Incline Village / Crystal Bay median sales price surges and sales rise
After climbing above 10 months supply of inventory (MSI) in July and August, Incline Village / Crystal Bay’s housing market’s MSI receded in August — coming at 8.3. Though still in the “Buyer’s Market” category, a declining MSI will be welcome news for home sellers.
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.
August’s median sales price for Incline Village and Crystal Bay, NV surged to $3,350,000 — a 28.7 percent increase over July’s median sales price of $2,603,500. Year-over-year, August’s median sales price was up a whopping 108.9 percent.
August’s median sold PPSF (price per square foot), however, fell to $932.29/sq.ft. — a 5.8 percent decrease from July’s median sold PPSF.
Year-over-year, August’s median sold PPSF was up 11.3 percent.
August home sales rose to 12 homes sold for the month — two more than the 10 sales in July. However, year-over-year, August’s sales were down 40 percent.
Median days on market (DOM) rocketed to 90 DOM — adding nearly five weeks to July’s 56 DOM number.
Available inventory decreased by 4 homes in August. The 99 SFRs currently available for purchase represents a 3.9 percent decrease from this time last month. However, year-over-year, available inventory is up a whopping 83.3 percent. And as mentioned at the top, the 99 SFRs currently available for purchase represents an 8.3 months supply of inventory (MSI).
Currently, 18 homes are pending sale — three more than this time last month.
Year-over-year, pending sales are down 14.3 percent.
Condo/townhome sales and prices also rose in August! Nine condos and townhomes sold in August — four more than July’s five condo and townhome sales.
That being said, year-over-year, August’s sales were down 65.4 percent from this time last year.
August’s median sales price for condos/townhomes spiked 29.6 percent over July’s median sales price to come in at $1,201,600. Year-over-year, August’s median sales price is up 53.1 percent!
August’s median sold PPSF for condos/townhomes rocketed to $888.97/sq.ft. — up 57.0 percent over July’s sold PPSF number, and up 38.2 percent year-over-year.
August’s median DOM for condos/townhomes rose to 71 days — a 2½ week increase over July’s median DOM.
There are currently 45 condo/townhomes listed as available for purchase. This number represents a 5 months supply of inventory (MSI) based off of August’s nine sales.
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Data courtesy of the Incline Village REALTORS® – September 9, 2022. Note: This information is deemed reliable, but not guaranteed.