Incline Village / Crystal Bay continues in “Buyer’s Market”
Incline Village / Crystal Bay’s housing market’s months supply of inventory (MSI) is 10.3 — placing it squarely in “Buyer’s Market” territory.
MSI is calculated by dividing the current month’s inventory figure by monthly closed sales. The table below shows the Incline Village/Crystal Bay monthly MSI figures for the past 13 months.
As can be seen in the chart above, July’s MSI decreased slightly from June’s MSI (mainly because 1 additional home sold in July compared to June), however July’s MSI is 4X what it was this time last year.
July’s median sales price for Incline Village and Crystal Bay, NV rose to $2,603,500 — a 4.1 percent increase over June’s median sales price of $2,500,000. Year-over-year, July’s median sales price was up 40.4 percent.
July’s median sold PPSF (price per square foot), however, fell to $989.64/sq.ft. — a 13.7 percent decrease from June’s median sold PPSF.
Year-over-year, July’s median sold PPSF was up 13.0 percent.
July home sales rose to 10 homes sold for the month — less than half the number of homes sold in July last year. July home sales were up 11.1 percent over June’s 9 home sales; and down 52.4 percent year-over-year.
Median days on market (DOM) rose to 56 DOM — adding three weeks to June’s 35 DOM number, and returning to March’s DOM number.
Available inventory continues to rise. The 103 SFRs currently for sale represents a 7.3 percent increase over this time last month. Year-over-year, available inventory is up a whopping 87.3 percent. And as mentioned above the 103 SFRs currently available for purchase represents a 10.3 months supply of inventory (MSI).
Currently, 15 homes are pending sale — one more than this time last month.
Year-over-year, pending sales are down 53.1 percent.
Condos took a big hit in July! Only 5 condos and townhomes sold in July — down two-thirds (66.6%) from June’s 15 condo and townhome sales.
Year-over-year, July’s sales were down a whopping 75.0 percent from this time last year.
July’s median sales price for condos/townhomes fell 5.8 percent from June to come in at $946,600. Year-over-year, July’s median sales price is down 8.3 percent.
July’s median sold PPSF for condos/townhomes fell to $566.15/sq.ft. — down 29.2 percent from June’s sold PPSF number, and down 19.8 percent year-over-year.
July’s median DOM for condos/townhomes remained unchanged at 53 days.
There are currently 50 condo/townhomes listed as available for purchase. This number represents a 10 months supply of inventory (MSI) based off of July’s five sales.
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® – August 6, 2022. Note: This information is deemed reliable, but not guaranteed.