August median home (SFR) price recedes for the 2nd consecutive month; median condo price also pulls back
Single-family homes
August’s median sales price for Incline Village, NV came in at $1,603,750 — a 13.5 percent decrease from July’s median sales price of $1,854,000. Year over year, August’s median sales price is up 8.0 percent.
August’s median sold PPSF (price per square foot) also pulled back — coming in at $837.37/sq.ft. — a 4.4 percent decrease from July’s median sold PPSF.
Year-over-year, August’s PPSF was up a whopping 49.2 percent.
August home sales came in at 20 homes sold for the month — down one sale from July’s 21 home sales; and down a hefty 61.5 percent year-over-year from the Coronavirus Pandemic-fueled record sales rush experienced time last year.
Median days on market (DOM) rose to 53 days in August — a 14-day increase over July’s 39 DOM.
Available inventory held relatively stable from this time last month. The 54 SFRs currently available for purchase represents a little over a 2½-month supply of inventory.
Pending sales have also declined. Currently, 21 homes are pending sale. That number is down 34.4 percent from this time last month.
Condo/Townhomes
26 condos and townhomes sold in August — up 36.8 percent from July’s condo and townhome sales. Year-over-year, August’s sales were down 18.8 percent.
August’s median sales price for condos/townhomes came in at $784,500 — down 22.7 percent from July’s record-setting $1,015,000 median sales price.
Year-over-year, August’s median sales price for condos/townhomes is up 35.8 percent.
August’s median sold PPSF for condos/townhomes came in at $643.15/sq.ft. — down 6.7 percent from July’s sold PPSF number, and up 38.1 percent year-over-year.
August’s median DOM for condos/townhomes was 61 days — an increase of 25 days over July’s 36 DOM number; and a 5-day increase year over year.
With home prices receding; pending sales declining; and days on market increasing, the market may be showing signs of softening.
As always, I welcome your questions/comments.
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Data courtesy of the Incline Village REALTORS® – September 13, 2021. Note: This information is deemed reliable, but not guaranteed.
