Where in the world can you soak up phenomenal alpine views and enjoy renowned outdoor recreation in all four seasons? Why, Incline Village of course!
Snow enthusiasts know that we are in the best part of winter and this has spurred an interest in the Incline Village real estate market. With the changes from the pandemic at top of mind, people are looking to switch from urban living to the expansiveness of the Sierra Nevada landscape.
An influx of buyers coupled with quickly moving inventory makes Incline Village real estate a hot market for both sellers and buyers alike—even when temperatures drop. In December 2020, 92 single-family homes and condos were available on the market—a 48.6% decrease year over year. So, it’s no surprise that the available homes sold quickly. The average days on market dropped from 205 days in December 2019 to 84 days in December 2019. Last month, there were only 39 residential properties listed in Incline Village.
People are still willing to pay top dollar with fewer homes on the market. In the last month of 2020, the average price per square foot for both condos and single-family homes in Incline stood at $736—a 39.5% increase over the prior year and an 8.7% increase in price per square foot over the third quarter of 2020.
The single-family home inventory shows a similar trend. From December 2019 to December 2020, the number of single-family homes for sale in the Incline Village area dropped by about 49%. The median price of houses rose about 21%, shifting from $1,425,000 to $1,725,000. Home sales have risen almost 138%, and average days on market has shortened by 70% from the same time last year, going from 300 to 90. The number of condos on the market also decreased from 2019 by about 48%, while the median price rose by about 12%, from roughly $690,000 to $770,000. The number of units sold doubled from December 2019 to December 2020, and average days on market shortened by almost 30% from 104 to 73.
If last summer is an indicator, it is a possibility that summertime 2021 rates may still increase. We are facing a convergence of opportunity and lifestyle shifts. That said, we are in an unprecedented time. So, if buying or selling is on your docket, it’s best to move quickly.
Our team of three diverse and qualified real estate professionals can help! We know the luxury market in Northern Nevada, offer dedicated marketing, and have a database of 10,000 qualified contacts. Contact us today and we can help you start the process: (775) 849 – 9444.
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