No slowdown in buyer activity; Sales up 155% year-over-year
Single-family homes
Buyer demand remains unseasonably strong for homes in Incline Village and Crystal Bay. 51 homes sold during the month of October — unchanged from the number of homes sold in September, and a 155 percent year-over-year increase over the 20 home sales in October 2019!
DOM (days on market) decreased to 51 days — an 18 day reduction from September’s number.
Available inventory remains very low — sitting at a less than a one-month supply, given current monthly home sales. At the moment there are 47 SFRs currently for sale. Of note is that 14 of these current listings (~30%) have had at least one price reduction. This could be an indication of increased Seller motivation as the market enters the winter months.
That being said home buyers are still purchasing. 60 homes are currently under contract and pending sale. Expect November and December monthly sales to clock in at significantly higher year-over-year totals. In fact, recent reports predict that there may not be a winter slowdown in home sales at all this year. [See Why This Winter’s ‘Slow’ Home-Selling Season May Be Hotter Than Ever]
October’s median sales price came in at $1,430,000 — a 15.4 percent decrease from September’s median sales price of $1,690,000. Year-over-year, however, October’s median sales price is up 17.2 percent. October’s median sold PPSF (price per square foot) was $533/sq.ft. — a 5.2 percent decrease from September’s, but up 15.4 percent year-over-year.
Condo/Townhomes
28 condos and townhomes sold in October — down 24.3 percent from the 37 sold in September; but up 64.7 percent year-over-year.
October’s median sales price for condos/townhomes was $735,000 — a 0.7 percent increase over September’s number; and a 63.3 percent year-over-year increase.
October’s median sold PPSF for condos/townhomes was $473.81 — a 6.6 percent decrease from September’s number; and a 26.7 percent year-over-year increase.
Median DOM for condos/townhomes was 49 days — unchanged from September’s number; but down 34.7 percent year-over-year.
Data courtesy of the Incline Village REALTORS® – November 8, 2020. Note: This information is deemed reliable, but not guaranteed.
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