Home sales remain very strong; Sales up 100% Y-o-Y; Median sale price median sales up 60% Y-o-Y!
Despite a (seasonal?) decrease in home sales relative to the last four months’ sales numbers, November’s homes sold was double the number sold in November 2019.
Buyer demand remains unseasonably strong for homes in Incline Village and Crystal Bay. 34 homes sold during the month of November — down 33.3 percent from the number of homes sold in October, but a 100.0 percent year-over-year increase.
DOM (days on market) increased to 62 days — an 11 day addition to October’s number.
Available inventory remains very low — sitting at a little over a one-month supply, given current monthly home sales. At the moment there are 41 SFRs currently for sale. Of these 41 properties, only 11 (or 26.8 percent) are priced at or below the current median sales price.
That being said home buyers are still purchasing. 42 homes are currently under contract and pending sale. Expect December and January 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]
November’s median sales price came in at $1,723,000 — a 20.5 percent jump over October’s median sales price of $1,430,000. Year-over-year, November’s median sales price is up an incredible 60.3 percent. And the demand for luxury homes is showing no signs of slowing — see Luxury Demand — Opulent Homes Selling in Nevada
November’s median sold PPSF (price per square foot) was $635.32/sq.ft. — a new record high sold PPSF. November’s sold PPSF is up 19.1 percent over October’s, and up 35.3 percent year-over-year.
25 condos and townhomes sold in November — down 10.7 percent from the 28 sold in October; but up 92.3 percent year-over-year.
November’s median sales price for condos/townhomes was $700,000 — a 4.8 percent decrease from October’s number; and a 15.7 percent year-over-year increase.
November’s median sold PPSF for condos/townhomes was $463.24 — a 2.2 percent decrease from October’s number; and a 4.5 percent year-over-year increase.
Median DOM for condos/townhomes was 50 days — just one additional day over October’s 49 DOM number; but down 46.8 percent year-over-year.
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Data courtesy of the Incline Village REALTORS® – December 4, 2020. Note: This information is deemed reliable, but not guaranteed.