Incline Village & Crystal Bay 1st Quarter 2010 Real Estate Update

Incline Village & Crystal Bay 1st Quarter 2010

In this kind of market, who do you turn to?

The newly adjusted real estate market has resulted in a downsizing of offices and agents leaving the business; this is evident by the decrease in membership with the National Association of Realtors.  However, clients – now more than ever – need the expertise of a good agent to guide them through the idiosyncrasies of a community, its market place, and the continually changing face of real estate.

So who should clients turn to in this current real estate climate?

A recent Inman News article stated that buyers and sellers want to work with local, well-managed offices. In today’s market, companies and agents must be willing to work harder and longer with buyers, be well educated and patient when working with bank-owned properties and short sales, and be able to concentrate and advise clients on the local market.

“The companies and agents who will lead us out of this current real estate market mess will share three key attributes: they will be the most competent in their craft, utilize all available technology, and be the most dedicated to customer service.

This defines Lakeshore Realty.

First Quarter statistics for 2010:

There were a total of 51 sales broken out as 20 single family sales, 11 Planned unit developments (freestanding units) and 20 condominiums.

Single family residential:

The first quarter sales indicate the number of sales up but the dollar volume is down. Median home prices fell to $925,000, a 51% decrease from last year. This decrease reflects the impact of REO’s and short sales which made up 26% of the total 20 residential sales.  The median selling price of the 6 distressd sales was $620,000.  There were 7 sales over $2 million which impacted the total sales volume of 2009 at $31,892,950 compared to 2010 of  $24,596,500.

Planned Unit Developments had the largest increase in sales from 2 in 2009 to 11 in 2010.  The median sales price increased from $416,250 in 2009 to $595,000 in 2010.  Their was only 1 distressed sale.

Condominiums 1st  quarter  2009 totaled 11 sales with the median price of $350,000 compared to 20 in 2010, with the median price of $318,450.   The distressed sales totaled 6 out of the 20 sold, with a median price of $220,125.

The second quarter is opening strong  with 50 sales pending and the  quarter is just starting. REO’s and Short Sales will continue to impact the inventory as more properties come on the market. Based on the 174  active homes only (8) are REOs or foreclosures.

Sellers must understand that prices are affected by the distressed sales throughout the village. Pricing needs to be realistic to sell.

A new interesting number to look at is “cumulative days” on the market. This new number  gives a total history of properties which hit the market especially those listed by different agencies while no sale occurs. The range can vary from just listed with 10 days to over 1000 days in some cases.

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