Spring has sprung in Incline Village and Crystal Bay. April brought 34 new properties with 5 scooped up in just the first couple days on the market. 20 successful transactions took place in April reaching 40% of Q1's sales so far in 2024. The month of May has already brought 11 new properties and 9 accepted offers.
Buyer demand continues to remain strongest for well priced low elevation single family homes or those with captivating views at higher elevations. Notable properties going under contract quickly at low elevations include 640 Martis Peak, 999 Lakeshore #31 and 254 Deer Court, link to properties. 999 Lakeshore is a unique lakefront condo complex next to Lone Eagle Grille and the Hyatt. A prime location that we don't see these available often and highly sought after complex as evidenced by the quick offer.
Insurance continues to be a major issue in our marketplace especially for larger condo associations and commercial properties. Unlike our neighbors in California, Nevada does not currently have a similar FAIR Plan that provides coverage for homeowners in the traditional marketplace. Aside from the higher costs and limited coverage, both buyers and sellers need to be aware of the difficulty in qualifying for loans on these complexes. Addressing insurance challenges is imperative for ensuring our region's stability and will continue to be a hot topic to pay attention in coming months.
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Currently 103 properties are listed for sale, 56 single-family homes, 38 condos and 9 vacant lots. With warm weather and prime listing season upon us, we should start to see overall inventory continue to grow month over month throughout the summer.
