May home sales down 20%; median sales price drops precipitously
Single-family homes
May’s median sales price came in at $1,500,000 — a remarkable 38.8 percent pullback from April’s median sales price of $2,450,000. Year over year, May’s median sales price is up 3.4 percent.
The Incline Village median sales price is essentially back to a level not seen since October last year.
May’s median sold PPSF (price per square foot) was $859.60/sq.ft. — up 1.6 percent over April’s $845.88/sq.ft. Year-over-year, May’s median sold PPSF is up an incredible 63.5 percent.
May home sales came in at 16 homes sold for the month — representing a 20.0 percent decrease from April’s 20 sales; but a 33.3 percent increase year-over-year.
DOM (days on market) rose slightly to 47 days — a 1 day increase over April’s DOM.
Available inventory rose nicely — increasing 36.0 percent over April’s available inventory. Presently 34 SFRs are available for purchase — or just over a two-month supply of inventory.
Pending sales are up for the month. Currently, 26 homes are pending sale. That number is up 44.4 percent over April.
Condo/Townhomes
19 condos and townhomes sold in May — unchanged from April’s condo and townhome sales. Year over year, May’s sales were up 35.7 percent.
May’s median sales price for condos/townhomes came in at $850,000 — a 12.1 percent increase over April’s $758,000 median sales price.
Year-over-year, May’s median condo sales price was up 33.3 percent.
May’s median sold PPSF for condos/townhomes was $647.10/sq.ft. — a 10.9 percent increase over April’s number; and up 47.0 percent year-over-year.
May’s median DOM for condos/townhomes was 48 days — an increase of 10 days over April’s 38 DOM number; and down 26 days year over year.
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Data courtesy of the Incline Village REALTORS® – June 7, 2021. Note: This information is deemed reliable, but not guaranteed.
