May home sales down 20%; median sales price drops precipitously
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.
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.