Hi everybody! Phillip Goodman from the Nevada Real
Estate Group at Keller Williams Group One Inc in Reno, Nevada and today I am with
Chris McCabe who is our Incline Village expert. How are you doing today Chris? I'm
doing great. How was your drive coming over the hill? Well it's kind of
exciting. It's snowing up there and there's snow on the roads and it
starting to look like winter. Are you gonna leave any good powder for
everybody else? Well I've already been up a couple times.
Nice. Scouting so yes. Right on Right on. Well before we go skiing we're first
gonna take a look at the Incline Village market report. The first thing we're
gonna look at is the sale price versus the list price and if you've watched our
previous market reports through market insights you would know that as "percent
of asked received." So Chris as we look at the peak of August and as we get into
September/October what's happening in Incline Village? Well what happens
typically and what happened this year is the sellers had to drop the prices on
their homes as they were going into winter so that they could sell them. On a
million dollar home if you drop it one percent that's $10,000.
Doesn't sound like a lot in some markets but in this it adds up. So homes
were typically selling for anywhere from 1-3% less than they were
in July and August. And this sharp incline here is still a little bit of
restricted data as we're still having/ seeing deals finish here in the end of
November. It was still very strong fall sales in fact sales were up over over
last year. And do you see the spike
back up as as the snowbirds come up and finally say "yes I want to buy in the
winter?" Oh there'll definitely be some impulse buying from from from the
snowbirds and the skiers. Fascinating, fascinating. Next we're gonna take a look
at the historic sales price trend and this is about the median price here and
when you look back at 2013 you do see a gradual trend upward but Chris why are
there these huge spikes in in the summer months? Well every now and then there'll
be a $23 million sale or even a $40 million
sale and so that will skew that graph pretty pretty drastically. But it
seems pretty legit that right now at the end of October we're sitting at a median
price around $700,000. That would include condominiums yes. The
median price of the single-family home and incline is just under $1.5(million)
right now. Last year at this time it was about $1.(million) so we are up.
This unique graph from the Incline Village Realtors is the average days on
market versus list price median. So first we're gonna look at the green line which
is the days it took to sell a property and in relation to that the median
list price. So as as prices are higher then typically it takes longer. But as we
went into the the fall selling season as Chris calls it these numbers actually
start to merge together. Yeah that's pretty interesting. In the middle of the
summer when we have the most inventory and prices are highest we have over a
hundred days spread and as we're getting into the fall selling season that
gets much tighter. Another quick report from the Incline Village Realtors is
this breakdown of the types of inventory. Only one commercial unit and we talked
about condos. Right now with 37 active condos on the market that's an average
price of almost 800,000. Talk about the importance of condos in the Tahoe market.
Well condominiums in the Incline Market are very important. It's the
lowest price point. I mean you can get in for as low as $350,000 but there's
some nice $2.5million condominiums on the water and comes with
complete with the pier and private beach. And that's what brings
that price point up. Lastly let's look at the residential
stats. Currently a 122 active properties with an average price
of $4million and they've been on the market for half a year on average. Well
there's a number of homes in that four to six million dollar range that just
they require that specific buyer and they stay on the market for
200 days sometimes longer. And then they'll pull them off the market and put
them back on. So sometimes it can take a couple years to sell a few of these
speciality properties. Well there you have it that is your
October 2018 market report for Incline Village. Chris:Christmas, New Year's
coming up. What kind of fun events are happening up in Incline Village as we
close out 2018? Boy it's crazy up there. It's a lot of
fun. The Hyatt puts on a big party down at the casino there. All the restaurants of course do
special things for New Year's. Skiing! Hopefully we're gonna get plenty of
snow. Skiing at Diamond Peak is a great family resort. Endless winter activities.
Something for everybody. Well when you're ready to go look at properties up in
Incline Village you can contact Chris McCabe at the information you see on
your screen now. For more information you can contact Chris or go to our website
seerenohomesforsale.com. For Chris McCabe for the Nevada Real Estate Group
at Keller Williams Group One Inc I'm Phillip Goodman we'll see you next
time.