Sale-to-list price ratio drops to 88.5%; Inventory spikes; Days on market sky rockets!
May’s median sales price for Incline Village and Crystal Bay, NV rose to $2,650,000 — a 15.2 percent increase over April’s median sales price of $2,300,000. Year-over-year, May’s median sales price was up a whopping 76.7 percent.
May’s median sold PPSF (price per square foot) fell to $865.71/sq.ft. — a 12.2 percent decrease from April’s median sold PPSF.
Year-over-year, May’s median sold PPSF was up 0.7 percent.
May home sales dropped to 13 homes sold for the month — down 27.8 percent from April’s 18 home sales; and down 18.8 percent year-over-year.
Median days on market (DOM) jumped a remarkable 158.5% from April to May — 41 DOM to 106 DOM, respectively.
Available inventory also jumped from this time last month — up 66.7 percent. Year-over-year, available inventory is up remarkable 120.6 percent. The 75 SFRs currently available for purchase represents a 5.8-months supply of inventory.
Pending sales decreased for the month. Currently, 16 homes are pending sale — a 36.0 percent decrease from this time last month.
Year-over-year, pending sales are down 38.5 percent.
A shifting market
May’s sale-to-list price ratio dropped to 88.5%. This is the lowest this ratio has been since I’ve been tracking the housing market data. The chart below shows the last 12 months of data for this metric.
Notice that just two months ago May’s sale-to-list price ratio was above 100% — 102.2% to be precise. April and May’s falling sale-to-list price ratio shows a shift from prior months. Home buyers seem to be negotiating lower purchase prices for the homes that they are buying.
And with current inventory up 67% over this time last month, the current market is shifting to more of a “Buyer’s market”, than a “Seller’s market”.
Signs of the shifting housing market can also be seen with the number of price reductions, as well as with increasing days on market, as mentioned above. Of the 75 SFR homes currently available for purchase, 20 (or 26.7%) have undergone at least one price reduction.
10 condos and townhomes sold in May — down from April’s 12 condo and townhome sales.
Year-over-year, May’s sales were down 47.4 percent.
May’s median sales price for condos/townhomes rocketed to $1,154,000 — setting an all-time high for condo / townhome prices. May’s number is 7.9 percent increase over April’s median sales price of $1,070,000.
Year-over-year, May’s median sales price for condos/townhomes was up 35.8 percent.
May’s median sold PPSF for condos/townhomes climbed to $724.31/sq.ft. — up 1.8 percent over April’s sold PPSF number, and up 11.9 percent year-over-year.
May’s median DOM for condos/townhomes fell to 29 days — a decrease of 15 days from April’s 44 DOM number.
There are currently 33 condo/townhomes listed as available for purchase. This number represents just over a 3-months supply of inventory based off of May’s sales.
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Data courtesy of the Incline Village REALTORS® – June 8, 2022. Note: This information is deemed reliable, but not guaranteed.