March median home sold price up 125% year-over-year!
March’s median sales price came in at $2,125,000. And, though, that number is down 3.4 percent from February’s median sales price of $2,200,250, March’s median home price is up a whopping 125 percent year-over-year.
Keep in mind though, that this time last year home prices were greatly depressed due to the Coronavirus pandemic. Look for the year-over-year appreciation to be even greater for April.
March’s median sold PPSF (price per square foot) was $781.29/sq.ft. — up 11.0 percent over February’s $703.64/sq.ft. Year-over-year, March’s median sold PPSF is up 98.2 percent.
March home sales came in at 22 homes sold for the month. This number represents a 8.3 percent decrease from February sales; but a whopping 175.0 percent year-over-year increase.
Again, this time last year home sales were greatly depressed due to the Coronavirus pandemic — hence the huge year-over-year increase.
DOM (days on market) rose to 65 days — an increase of one week over February’s DOM.
Available inventory remains very low. Presently only 25 SFRs are available for purchase — or just over a one-month supply of inventory. Of these 25 available properties, only 9 (or 36.0 percent) are priced at or below the current median sales price of $2.125M.
That being said home buyers are still purchasing. 29 homes are currently under contract and pending sale. Due to COVID-19-depressed sales early last year, expect April monthly sales to come in at significantly higher year-over-year totals.
19 condos and townhomes sold in March — up 46.2 percent over the 13 sold in February. And, like observed with SFR sales, condo sales were up greatly year-over-year — coming in at 111.1 percent above last year’s number.
March’s median sales price for condos/townhomes came in at $805,000 — climbing 11.0 percent over February’s $725,000 median sales price, and setting a new all-time high for the condo/townhome median price.
Year-over-year, March’s median condo sales price was up 47.7 percent.
March’s median sold PPSF for condos/townhomes was $570.25/sq.ft. — a 3.5 percent increase over February’s number; and up 37.5 percent year-over-year.
March’s median DOM for condos/townhomes was 46 days — a decrease of 12 days from February’s 58 DOM number; and down 3 days year-over-year.
As always, thank you for reading the blog. I welcome your questions or comments below.
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Data courtesy of the Incline Village REALTORS® – April 2, 2021. Note: This information is deemed reliable, but not guaranteed.
Incline Village / Crystal Bay Market Report – March 2021 - ReInvestmentNews
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