Lake Tahoe fall
Home Sales in Incline are down 11% from a year ago. The number of homes sold this year have yet to hit the 80 mark (75 homes sold so far this year). There are signs that point to a prolonged real estate decline as the economy has yet to find even ground with unemployment and consumer confidence are still at recession levels.
In the higher end market at the Village, single family home sales (over $1 million) are thirty percent lower compared to 2010. Bear in mind we are currently in the busiest time for real estate transactions for the year, as numerous contracts are in place but is yet to close in escrow, or if it has closed hasn’t officially been reported.
Read the in-depth report here.
Some highlights from the well-written market report (Note — this is for Incline Village):
“Actual price per square foot has remained unchanged at $312.”
“Days on market for listings has increased 28 percent to 357”
“The number of short sales in the Incline Village MLS has tapered off to 31 percent from last year to just 11”
“The highest price paid for a home year to date in 2011 was $9,050,000”
“In 2010, there were 4 lakefront sales — $7.7M, $8.9M, $11.3M and $11.8M”
I also uncovered a neat report by CB on PUD short sale listings. Read complete report.
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