With May 2011 behind us we are looking forward to the heat of the summer and the ‘Heat Up’ of the Market. Although it has been steady in Incline Village for Real Estate in the past couple of months the hottest time of years is heading our way. If you are a Seller you must be prepared for a Pricing War and a Beauty Contest. Now is the time to get your home in tip top shape, ahead of your competition and price it to sell so you do not get left in the dust with the overpriced inventory already stale on the market. If you are a Buyer, look to our blog each week as we highlight what is happening inside the Incline Village Real Estate Market, outline the best deals and properties that will not last.
Where is the market headed? Signs of improvement are out there, but the skuttle is that we will still be rebounding from this market for the next 2-3 years. Not until the foreclosure and other distressed properties are moved from the market will we truly see the signs of a recovery and an upward trend in pricing. It is going to be awhile so be prepared for today’s market and the market of the near future…
For May 2011 the following was happening in the Incline MLS:
138 Active Condominiums on the Market (down -22% since 2010), 26 in Escrow (up 4%) and 8 Sold for the Month of May (down -13%)
49 Free Standing Condominiums or PUD-Planned Unit Developments on the Market (up 12%), 11 in Escrow (up 5%) and 2 Sold (even with last year)
176 Single Family Homes on the Market (down -9%), 17 in Escrow (down -41%) and 8 Sold (up 25%)
Compare this data to Last Month
Condos-Active up 10%, escrows up 19% and Sold’s up 13%
PUD’s-Active up 14%, escrows up 9% and Sold up 50%
Single Family Homes-Active up 5%, escrows up 29% and Sold up 25%
What does all of this mean? It means we are doing okay in our market, but still truly affected by what is happening with the economy, distressed property and buyer awareness. Activity is up since last month, but down in a good majority of categories from last year, STILL! Only the good deals are moving and even then, they are at discounted prices often times. Expect buyers to be very savvy on what is happening with sales and inventory in the market. Know your market and understand where you need to be priced for activity and ultimately an offer.
Absorption Rates-the amount of time and inventory in the market
Condominiums are at an average of 17 months on the market
PUD-Planned Unit Developments or Freestanding Condominiums are an average of 14 months on the market
Single Family Homes on average for 19 months on the market
Absorption rates are important for understanding how long typical properties must be on the market for sale. Do you need to sell sooner, are you just on the market to see what you can get for your property?
Year to Date Sales
So far this year 33 Condominiums have been sold (that’s down -24% from last year), PUD’s or Freestanding Condos-only 9 have sold (that’s down -111% from last year) and 36 Single Family Residences have sold (an 8% increase from 2010)
Click here to view the detailed data and for specific categories and price bands. This information is collected on a weekly basis and compiled monthly to give you an accurate reading on the market. We have been tracking this data for several years.