January median home sold price hits $2M! January sales down more than half.
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, December’s median sold PPSF is up 71.8 percent.
13 condos and townhomes sold in January — down 35.0 percent from the 20 sold in November; 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 and incredible 76.5 percent.
January’s median sold PPSF for condos/townhomes was $536.50/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 November’s 60 DOM number; and also down 32 days year-over-year.
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Data courtesy of the Incline Village REALTORS® – February 8, 2021. Note: This information is deemed reliable, but not guaranteed.