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Posted by: Bruce & Sandy Soli | February 6, 2012

January 2012 Statistics for the Incline Village and Crystal Bay Real Estate Market

Superbowl has come and gone and so has January 2012.  Even though the football game was a close one, it did not seem very exciting nobody locality seemed to really cared either way who won.  Our market is similar…even though inventory is shrinking and interest rates are still fabulous, we are holding steady with limited new escrows and sales, but at least they exist.  Hopefully the decline in inventory levels will begin to flatten out the market.  We still have absorption rates between one year and a year and half.  By the way…Active homes on the market is so 2011 lingo.  The new proper term for Active Homes on the Market is UnSOLD inventory!  Which is REALLY what they are…

For January 2012 we are here to report the inventory that is AVAILABLE and currently UNSOLD…

112 UnSOLD Condominiums on the market (Down -13% over January 2011, yet up 3% over December 2011)

41 UnSOLD PUD’s or Planned Unit Developments on the market (Down -10% over January 2011 and Down -15% over December 2011)

153 UnSOLD Single Family Residences on the market (Down -7% over Janaury 2011 and Down -5% over December 2011)

These declines in inventory are quite normal as many homes EXPIRE or Withdraw at the end of the year or in Winter thinking that there are no buyers looking.  IF you are serious about selling, this is a GREAT time to have your home on the market.  Less inventory means less competition and less competition means you are more likely to get an offer and perhaps even an offer for more $$$.

Properties in Escrow in January 2012…

14 Condominiums in Escrow (Up 7% over January 2011 and Down -29% over December 2011)

4 PUD’s in Escrow (Even with January 2011 and Up 25% over December 2011)

21 Single Family Homes in Escrow (Up 48% over January 2011 and Up 14% over December 2011)

These numbers are great, especially when lining up with declining inventory levels.  This is what every seller wishes.

Properties SOLD in January 2012…

8 Condominiums SOLD (Up 38% over January 2011 and Up 13% over December 2011)

2 PUD’s SOLD (Even with January 2011 and Down -150% over December 2011)

9 Single Family Homes SOLD (Up 33% over January 2011 and up 56% over December 2011)

Besides the PUD’s, this is GREAT news for our local market.  Let’s keep this going!  For buyers sitting on the fence.  We are at the bottom of the market…there will be pockets of great deals out there, but if you are waiting for it to decline further and if you are getting a loan, with the interest rates the way they are, you would be foolish to wait much longer!!!

Investment Properties…Still the sad stepchild of the market.  There are only 2 UnSOLD Investment Properties and one actually in escrow.  This will be the first sale in Investment Property status for over a year and a half.  Are these properties beginning to pencil out?  Will it make sense for investors to come back into the market and buy these.  Stay tuned for the first closing which we will be posting for sure on our blog!!!

Year To Date Sales in 2012 and Comparing to same time period in 2011

Condominiums 8 units compared to 5 last year

PUD’s 2 each year

Single Family Homes 9 unit sales compared to 6 last year

Click here to view all the data and to drill down to various price bands and categories in the market.

If you have any questions, please post them here or contact us at info@solirealestate.com .


Responses

  1. […] Want to keep an updated pulse on the Real Estate Market in Incline Village and Crystal Bay, NV?  Again, Team Soli brings us a snapshot of the market so you do not have drill down the details yourself.  This monthly report will give you an upper hand on knowing exactly what is going on in Real Estate in the area.  For the full story on January 2012 and Real Estate in Incline Village/Crystal Bay, click here… […]


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