Mixed Bag for Incline Village Real Estate in the Third Quarter
With national home sales and transactions flirting with historic lows, Incline Village real estate trends were more of a mixed bag in the third quarter, with increasing median prices and single-family home sales balanced against a downturn in new listings and new contracts.
As the fall shoulder season settles in, let’s look into the latest numbers for Incline Village in this video.
Incline Village Real Estate Trends to Know for the Third Quarter
- Incline Village-Crystal Bay’s median single-family home price in September was $2.35 million, up 23% from $1.91 million in August and up 20.5% from last year ($1.95 million). Median condo prices dipped to $890,000, down 3.1% from August ($918K) and down 4.8% from last year ($935K).
- Home sales in September (24) increased slightly from August (23) and were up 41.2% from a year ago (17). Sales also are up considerably from June. Condo sales were down, however, with 8 in September compared to 21 in August (-61.9%) and 16 last year (-50%).
- The bellwether Q3 sales were for $15 million and $22 million; both lakefront homes closed in July.
- Incline saw 13 new home contracts in September, compared to 23 in August (-43.5%) and 16 last year (-18.8%). New condo contracts saw larger decreases, with 5 in September versus 16 in August (-68.8%) and 13 last year (-61.5%).
- There were 11 new home listings in September, down 42.1% from August (19) and down 8.3% from last year (12). New condo listings saw similar trends — 11 in September compared to 19 in August (-42.1%) and 13 a year ago (-15.4%).
- With active inventory, there were 88 homes on the market in Incline in September, down 8.3% from August (96) and down 3.3% from last year (91).
- Of note, two high-profile lakefronts are on the market — one for $10 million and the other, Steve Wynn’s “Old Forge estate,” listed at a whopping $76 million.
National Trends Dipping Toward Historical Lows
- National home sales in August (401,000) were 24% below the historical average of 526,000, according to statistics compiled by renowned real estate tech strategist Mike DelPrete that span 1999 to 2023. All told, August 2023 home sales were the lowest since August 2010.
- Home sales across the four main U.S. markets saw large decreases in August, with home sales in the West clocking in at 38% below the historical average. The Northeast, Midwest and South regions were down 35%, 19% and 15%, respectively.
Our No. 1 Tip for Buyers and Sellers in Incline Village
While national real estate trends continue their sluggish momentum, the outlook is brighter for Incline-Crystal Bay thanks to steady increases in median prices and home sales. With Incline’s Percent Over-Ask Analysis coming in at roughly 97.5% in September, now is the perfect time for prospective buyers to test the market before the first big snowfall arrives.