Incline Village / Crystal Bay Market Report – January 2021

January median home sold price hits $2M! January sales down more than half.


Single-family homes

January home sales pulled back sharply from December’s end-of-year home sale rally. 17 SFRs sold in January. That number was down 55.3 percent from December’s 38 homes sold.

Year-over-year, January sales were down 10.5 percent.

DOM (days on market) edged up to 75 days — adding 1 day to December’s number.

Available inventory remains very low. Presently only 26 SFRs are available for purchase. Of these 26 properties, only 8 (or 30.8 percent) are priced at or below the current median sales price of $2M.

That being said home buyers are still purchasing. 31 homes are currently under contract and pending sale. Expect February and March monthly sales to come in at significantly higher year-over-year totals.

As mentioned above, January’s median sales price came in at $2,000,000 — a substantial 15.9 percent jump over December’s median sales price of $1,725,000.

Year-over-year, December’s median sales price is up a whopping 33.3 percent. The demand for luxury homes is showing no signs of slowing — see Luxury Demand — Opulent Homes Selling in Nevada

January’s median sold PPSF (price per square foot) was $821.11/sq.ft. — up 34.0 percent over December $612.78/sq.ft. Year-over-year, January’s median sold PPSF is up 71.8 percent.

Condo/Townhomes

13 condos and townhomes sold in January — down 35.0 percent from the 20 sold in December; however condo sales were unchanged year-over-year.

January’s median sales price for condos/townhomes came in at $750,000 — pulling back 2.6 percent from December’s record-setting high median sales price.

Year-over-year, January’s median condo sales price was up an incredible 76.5 percent.

January’s median sold PPSF for condos/townhomes was $559.60/sq.ft. — a 4.3 percent increase over December’s number; and a whopping 48.0 percent year-over-year increase.

January’s median DOM for condos/townhomes was 53 days — a decrease of seven days from December’s 60 DOM number; and also down 32 days year-over-year.

As always, thank you for reading the blog. I welcome your questions or comments below.


Related: Two Lake Tahoe neighborhoods make list for the top 100 priciest zip codes in the US

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Data courtesy of the Incline Village REALTORS® – February 8, 2021. Note: This information is deemed reliable, but not guaranteed.

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