Home sales, condo sales and PUD sales.  What is happening inside the Incline Village MLS.  We post this information weekly, with links to the properties so you can see what is actually happening in the Real Estate Market.  This weeks details are just a click away….

2009 Incline Village 3rd Qtr Sales Stats- compiled by Ryan Mitchell
Prices for Incline Village sales have begun to stabilize year to date through September of 2009 compared to 2008, at least in single family homes. Activity has jumped both in the high and low ends, with 15 single family homes sales below $600K compared to only 4 in 2008. Another 19 sales above $2MM closed in 2009 compared to only 11 in 2008. We have seen many new construction home sales recently in Mill Creek and Lakeview Subdivisions sell in the $2MM to $4MM range, including properties on Lakeshore, Oxen, Joyce, Tiller Dr., Mayhew and Tiller Ct. (in escrow).

The median price for an Incline Village home sank to $1,065,000, down slightly from the median price year to date in 2008 at $1,120,000. However, the average price increased 7% year over year from $1,411,886 in 2008 to $1,526,398 in 2009. Note that the average is weighted towards the many high-end home sales above $2 Million (19 total).

Pricing for condos and PUD’s have been skewed by the numerous sales below $1MM. Only 4 PUD’s have sold over $1MM this year with 14 under $1MM, and only 2 condos have sold over $1MM this year with 42 sales under $1MM. The average price for a condo in Incline Village dropped from $628,596 from this period last year to $410,674, where as PUD’s (freestanding townhomes) sank from $1,101, 517 to $622,420.

We have seen a jump in sales this third quarter, narrowing the gap between 2008 and 2009 sales YTD. 67 single family homes sold in 2008 compared to 70 home sales in 2009. 18 PUD’s have sold this year compared to 19 last year, and 44 condos have sold in 2009 compared to 51 in 2008.

In all categories, lower priced units have outpaced sales in the upper end with the notable exception of home sales over $2MM. Many new construction homes have been on the market for more than 2 years, and the owners and builders are cutting their losses. The outcome is that the inventory of newer homes with big lake views or that are close to the lake has dropped quickly. Prudent buyers will likely continue to deplete the inventory of new homes with views or proximity to the lake. On the other hand, we will continue to see price reductions and sales in the low end of the market until that inventory drops significantly. With activity at both ends, it is a tale of two markets for Incline Village sales so far in 2009.

Lexi Cerretti