July median home (SFR) price pulls back; median condo price soars to over $1M!
Single-family homes
July’s median sales price for Incline Village, NV came in at $1,854,000 — an 8.4 percent decrease from June’s median sales price of $2,047,500. Year over year, July’s median sales price is up a robust 35.7 percent.
Could we be seeing a consolidation in home prices?
July’s median sold PPSF (price per square foot) jumped to $875.69/sq.ft. — a new record high for this metric.
July’s PPSF was up 9.5 percent over June’s $799.70 PPSF, and up a whopping 73.7 percent year-over-year.
July home sales came in at 21 homes sold for the month — down 12.5 percent from June’s 24 home sales; and down a hefty 67.7 percent year-over-year from the Coronavirus Pandemic-fueled record sales rush experienced time last year.
Median days on market (DOM) rose to 39 days in July — an 8 day increase over June’s 31 DOM.
Available inventory decreased 8.3 percent from this time last month. The 55 SFRs currently available for purchase represents a little over a two-month supply of inventory.
Pending sales are up slightly for the month. Currently, 32 homes are pending sale. That number is up 10.3 percent over this time last month.
Condo/Townhomes
19 condos and townhomes sold in July — down 20.8 percent from June’s condo and townhome sales. Year over year, July’s sales were down 45.7 percent.
July’s median sales price for condos/townhomes came in at a staggering $1,015,000 — up 27.4 percent from June’s $850,000 median sales price.
Year-over-year, July’s median sales price for condos/townhomes is up 42.0 percent — setting a new record high for condo prices!
July’s median sold PPSF for condos/townhomes came in at $689.70/sq.ft. — also a new record. July’s number represents a 13.1 percent increase over June’s number, and a 45.6 percent year-over-year increase.
July’s median DOM for condos/townhomes was 41 days — a decrease of 6 days from June’s 47 DOM number; and 51 day decrease year over year.
I look forward to your comments/questions.
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Data courtesy of the Incline Village REALTORS® – August 10, 2021. Note: This information is deemed reliable, but not guaranteed.
Incline Village / Crystal Bay Market Report – July 2021 - ReInvestmentNews
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