Archives for June 2018

Kingswood Early Summer Update

Kingswood and Kingswood West had almost nothing for sale earlier this year but that is starting to change. There is roughly one home for sale for every one hundred homes in the neighborhood! 6 have already sold this year. I know of a Kingswood West home which received 5 offers in 5 days.
 
I have an upcoming listing on Oxford Court for $425,000. One of my colleagues has one coming up on Kingswood Drive and there is another on Forest Glen.
 

Dollar Point Early Summer Update

Dollar Point has become majorly attractive for buyers. Days on market is 1/3 of that for the surrounding area. “Nothing is for sale and everything is selling” – my phrase for Tahoe thus far in 2018 applies especially well for DP.

Things are good for Dollar Point sellers – the neighborhood has a median price double the market average and it takes 30% less time to sell a home in Dollar Point. In fact of the 25 sales since 1/1/2107, three had ZERO days on market and 15 sold in less than 15 days – wow.
 
Sales volume is up 400% from the same time last year. Inventory is starting to build but there is still very little for sale. Among the upcoming listings which I know of is 50 Edgecliff Court.
 
This is an incredibly highly-desired neighborhood. You and I both know why. I’ve lived in Dollar Point and absolutely love it. So do today’s buyers…
 

See all Dollar Point listings here

 

A fun note: Lake Tahoe is .2 inches from it’s legal limit!

Early Summer Market Recap

We are seeing historically low inventory. Some neighborhoods have just one or two homes being offered for sale. Currently 28% of our inventory is in escrow – this is very high for our area. Homes under $500k are down to an average of 44 days on market – this is 20% lower than last year. Homes between $700 – $1m average 127 days on market.

We have seen historic sales at the uber high end. Estates at $40,000,000 and $25,000,000 sold before getting a chance to hit the open market. The larger sale saw a 4 day escrow – amazing. There were multiple offers on a $37,000,000 property in Incline Village. There are other high-end listings which will trade this year. Currently, the highest price is Chase International’s listing for which I am a Listing Ambassador: Crystal Pointe, $75,000,000.

Interest Rates: The Fed’s quantitative easing program from 2008 is beginning a scheduled slow down. This makes interest rates increase. Two other factors could contribute to increased rates in the near future: Inflation is looming and future Federal Reserve Bank meetings – some economists are predicting 4 mortgage interest rate hikes in 2017. This will make it more expensive for many buyers to purchase homes as time goes on.

 

Spring 2018 vs. Spring 2017

2018: 93 Single Family Just Listed, Median List Price: $715,000

2017: 126 Single Family Just Listed, Median List Price: $759,000

2018: 52 Single Family Sold, Median Price $945,000

2017: 61 Single Family Sold, Median Price $690,000

37% Increase in Median Sold Price

 

The lake is .2 inches from the legal limit – man, what isn’t flowing around this area now?! We are firing on all cylinders…