Incline Village / Crystal Bay continues in “Buyer’s Market”
Incline Village / Crystal Bay’s housing market’s months supply of inventory (MSI) is 10.3 — placing it squarely in “Buyer’s Market” territory.
MSI is calculated by dividing the current month’s inventory figure by monthly closed sales. The table below shows the Incline Village/Crystal Bay monthly MSI figures for the past 13 months.
As can be seen in the chart above, July’s MSI decreased slightly from June’s MSI (mainly because 1 additional home sold in July compared to June), however July’s MSI is 4X what it was this time last year.
Single-family homes
July’s median sales price for Incline Village and Crystal Bay, NV rose to $2,603,500 — a 4.1 percent increase over June’s median sales price of $2,500,000. Year-over-year, July’s median sales price was up 40.4 percent.
July’s median sold PPSF (price per square foot), however, fell to $989.64/sq.ft. — a 13.7 percent decrease from June’s median sold PPSF.
Year-over-year, July’s median sold PPSF was up 13.0 percent.
July home sales rose to 10 homes sold for the month — less than half the number of homes sold in July last year. July home sales were up 11.1 percent over June’s 9 home sales; and down 52.4 percent year-over-year.
Median days on market (DOM) rose to 56 DOM — adding three weeks to June’s 35 DOM number, and returning to March’s DOM number.
Available inventory continues to rise. The 103 SFRs currently for sale represents a 7.3 percent increase over this time last month. Year-over-year, available inventory is up a whopping 87.3 percent. And as mentioned above the 103 SFRs currently available for purchase represents a 10.3 months supply of inventory (MSI).
Currently, 15 homes are pending sale — one more than this time last month.
Year-over-year, pending sales are down 53.1 percent.
Condo/Townhomes
Condos took a big hit in July! Only 5 condos and townhomes sold in July — down two-thirds (66.6%) from June’s 15 condo and townhome sales.
Year-over-year, July’s sales were down a whopping 75.0 percent from this time last year.
July’s median sales price for condos/townhomes fell 5.8 percent from June to come in at $946,600. Year-over-year, July’s median sales price is down 8.3 percent.
July’s median sold PPSF for condos/townhomes fell to $566.15/sq.ft. — down 29.2 percent from June’s sold PPSF number, and down 19.8 percent year-over-year.
July’s median DOM for condos/townhomes remained unchanged at 53 days.
There are currently 50 condo/townhomes listed as available for purchase. This number represents a 10 months supply of inventory (MSI) based off of July’s five sales.
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® – August 6, 2022. Note: This information is deemed reliable, but not guaranteed.
