming anytime soon.
Our No. 1 Tip for Buyers and Sellers in Incline Village
As temperatures increase, so will Incline Village real estate activity, and sellers won’t take long to finalize asking prices. While it’s important to remember the market fluctuates due to the difference between highly priced lakefront homes versus those tucked in majestic forest-lined neighborhoods, recent median price rises suggest a strong summer seller’s market. If you’re looking to purchase the home of our dreams, don’t wait too long to make an offer.
