NevadaIncline Village & Crystal Bay, NV “We believe our market is rebalancing with sales and inventory stabilizing at levels traditionally seen before the ‘real estate bubble developed and subsequently burst’ according to Bill Hane, managing broker at Coldwell Banker Select, Incline Village. We expect lower inventories throughout the balance of the year with strong demand for second homes from Bay area buyers. Sales prices are still significantly lower than 2007 prices and coupled with financing rates in the 4.2% range, buyers should act this year to acquire that second home in the Lake Tahoe market. Most of our sales are now ‘equity sales’ with short sales and bank owned sales an insignificant percentage of our market.” When we talk about residential sales in the Incline Village/Crystal Bay area we need to address single family home and condominium sales as two distinct markets. Condominium sales make up a significant percentage of overall residential sales. Year-to-Date April 30, 2014, condominium sales accounted for 56.7% of residential sales. Condominiums are often the best choice for our second home clientele. Year-to-date ending April 30, 2014 single family home sales are down 40% from the same period last year while the median sold price is up 17.1% to $1,088,750. Days on market are up 7.6% over the same 2013 time frame to 198 days and the percentage of final list price obtained remains at 95%. Month’s Supply of Inventory is currently at 6.6 months which is often described as a balanced market between supply and demand. There are currently 131 single family homes on the market at a median list price of $1,495,000. The lowest price single family home is currently $539,000. Year-to-date ending April 30, 2014, condominium sales are down 8.3% from the same period last year while the median sold price is up 2.5% to $389,000. Days on market are down 40.7% from the 2013 time frame to 83 days and the percentage of final list price obtained rose to 96%. Month’s Supply of Inventory is currently at 3.5 months which is typical of a moderately strong seller’s market . There are currently 101 condominiums on the market at a median list price of $459,000. The lowest price condominium is currently $125,000.
Carson Valley, NV
The number of home sold around Carson Valley fell from 2013 to our current year to date. But prices continue to rise.
Home sales in Carson Valley fell 36 percent, but the average price was up 11 percent. Mary Cioffi, reports that there are buyer waiting to buy but inventory in homes under $250,000 is scarce and homes in this price range do not last long. The Topaz Lake area was most extreme with homes sales down 40 percent and average price up only 4 percent in the same time period from the past year. The median sales price for the Carson Valley went up 13% to $187,000 from $165,000
“In Fernley, the average sales price is up 17%, but our number of sales is down 29%. Being an entry level community our market is still very strong except at the higher price level, that would be over $150000 in Fernley. In the last 12 months we have 391 sales with 280 less than $150000. Our average price is $134000 so we are an example of, drive a little save a lot!” – Ed Phillips, Managing Broker Coldwell Banker Select Real Estate in Fernley