August median home (SFR) price recedes for the 2nd consecutive month; median condo price also pulls back
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.
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 20 days to July’s 41 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.