First Half 2022 Market Report Incline Village
61 SOMERS LOOP, CRYSTAL BAY, NV 89451
Sales and Median Price
When we look at sales for the first half of 2022 compared to last year, we see a drop in sales numbers, but an increase in median sale price. The median price in 2020 was at $1.32 million, compared to $2.1 million in 2021 and $2.4 million in 2022. The median price has almost doubled in only 2 years.
However, the number of properties sold has dropped significantly year over year. In the first half of 2021, there were 125 sales. The first half of 2022 shows only 76 sales. This number is lower than the last five years and is a reflection of starting out the year with a low amount of homes available for sale.
Almost 49% of all properties sold in Incline Village were between $2 and $5 million, while 10% were between $5 and $10 million. Only 3% of homes sold were over $10 million.
In May, a 5,163-square-foot home with four bedrooms and 7 bathrooms sold for $22 million. Located at 949 Lakeshore Blvd, this lakefront home had over 100 feet of sandy beach.
Inventory Growing
In June 2022, Incline Village home prices were up 2.3% compared to last year. For the month of June, they sold at a median price of $1.1 million. On average, homes in Incline Village sold after 49 days on the market compared to 24 days last year. There were 10 homes sold in June this year, down from 13 last year.
A year ago, we had only a 2 to 3 month supply of inventory in Incline Village, and sales were in a frenzy. By June 2022, this number is now at 12 months, and this number is almost double the amount of inventory we had in May 2022.
A quarter of the inventory that has remained on the market through the summer has had price reductions. We are seeing more of a transition from a seller’s market to a buyer’s market.
On the California side of Lake Tahoe, inventory has increased 71% since this time last year. On the Nevada side, sales decreased 40% year over year, while median prices were up 17%.
Transitioning Market
We have definitely exited the frenzy of multiple offers and homes selling as soon as they hit the market. There is still a strong demand for the type of home that can only be found in Incline Village with its world-class amenities.
As inventory rises and sales slow, we will probably see more price reductions as we finish 2022. However, homes that are priced well continue to sell rather quickly.
Contact me today for more specific sales numbers and available inventory in the many diverese neighborhoods of Incline Village. There are several luxurious lakefront homes available for sale in Incline Village, Crystal Bay and along the North and West Shores of Lake Tahoe.
