Incline Village / Crystal Bay home sales grind to a halt! Median sales price for both SFRs and condo/townhomes well below Y-o-Y numbers!
Only seven properties sold during the month of November – 2 SFRs and 5 condo/townhomes.
Compare that to last year’s numbers — 27 SFRs and 21 condo/townhomes sold. Collectively, November 2022 home sales are down an eye-popping 85.4 percent!
Incline Village / Crystal Bay’s housing market is firmly in a “Buyer’s Market”.
November’s median sales price for the Incline Village and Crystal Bay, NV housing market saw another big drop —falling to $1,400,000. This represents a 15.2 percent decrease from October’s median sales price of $1,650,000, and, a year-over-year decline of 36.5 percent!
However, with only two sales for the month, the data is extremely “thin”, to say the least.
November’s median sold PPSF (price per square foot) fell to $627.80/sq.ft. — a 21.0 percent decrease from October’s median sold PPSF.
Year-over-year, November’s median sold PPSF was down 19.6% percent.
As mentioned at the top, November home sales came in with only 2 homes sold for the month — an 88.2 percent decline from October’s SFR sales. Year-over-year, November’s sales were down a jaw-dropping 92.6 percent.
Median days on market (DOM) came in 59 DOM.
Available inventory decreased by 13 homes in November, and is currently sitting at 70 properties. The 70 SFRs currently available for purchase represents a 15.7 percent decrease from this time last month. However, year-over-year, available inventory is up a whopping 70.7 percent. And the 70 SFRs currently available for purchase represents a 35 months supply of inventory (MSI)!
Currently, only 7 homes are pending sale. Expect December home sales to be dismally low. [For context, 17 SFRs sold last December.]
Year-over-year, pending sales are down 50.0 percent!
Condo/townhome sales also plummeted in November. 5 condos and townhomes sold in November — 44.4 percent fewer than October’s condo and townhome sales.
Year-over-year, November’s condo/townhome sales were down 76.29 percent from this time last year.
November’s median sales price for condos/townhomes climbed to $928,500 — a whopping 26.3 percent increase over October’s median sales price of $699,000! However, year-over-year, November’s median sales price for condo/townhomes is down 6.0 percent.
November’s median sold PPSF for condos/townhomes rose to $619.37/sq.ft. — up 3.7 percent over October’s sold PPSF number, but down 0.4 percent year-over-year.
November’s median DOM for condos/townhomes rose to 179 days.
There are currently 37 condo/townhomes listed as available for purchase. This number represents a 7.4 months supply of inventory (MSI) based off of November’s 5 sales.
There are only 6 pending condo/townhome sales at the moment. Expect December condo sales to be dismally low.
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® – December 4, 2022. Note: This information is deemed reliable, but not guaranteed.
Out of curiosity how do you calculate median sold price with only 2 sales? Pick one? But then which one, highest or lowest? I wonder how much the conclusions would change if you picked the other one? Overall, this shows exactly your point…not enough data to really make heads or tails of what’s going on.
Excellent question, David.
With only two data points, the median is the midpoint between the two. In this situation, the median and the mean (average) are the same.
Thank you for reading the blog!