In brief, 2012 was a huge comeback year for the Incline Village real estate market. The number of homes sold dramatically. The reason was price affordability and interest rates compared to previous years.
Key statistics:
1. 150 residential homes sold in 2012 versus only 96 sold in 2011.
2. Median sales price of a residential home became even more affordable at $750,000 in 2012 versus $771,500 in 2011 and $839,000 in 2010. Lower prices and unheard of low interest rates created momentum for those that have been waiting on the sidelines to buy in Incline.
3. Time on market continued to decrease year over year.
4. Inventory / selection has decreased to a level I've not seen since the hectic dot com days of froth when the number of properties for sale also went sub 200 units available as it is now.
5. The sale price versus ask price difference has decreased with more folks chasing less inventory.
The future looks bright here in Incline. New building inventory is almost non-existent. Homes for sale are also often in need of a refurbishment which decreases the selection for many second home buyers. The foreclosure market is almost nil as well. Workouts (short sales) are now much more of a known process allowing existing owners to hold on for the upturn.
Lakeshore Realty is reporting 117 properties sold by the brokerage this year for a total of $92,239,875, and continues to be one of the leading real estate companies in the North Lake Tahoe area.
Review the Lakeshore Realty produced infographic below for a snapshot of what happened in the 2012 Incline real estate market.
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Thank you for viewing the Lake Tahoe / Incline Village / Crystal Bay Real Estate Blog. For more info or discussion contact me directly at Randy@RandyBull.com or 775-771-7338.
Thank you for viewing the Lake Tahoe / Incline Village / Crystal Bay Real Estate Blog. For more info or discussion contact me directly at Randy@RandyBull.com or 775-771-7338.
