Home sales drop precipitously — Down 82% YoY
October’s median sales price for Incline Village, NV came in at $1,700,000 — a 13.9 percent decrease from September’s median sales price of $1,975,000. Year-over-year, October’s median sales price is up 18.9 percent.
October’s median sold PPSF (price per square foot) increased to $799.14/sq.ft. — a 5.6 percent decrease from September’s median sold PPSF.
Year-over-year, October’s PPSF was up nearly 50 percent!
October home sales fell to just 9 homes sold for the month — down a whopping 47.1% from September’s 17 home sales; and down an incredible 82.4 percent year-over-year from the Coronavirus Pandemic-fueled record sales rush experienced time last year.
Median days on market (DOM) jumped to 72 days in October — a 17-day increase over September’s 55 DOM. The seasonal slowing of the market’s velocity is apparent.
Available inventory fell from this time last month. However, based on the month’s 9 home sales, the 45 SFRs currently available for purchase represents a 5-month supply of inventory.
And in a possible sign of seasonal market softening, of the currently listed SFRs available for purchase, one-quarter have undergone price reductions.
Pending sales rose for the month. Currently, 26 homes are pending sale — a 23.8 percent increase over this time last month.
19 condos and townhomes sold in October. This number was up a significant 216.7 percent over September’s unusually low number of condo and townhome sales.
Year-over-year, October’s sales were down 32.1 percent from the Coronavirus Pandemic-fueled record sales rush experienced time last year.
October’s median sales price for condos/townhomes rebounded to $950,000 — up 48.8 percent over September’s $640,000 median sales price.
Year-over-year, October’s median sales price for condos/townhomes was up 29.3 percent.
October’s median sold PPSF for condos/townhomes came in at $607.77/sq.ft. — up 11.7 percent over September’s sold PPSF number, and up 28.3 percent year-over-year.
October’s median DOM for condos/townhomes was 53 days — a decrease of 28 days from September’s 81 DOM number.
There are currently 28 condo/townhomes listed as available for purchase. This number represents a 1½-month supply of inventory based off of October’s sales.
And in another sign of the market softening, of the 28 currently listed condos/townhomes available for purchase, a full 50 percent have undergone price reductions.
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Data courtesy of the Incline Village REALTORS® – November 9, 2021. Note: This information is deemed reliable, but not guaranteed.