Incline Village Housing Market: Spring 2021 Update

We’ve reached the spring shoulder season, and the Incline Village housing market is experiencing a brief moment of stillness before a busy summer. In 2021, we’ve continued to see people from urban areas move to less populated areas, including the mountains. The Sierra Nevada landscape is known for its spectacular views and endless outdoor recreation activities. So, it’s no surprise the demand for housing is high. But with seasonality and new short-term rental regulations coming into play, the market is changing—perhaps for the better. Here’s what you need to know if you’re interested in buying or selling a property in Incline Village, Nevada. 

The Incline Village Housing Market Is Hot For Condos and Luxury Home Sales

Since the first quarter of 2020, the Incline Village housing market has experienced an increased demand for condominiums and luxury homes, and we’re not expecting it to stop anytime soon. 

This quarter, 60 condos were available for sale on the market, a 24.1% decrease year-over-year, and as I write this blog, we only have 18 available condos listed for sale in Incline Village. The average days on the market dropped by about 50%, which gives sellers the upper hand and demonstrates just how quickly these units are moving. 

This increase in interest and the effects on the market is partially due to the influx of people from urban areas who are able to work remotely. If people decide to return to their office jobs this summer, it could impact the market by decreasing demand and therefore creating more housing opportunities. 

With fewer homes on the market, many people are willing to pay top dollar for the existing inventory. The median home price for a condo in the Incline Village housing market was $775,000 in Q1 2021, which increased by about 58% year-over-year. 

The single-family home inventory also shows a similar trend. The number of available single-family homes for sale in the Incline Village area dropped by about 34% since Q1 2020 last year. The median single-family home price rose by about 109%, growing from $1.1 million to almost $2.5 million. Homes sales have increased by almost 78%, and the average days on market shortened by about 53%, dropping from 140 to 66. 

Homes sales for luxury condos rose 60% since the first quarter of 2020. However, the median home price dropped by 33%, from roughly $2.2 million to about $1.5 million. This is the only market that shows a decrease in the median home price and the average price per square foot. Because the Incline Village market is a small one, the sample size of homes available is limited. As a result, changes in median price can reflect a single sale, rather than an overall trend. However, if you’re in the market for a luxury condo, now is the time to buy. 

Luxury single-family homes are becoming a more significant percentage of sales in the Incline Market as well. In Q1 2021, there were 53 luxury single-family homes sold, representing a 165% increase year-over-year. The median price range rose by 67%, from $1.5 million to $2.5 million. The average sold price per square foot nearly doubled, and the average percentage of list price received increased by 4.8%. 

Advice For Buyers And Sellers In The Incline Village Housing Market 

The Incline Village housing market has come a long way since the first quarter of 2020, and even though it’s the traditional spring shoulder season, homes are still selling rapidly. Many homeowners are listing their homes for higher prices, and it’s taking half as much time to close. This is mainly due to increased buyer demand from other states and low inventory levels. 

As summer approaches, mortgage rates may increase as they did in March 2021. So, if you’re thinking about buying in the Incline market, now is the time to move quickly and get ahead of the summer rush while taking advantage of low rates. While I don’t have a crystal ball that predicts the future, I can make some suggestions based on the current market conditions.

• Sellers: If you’re entertaining moving to a new area or getting rid of a second property, then now is the perfect time to sell. With prices trending upward, and you could walk away with some significant equity on your property. Take advantage of the high demand and low supply market because this steep price appreciation won’t last forever. 
• Buyers: The spring shoulder season is traditionally slower than other months, and buyers can take advantage of this time to find their dream home.  If you’re ready to buy, take advantage of the low-interest rates and get into a home that fits your budget. 

Incline Village Community Update

Washoe County Short-Term Rental Ordinance Approved 

Lake Tahoe has always been a popular tourist destination, and many Incline Village homeowners have second homes for short-term rental (STR) use. This has been a topic of conversation over the last few years because it directly impacts the Incline Village housing market and the number of homes for sale. 

On March 23, 2021, the Washoe County Board of Commissioners heard the second reading and adopted the new STR ordinance. Short-term rentals are generally operated out of private residences such as homes, apartments, and condos. They are also commonly called vacation rentals and are booked for fewer than 28 days. The STR ordinance aims to establish simple, fair, and enforceable standards that balance competing interests and maximize voluntary compliance. The permitting process became available to the public on May 1, 2021. For more information and up-to-date information about the STR ordinance, click here.

Many residents are excited about the change as it will put provisions in place to encourage the responsible use of STRs. With new permitting and application requirements, the demand for single-family homes—typically used for STR purposes—might decrease. 

Red, White, and Tahoe Blue Festival Canceled 

Truckee and North Lake Tahoe regional officials have announced that the annual firework shows are canceled this year due to COVID-19 concerns. The two-day festival typically occurs on July 3 in Kings Beach and July 4 in Donner Lake, Truckee, and Tahoe City. With thousands of visitors traveling to the region in the days leading up to the holiday weekend, the community must be mindful about reopening safely. To learn more, click here. 

Prepare For New Beach & Boat Launch Procedures

The Incline Village General Improvement District (IVGID) wants to ensure proper procedures and current COVID-19 safety guidelines are followed this summer. As of April 22, Incline Village beaches are open from 7 a.m.–9 p.m, and parking for kayak drop-off is at 7 a.m. See below for additional information about the new Incline Village beach access policies. 

• Beach access is for Picture Pass Holders (PPH) and Punch Card Holders only. 
• Please have your picture pass with you at all times. 
• There is no glass allowed on the beach. 
• There is no smoking or vaping allowed on the beach. 
• No dogs are allowed on Incline Village beaches, except for Ski Beach from October 15, 2021, to April 15, 2022. 
• Please maintain a minimum 6-foot social distance from others around you at all times. 
• Please park in designated parking spots and pay associated fees. 
• Seasonal watercraft passes go on sale May 1, 2021

See below for boat launch information to reduce touchpoints and adhere to current cleaning and safety precautions. 

• You must present a valid IVGID Picture Pass or Recreation Punch Card and a current watercraft registration.
• You’ll need to verify that your watercraft has an intact Tahoe, Fallen Leaf, or Echo seal.
• IVGID only accepts only credit card payments for Aquatic Invasive Species (AIS) stickers and Season Passes. 
• IVGID only accepts only credit card payments and punch cards for individual boat launches. 
• Do not plan to access the beach or boat ramp if you have just returned to the area, and you might have been exposed to COVID-19.
• Please remain in your vehicle while waiting to launch. 
• Masks or face coverings are encouraged when interacting with IVGID staff and members of the community, 
• Please maintain a minimum 6-foot social distance with staff at all times.
• All passengers must be Picture Pass Holders (PPH), guests of a PPH using a Punch Card, accompanied by the PPH.
• Staff will inspect all boats at the gate to ensure inspection seals are intact before vessels are allowed to proceed to the ramp. 
• Please safely pull your boat onto the ramp to be inspected and sealed by the inspector. 
• Boaters must leave the property immediately after the seal is applied. 
• Cleaning or wiping down boats is not permitted in the Ski Beach ramp area. 

For more information about beach and boat access this summer, click here or find out more information about other venues and visit the COVID-19 news page here. 

 

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Sierra Nevada University Celebrates Its 51st Annual Commencement

After a year of virtual events, Sierra Nevada University will celebrate its 51st annual commencement in person at 10 a.m. on May 15, 2021. It will be held at its traditional location on Patterson Lawn, and current COVID-19 regulations will be enforced. Graduating students can invite two guests, and a livestream viewing will be available for those that can’t attend. For more information about the commencement ceremony, click here. 

Get More Incline Village Housing Market Updates

If you’d like to stay up to date on what’s happening in the Incline Village housing market, email info@dicksonrealty.com or mjurkonis@dicksonrealty.com with the subject line, “Give me the Incline Village Inside Scoop!”

Whether you are buying or selling, Dickson Realty agents have the experience and innovative technology to help you. For more information, contact a neighborhood real estate expert at Dickson Realty today.