Home sales remain very strong; Sales up 138% Y-o-Y!
Home sales ended 2020 on a high note. December saw 38 homes sold for the month. That number is up 15 percent over November’s sales, and is up a whopping 138% year-over-year.
DOM (days on market) increased to 74 days — a 12-day addition to November’s number.
Available inventory remains very low — now less than a one-month supply, given current monthly home sales. At the moment there are 37 SFRs listed for sale. Of these 37 properties, only 9 (or 24.3 percent) are priced at or below the current median sales price.
That being said home buyers are still purchasing. 23 homes are currently under contract and pending sale. Expect January and February monthly sales to clock in at significantly higher year-over-year totals.
December’s median sales price came in at $1,725,000 — a 1.4 percent decrease from November’s median sales price of $1,750,000. However, year-over-year, December’s median sales price is up a hefty 21.1 percent. And the demand for luxury homes is showing no signs of slowing — see Luxury Demand — Opulent Homes Selling in Nevada
December’s median sold PPSF (price per square foot) was $612.78/sq.ft. down 4.5 percent from November’s record-setting $641.78/sq.ft. Year-over-year, December’s median sold PPSF is up 19.5 percent.
20 condos and townhomes sold in December — down 20.0 percent from the 25 sold in November; but up 81.1 percent year-over-year.
December’s median sales price for condos/townhomes came in at $770,000 — setting a new record high. December’s median sales price was 10.0 percent higher than November’s; and represented a 27.8 percent year-over-year increase.
December’s median sold PPSF for condos/townhomes was $536.50 — a 15.8 percent increase over November’s number; and a whopping 41.4 percent year-over-year increase.
Median DOM for condos/townhomes was 60 days — an additional of ten days over November’s 50 DOM number; but down 38 days year-over-year.
It goes without saying that 2020 was a wild year in many aspects. This was particularly true with local real estate sales. Despite depressed home sales in the early part of the year at the onset of the Coronavirus Pandemic, home sales came roaring back in big way.
For the year, sales of SFRs in 2020 were up 42.7 percent over 2019 sales. And 2020 condo/townhome sales were up a whopping 50.9 percent over 2019 total sales.
What will 2021 hold for the Incline Village real estate market? I’d love to hear your thoughts in the comments below.
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Data courtesy of the Incline Village REALTORS® – January 5, 2021. Note: This information is deemed reliable, but not guaranteed.