Third Quarter 2008 numbers are in and are compared to the same time last year for the first nine months of the year. These numbers are obtained through local MLS’s data only.
Incline Village is down in volume by 52% with $119,135,877 dollars in sales volume to date. Units is down 39% including single fmaily residences and PUD’s. The Median Price is only down 5% to $1,135,000. Average price is down 21% to $1,353,817. Units under $1Mil are down 33% to 35 units and down 43% for Units Over $1 Mil accounting for 53 units. For Condos volume is down 44% to only $32,058,400 in volume for the year, Units sold are down 32% to 51 units total. Median Price for condos is only down 10% to $525,000 and Average Price is down 18% to $628,596. Units under $500K are down 4% with 22 units sold and down 44% or 29 total sales in Units over $500K.
For aggressive investors and saavy buyers who have cash on hand or good loaning sources. It has been a long time since we’ve seen these kinds of deals. It’s time to make a move on these properties as once we start rebounding these numbers will be a thing of the past. Economists are predicting that by 2010 we should be going back up to 2003 sales numbers…and if you can buy now and hold on for the ride (7-10 years) there could be some good money to be made.
The Price Banding Charts for Single Family Residences shows a whopping 32 sales in the $1Mil to $1.5 Mil category and 18 sales in the $750K-$1Mil Category. These are the two hot targets when prices properties for sale and not just listing them in the MLS.