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Incline Village Real Estate Market Report | October 2018 | Tahoe Homes for Sale - YouTube
Channel: Nevada Homes For Sale
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Hi everybody! Phillip Goodman from the Nevada Real
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Estate Group at Keller Williams Group One
Inc in Reno, Nevada and today I am with
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Chris McCabe who is our Incline Village
expert. How are you doing today Chris? I'm
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doing great. How was your drive
coming over the hill? Well it's kind of
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exciting. It's snowing up there and
there's snow on the roads and it
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starting to look like winter. Are you
gonna leave any good powder for
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everybody else? Well I've already been up
a couple times.
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Nice. Scouting so yes. Right on Right on.
Well before we go skiing we're first
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gonna take a look at the Incline Village market report. The first thing we're
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gonna look at is the sale price versus
the list price and if you've watched our
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previous market reports through market
insights you would know that as "percent
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of asked received." So Chris as we look at
the peak of August and as we get into
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September/October what's happening in
Incline Village? Well what happens
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typically and what happened this year is
the sellers had to drop the prices on
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their homes as they were going into
winter so that they could sell them. On a
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million dollar home if you drop it one
percent that's $10,000.
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Doesn't sound like a lot in some markets
but in this it adds up. So homes
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were typically selling for anywhere from
1-3% less than they were
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in July and August. And this sharp
incline here is still a little bit of
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restricted data as we're still having/
seeing deals finish here in the end of
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November. It was still very strong fall
sales in fact sales were up over over
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last year. And do you see the spike
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back up as as the snowbirds come up and finally say "yes I want to buy in the
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winter?" Oh there'll definitely be some
impulse buying from from from the
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snowbirds and the skiers. Fascinating,
fascinating. Next we're gonna take a look
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at the historic sales price trend and
this is about the median price here and
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when you look back at 2013 you do see a
gradual trend upward but Chris why are
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there these huge spikes in in the summer
months? Well every now and then there'll
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be a $23 million sale or even a $40
million
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sale and so that will skew that
graph pretty pretty drastically. But it
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seems pretty legit that right now at the
end of October we're sitting at a median
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price around $700,000. That
would include condominiums yes. The
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median price of the single-family home
and incline is just under $1.5(million)
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right now. Last year at this time it was
about $1.(million) so we are up.
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This unique graph from the Incline
Village Realtors is the average days on
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market versus list price median. So first
we're gonna look at the green line which
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is the days it took to sell a property
and in relation to that the median
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list price. So as as prices are higher
then typically it takes longer. But as we
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went into the the fall selling season as
Chris calls it these numbers actually
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start to merge together. Yeah that's
pretty interesting. In the middle of the
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summer when we have the most inventory and prices are highest we have over a
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hundred days spread and as we're getting
into the fall selling season that
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gets much tighter. Another quick report
from the Incline Village Realtors is
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this breakdown of the types of inventory.
Only one commercial unit and we talked
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about condos. Right now with 37 active
condos on the market that's an average
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price of almost 800,000. Talk about the
importance of condos in the Tahoe market.
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Well condominiums in the Incline
Market are very important. It's the
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lowest price point. I mean you can get in
for as low as $350,000 but there's
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some nice $2.5million condominiums on the water and comes with
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complete with the pier and
private beach. And that's what brings
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that price point up.
Lastly let's look at the residential
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stats. Currently a 122 active properties with an average price
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of $4million and they've been on the
market for half a year on average. Well
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there's a number of homes in that four
to six million dollar range that just
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they require that specific buyer and they stay on the market for
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200 days sometimes longer. And then
they'll pull them off the market and put
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them back on. So sometimes it can take a
couple years to sell a few of these
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speciality properties.
Well there you have it that is your
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October 2018 market report for Incline
Village. Chris:Christmas, New Year's
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coming up. What kind of fun events are
happening up in Incline Village as we
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close out 2018?
Boy it's crazy up there. It's a lot of
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fun. The Hyatt puts on a big party down at the casino there. All the restaurants of course do
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special things for New Year's. Skiing!
Hopefully we're gonna get plenty of
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snow. Skiing at Diamond Peak is a great
family resort. Endless winter activities.
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Something for everybody. Well when you're ready to go look at properties up in
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Incline Village you can contact Chris
McCabe at the information you see on
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your screen now. For more information you can contact Chris or go to our website
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seerenohomesforsale.com. For Chris
McCabe for the Nevada Real Estate Group
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at Keller Williams Group One Inc
I'm Phillip Goodman we'll see you next
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time.
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