INCLINE VILLAGE, NV - A report prepared by Sierra Sotheby’s International Realty shows declining trends for the lakefront real estate market in Incline Village and Crystal Bay during the first half of the year. The data shows seven reported lakefront sales during the first half of 2013, four in 2014 and two lakefront sales in the first half of 2015.
The two reported sales this year include a smaller, off-lake property at 1570 Pine Cone Circle for $2.1M and 424 Gonowabie in Crystal Bay for $2.85M. These two sales, by default, earmark the lowest and highest priced second quarter reported lakefront sales for this area. The highest priced sale for the first half of 2014 was $13M creating a significant disparity for the area’s average sales price in the second quarter of this year. It’s worth mentioning, however, that the highest priced non-lakefront sale during the second quarter was $14,995,000.
Although the overall lakefront sales numbers have edged down, pricing for luxury and lakefront sales remains strong. Average price per square foot for lakefront homes is up to an impressive $2,071 versus $1,371 as compared to figures from this time last year. Percent of sold price to average list price is up 7 percent to a solid 94 percent overall.
The report reveals 15 direct lakefront homes for sale in Incline Village and Crystal Bay and another six homes for sale with locations that are just shy of direct lakefront access including the popular locales of Pine Cone Circle, Debra and Vivian Lane.
In terms of the Upper and Lakeside (non-lakefront) areas of Incline Village and Crystal Bay, there have been 14 new listings in the Lakeshore area priced over $2M this year with 5 reported sales. We’ve also seen 16 new listings in the Upper area priced over $2M this year with 5 sales and 2 more sales pending as of press time. The median sale price for non-lakefront homes is down just one percent with this year’s first half average coming in at $872,500 as compared to $885,000 in 2014. Average price per square foot for non-lakefronts is up 14% as compared to this time last year.
We’re seeing similar trends in the lakefront market on the East Shore of Lake Tahoe with three lakefront homes sold in the first half of 2015 versus six sold in the first half of 2014. Non-lakefront single family home sales on the East Shore are slightly up with 47 homes sold in the first half of 2015 as compared to 45 in 2014.
"With 10 non-lakefront sales priced over $2 Million this first half of 2015, we are nearly on par with 9 sales the first half of 2014 for Incline Village and Crystal Bay, however, we are still under pacing the real estate frenzy of 2013 where we saw 24 sales in this range,” says Lexi Cerretti, a luxury real estate specialist with Sierra Sotheby’s International Realty. “We are are optimistic about third quarter sales,” she says. “Sixty percent of resort market transactions happen during the summer months and August and September are known to be particularly robust.”
A new report released in June 2015, by Wealth-X and the Sotheby’s International Realty® brand reinforces Cerretti’s optimism. The joint report provides insight into the luxury residential real estate market and identifies purchasing and investment opportunities for ultra high net worth (UHNW) individuals looking to diversify their holdings.
The report shows that the UHNW Residential Real Estate index tracked by Wealth-X hit a new record high of 112.1 percent in the first quarter of 2015, up nearly 4 percent from the fourth quarter of 2014, and 7 percent from the first quarter of 2014. This highlights the strength of the global luxury real estate sector on the back of demand by ultra high net worth individuals.
Key findings from the report indicate that destinations with both luxury properties and strong lifestyle considerations may appeal strongly to UHNW buyers, suggesting promising trends for year-round resort real estate markets like Lake Tahoe.
“We continue to see how important location is to the lifestyle of our buyers,” Cerretti adds. “Serious buyers are selectively looking for higher-end properties, and moving quickly when they find the right combination of features, including newer construction, access to a lakefront pier or sandy beach, or panoramic lake views for off-lake properties.”
Spanning two state lines and multiple counties, Lake Tahoe market trends can vary dramatically from neighborhood to neighborhood. Sierra Sotheby’s International Realty compiles quarterly and year-end reports of micro-market statistics to help buyers and sellers navigate the different micro market trends in order to make better real estate decisions.
For detailed market trends related to a specific neighborhood in Incline Village, Crystal Bay or surrounding Lake Tahoe, Truckee and Reno areas visit http://tahoerealestatediary.com/micro-market-reports/.
It should be noted that statistics provided in market reports are collected from local Multiple Listing Services (MLS) so sales withheld from the MLS are not reflected in the data.
Consult a real estate professional for insider knowledge that may affect your decision to buy or sell your home in a particular neighborhood.
About Sierra Sotheby's International Realty
Sierra Sotheby's International Realty® local brokerage offices enable sellers and buyers to find representatives experienced in offering exceptional homes in Lake Tahoe. The Sotheby’s International Realty network currently has more than 17,500 sales associates located in approximately 800 offices in 60 countries and territories worldwide. Each office is independently owned and operated. For more information, visit www.sierrasothebysrealty.com, @SierraSIR on Twitter, “Like” us on Facebook, check out our blog at www.tahoerealestatediary.com or call one of our seven Lake Tahoe offices: (Squaw Valley) 530.581.1800; (Incline Village) 775.832.4900; (South Lake Tahoe) 530.494.7600; (Tahoe Donner) 530.587.3505; (Downtown Truckee) 530.587.3500; (Tahoe City Gallery) 530.583.4004 and (Tahoe City Lakeside) 530.282.1436 .