The month of May brought 67 new properties to the Incline Village and Crystal Bay market in preparation for Memorial Day weekend and the busy summer sales season. 16 properties accepted offers with 18 successful transactions taking place last month. Properties selling in May averaged 99.88% of the list price with numerous low elevation homes in the Lakeview Subdivision and Millcreek Neighborhoods receiving multiple offers and over list price sales. The first week of June has already brought 14 new properties and 3 accepted offers. Buyer demand continues to remain strongest for well priced low elevation single family homes. Link here to homes that received multiple offers with list price or over list price sales quickly.
Looking at the greater Tahoe Truckee region a similar trend has taken place. As housing inventory has increased in the first half of the year buyer activity has increased proportionately. We will likely continue to see inventory swell until the first week of July where it will reach its peak with buyer activity in full swing by midsummer. On the back half of summer, those looking to sell before the slower shoulder season will bring another small cluster of homes and price adjustments just before Labor Day with a final push of buyer activity in the weeks following Labor Day weekend.
It appears we are on the brink of another busy summer season with 42 homes already closing in the second quarter of this year. Year to date in Incline and Crystal Bay there have been a total of 94 sales. This is a 42% increase in sales during the same time period last year.
Currently 144 properties are listed for sale, 82 single-family homes, 50 condos and 12 vacant lots.