Home sales pull back; Big drop in condo sales and condo median price
Single-family homes
September’s median sales price for Incline Village, NV came in at $1,975,000 — a 23.1 percent increase over August’s median sales price of $1,603,750. Year over year, September’s median sales price is up 16.9 percent.
September’s median sold PPSF (price per square foot) increased to $846.91/sq.ft. — a 1.1 percent increase over August’s median sold PPSF.
Year-over-year, September’s PPSF was up a whopping 50.7 percent.
September home sales fell to 17 homes sold for the month — down 15% from August’s 20 home sales; and down a hefty 66.7 percent year-over-year from the Coronavirus Pandemic-fueled record sales rush experienced time last year.
Median days on market (DOM) rose to 55 days in September — a 2-day increase over August’s 53 DOM.
Available inventory held relatively stable from this time last month. The 53 SFRs currently available for purchase represents a little over a 3-month supply of inventory.
And in a possible sign of seasonal market softening, of the 53 currently listed SFRs available for purchase, 30.2 percent have undergone price reductions.
Pending sales also held steady. Currently, 21 homes are pending sale — the same as this time last month.
Condo/Townhomes
Only six condos and townhomes sold in September. This number was down a whopping 76.9 percent from August’s condo and townhome sales.
Year-over-year, September’s sales were down 83.8 percent from the Coronavirus Pandemic-fueled record sales rush experienced time last year.
September’s median sales price for condos/townhomes dropped to $640,000 — down 18.4 percent from August’s $784,500 median sales price.
Year-over-year, September’s median sales price for condos/townhomes was down 12.3 percent.
September’s median sold PPSF for condos/townhomes came in at $544.28/sq.ft. — down 15.4 percent from August’s sold PPSF number, but up 7.3 percent year-over-year.
September’s median DOM for condos/townhomes was 81 days — an increase of 20 days over August’s 61 DOM number; and a 32 day increase year-over-year.
There are currently 30 condo/townhomes listed as available for purchase. This number represents a 5-month supply of inventory based off of September’s 6 sales.
And in another sign of the market softening, of the 30 currently listed condos/townhomes available for purchase, a full 50 percent have undergone price reductions.
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® – October 9, 2021. Note: This information is deemed reliable, but not guaranteed.
