The Incline Village and Crystal Bay Real Estate Market saw a relatively typical start to the summer selling season with 50 properties closing escrow between June and July, 10% more sales than the same time period last year. 111 new properties were introduced to the Incline Village and Crystal Bay market during these two months and another 27 so far this August, resulting in active inventory reaching its highest point since the Fall of 2020. Active inventory currently sits just below 200 total properties, 101 single-family homes, 83 condos and 14 lots. At the current sales pace it would take 7 months to sell all active inventory currently in our market slightly favoring buyer's in our market. This has been evident by the continued number of price reductions throughout our market, as eager sellers look to remain competitive. In just the lat week there have been 12 price reductions on properties from a 1 bedroom condo listed at $450k up to single-family homes just under $3M.
So far this August there have been 20 properties accepting offers and another 16 that have closed escrow in Incline Village and Crystal Bay. Over the last two years, August, September and October have reported the largest number of sales throughout the season, with 114 sales being recorded in these 3 months 2023 and 89 sales in 2022. It is unlikely that we will continue to see the steady influx of new property that started back in May and active inventory should begin to decline again as is typical of this time of year.
In summary, the Incline Village and Crystal Bay real estate market is exhibiting a blend of familiar seasonal patterns and notable shifts. With inventory levels at their highest since Fall 2020 and a modest buyer’s market in play, sellers are adjusting prices to stay competitive, reflecting the current market dynamics. The recent uptick in activity, particularly with August showing strong engagement, underscores the continued interest in our area. However, as we move forward, we can anticipate a decrease in new listings and a gradual decline in active inventory, aligning with typical seasonal trends. For buyers and sellers alike, staying informed and responsive to these fluctuations will be key to navigating this evolving market. As always, if you have any questions or need personalized advice, please don’t hesitate to reach out.
Currently 198 total properties are listed for sale, 101 single-family homes, 83 condos and 14 lots. The largest discrepancy we have seen from years prior is the number of condos available for sale. An 88% increase of available condos units from the same time last year. A large part of this can be attributed to the commercial insurance issues that continue to hurt HOAs that are needing to issue special assessments to make up for increased premiums that long time owners are can no longer afford. This will continue to push prices down in certain condo complexes for now.