Incline Village / Crystal Bay condo sales plummet! Median sales price for both SFRs and condo/townhomes now below Y-o-Y numbers!
After climbing above 10 months supply of inventory (MSI) in June and July, Incline Village / Crystal Bay’s housing market’s MSI has been on the down trend — coming at 4.9 MSI in October. The market is now in the “Balanced Market” category.
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.
October’s median sales price for the Incline Village and Crystal Bay, NV housing market saw another big drop —falling to $1,650,000. This represents a 15.4 percent decrease from September’s median sales price of $1,950,000, and, a year-over-year decrease of 2.9 percent.
October’s median sold PPSF (price per square foot) fell to $794.62/sq.ft. — a 12.8 percent decrease from September’s median sold PPSF.
Year-over-year, October’s median sold PPSF was down 0.6% percent.
October home sales held steady at 17 homes sold for the month — the same number of SFR sales seen in September. Year-over-year, October’s sales were up a noteworthy 88.9%.
Median days on market (DOM) rocketed to 120 DOM! That’s an increase of 40 days over September’s 80 DOM number.
Available inventory decreased by 7 homes in October. The 83 SFRs currently available for purchase represents a 7.8 percent decrease from this time last month. However, year-over-year, available inventory is up a whopping 84.4 percent. And as mentioned at the top, the 83 SFRs currently available for purchase represents a 4.9 months supply of inventory (MSI).
Currently, only 5 homes are pending sale — ten fewer than this time last month. Expect November homes sales to be dismally low.
Year-over-year, pending sales are down 80.8 percent!
Condo/townhome sales and prices also plummeted in October. 8 condos and townhomes sold in October — 50% fewer than September’s condo and townhome sales.
Year-over-year, October’s condo/townhome sales were down 57.9 percent from this time last year.
October’s median sales price for condos/townhomes fell to $737,000 — a whopping 21.7 percent decrease from September’s median sales price of $935,000! Year-over-year, October’s median sales price is down 22.3 percent!
October’s median sold PPSF for condos/townhomes fell to $620.62/sq.ft. — down 10.3 percent from September’s sold PPSF number, but up 2.1 percent year-over-year.
October’s median DOM for condos/townhomes fell to 50 days — an 8 day decrease from September’s median DOM.
There are currently 40 condo/townhomes listed as available for purchase. This number represents a 5.0 months supply of inventory (MSI) based off of October’s 8 sales.
And, as with SFRs, there are only 5 pending condo/townhome sales at the moment. Expect condo sales to be dismally low for November.
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Data courtesy of the Incline Village REALTORS® – November 5, 2022. Note: This information is deemed reliable, but not guaranteed.