Incline Village Sales Report for January, 2014

Single family home sales for January were strong with 18 total sales, 12 of which were over $1 Million including 2 lakefront sales over $10 Million. 565 Lakeshore sold for $10.99 Million and 881 Lakeshore sold for $13 Million. There are another 14 homes pending, with 8 listed for over $1 Million, and one home at 703 Champagne listed at $14.99 Million. Average sales price is $2.5 Million at $568 per square foot. There are another 99 active homes listed, averaging $3.2 Million at $736 per square foot.With nearly 70% of the homes sold over $1 Million in January, we are seeing a high number of luxury homes on the Incline Village market. The trend in lakefront home sales continues, including 2 of the 18 homes sold fronting Lake Tahoe over $10 Million.Condos sales for January were also strong with 6 total sales, 2 of which were over $1 Million including one lakefront at Crystal Shores East and one at Third Creek. There are another 17 condos pending, with 1 listed for at $7.5 Million at 3839 Stillwater Cove. As of February 3 this condo has sold for $6.725 Million, the highest priced condo sale since at least 2003. Average sold price is just over $600,000 at $385 per square foot. There are another 61 condos listed for sale, averaging just over $623,000 at $343 per square foot.The high number of pending sales for condos should bring an uptick in the number of sales for the coming month. 12 of the 17 pending sales are between $300,000 and $500,000, so the average sales price should drop with the exception of the Stillwater Cove sale to be included in February’s sales numbers.PUD’s, or freestanding townhomes, had only 2 sales this past month at $330,000 and $625,000, both in Tyrolian Village. There are 5 sales pending, with one at 220 The Glen listed for $2,149,000. The average sales price is $477,000 at $253 per square foot. There are another 19 PUD’s listed, averaging just under $800,000 at $354 per square foot.Like condo sales, the higher number of pending sales should mean more sales in February.Inventory may seem to be depleting quickly, but this is due to fewer listings being available on the market during our winter season. Many owners prefer to withdraw their listings in winter, yet we see serious buyers still looking and purchasing during the slower months. This can also impact sales prices, as buyers have fewer choices enabling sellers to hold closer to list price. Overall, luxury property sales are very strong in Incline Village for the start of 2014.Data from the Incline Village MLS, deemed reliable but not guaranteed.