The numbers are in and sales for single family homes are down for the 1st half of 2008 compared to the same period in 2007. It seems there are lots of buyers on the sidelines looking for good deals, and weakening sales prices offer more opportunities, especially if you know which sellers are motivated.
The median price for an Incline Village home sank to $1,042,500, down 13% from the median price in the first half of 2007 at $1,200,000. The average price was down 17% to $1,419,464 from $1,708,492 in 2007. (Based on data I compiled from the Incline Village MLS, EXCLUDING PUD’s).
The median price for a condo in Incline Village dropped to $489,000 from $587,500 in the first half of 2008 from that period last year, a decrease of 17%. The average price for a condo was down 20%.
The lowest priced home to sell in 1st half 2008 was $560,000 compared to a $600,000 home sold in 2007. The highest priced home to date in 2008 is $6,700,000 down from the $8,500,000 home sold 1st half 2007.
Average list to sale price in 2008 is 90% compared to 94% in 2007 for the same period, showing some strength in buyer positioning in this down market. The average days on market is 154 in 2008 compared to 187 in 2007- are sellers more motivated to sell?
Through June 30, 44 homes sold in 2008 compared to 73 homes sold last year- this is a 40% decline in # of units sold. In 2008, 22 homes sold over $1M and 22 sold under $1M, compared to 2007, 48 sold over $1M and 25 sold under $1M. Last year at this point, there were 20 home sales over $2M, whereas midyear 2008 we have only seen 6 sales over $2M. The high-end market is contracting, with a lot of supply and much less demand.
View all of the homes sales for both the first half of 2007 and 2008
View the 2008 Midyear Home Sales Report for Lake Tahoe, note that the report includes PUD’s (freestanding townhomes) in the single family home category in Incline Village, whereas the stats reported above exclude PUD’s.