June home sales rebound — up 50% over May’s home sales; Median sales price also bounces back
Single-family homes
June’s median sales price for Incline Village, NV came in at $2,025,000 — an impressive 35.0 percent increase over May’s median sales price of $1,500,000. Year over year, June’s median sales price is up 17.4 percent.
The Incline Village median sales price is not quite back to April’s record high, but it is climbing back.
June’s median sold PPSF (price per square foot) was $799.70/sq.ft. — down 7.0 percent from May’s $859.60/sq.ft. Despite the month-over-month PPSF being down, year-over-year, June’s median sold PPSF is up a sizable 32.8 percent.
June home sales came in at 24 homes sold for the month — representing a 50.0 percent increase over May’s 16 home sales; but down 11.1 percent year-over-year from the beginning of the Coronavirus Pandemic-fueled sales this time last year.
Median days on market (DOM) dropped considerably in June, to 31 days — a 16 day decrease from May’s DOM. This precipitous drop in DOM seems to indicate a large portion of June’s sales were cash purchases.
Indeed, taking a closer look at the sales data for the month reveals that a sizable 37.5 percent of homes sold were purchased by cash.
Available inventory is up considerably — increasing 76.5 percent over May’s available inventory. Presently 60 SFRs are available for purchase — equating to a two-and-one-half month supply of inventory.
Pending sales are up for the month. Currently, 29 homes are pending sale. That number is up 11.5 percent over May’s.
Condo/Townhomes
24 condos and townhomes sold in June — up 26.3 percent over May’s condo and townhome sales. Year over year, June’s sales were up 20.0 percent.
June’s median sales price for condos/townhomes came in at $797,000 — down 6.2 percent from May’s $850,000 median sales price.
Year-over-year, June’s median condo sales price was up 29.6 percent.
June’s median sold PPSF for condos/townhomes was $609.96/sq.ft. — a 5.7 percent decrease from May’s number, but up a whopping 59.0 percent year-over-year.
June’s median DOM for condos/townhomes was 47 days — a decrease of 1 day from May’s 48 DOM number; and down 7 days year-over-year.
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Data courtesy of the Incline Village REALTORS® – July 19, 2021. Note: This information is deemed reliable, but not guaranteed.
