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 more mortgage interest rate hikes. 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, everything is flowing around here! We are firing on all cylinders…
