Incline Village / Crystal Bay home sales well below Y-o-Y numbers; however median sales price is up!
December closed out 2022 with 15 properties sold for the month, as follows: 8 SFRs; and 7 condo/townhomes.
Compare that to last year’s numbers — 17 SFRs and 14 condo/townhomes sold. Collectively, December 2022 home and condo sales are down 51.6 percent!
Incline Village / Crystal Bay’s housing market remains in a “Buyer’s Market”.
Single-family homes
December’s median sales price for the Incline Village and Crystal Bay, NV housing market saw an increase —climbing to $2,322,500. This number represents a 65.9 percent increase over November’s median sales price of $1,400,000, and a year-over-year increase of 23.0 percent!
However, with only eight sales for the month, the data is very “thin”.
December’s median sold PPSF (price per square foot) rose to $680.64/sq.ft. — an 8.4 percent increase over November’s median sold PPSF.
However, year-over-year, December’s median sold PPSF was down 20.4% percent.
As mentioned at the top, December home sales came in with only 8 homes sold for the month. And while this number is 4× the two SFR sales observed in November, year-over-year, December’s sales were down a whopping 52.9 percent.
Median days on market (DOM) came in 162 DOM.
Available inventory decreased by 13 homes in December, and is currently sitting at 57 properties. The 57 SFRs currently available for purchase represents an 18.6 percent decrease from this time last month. However, year-over-year, available inventory is up 50.0 percent. And the 57 SFRs currently available for purchase represents a 7.1 months supply of inventory (MSI).
Currently, only 5 homes are pending sale. Expect January home sales to be low. For context, year-over-year, pending sales are down 58.3 percent!
Condo/Townhomes
Condo/townhome sales bumped up in December. 7 condos and townhomes sold in December — 40.0 percent more than November’s condo and townhome 5 sales.
Year-over-year, December’s condo/townhome sales were down 50.0 percent from this time last year.
December’s median sales price for condos/townhomes fell to $785,000 — a 9.2 percent decrease from November’s median sales price of $865,000. Year-over-year, December’s median sales price for condo/townhomes is down 18.5 percent.
December’s median sold PPSF for condos/townhomes fell to $546.33/sq.ft. — down 11.8 percent from November’s sold PPSF number, and down 22.2 percent year-over-year.
December’s median DOM for condos/townhomes came in at 90 days.
There are currently 29 condo/townhomes listed as available for purchase. This number represents a 4.1 months supply of inventory (MSI) based off of December’s 7 sales.
There are only 5 pending condo/townhome sales at the moment. Expect January condo sales to be dismally low.
For context, there were 16 pending condo/townhome sales this time last year.
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Data courtesy of the Incline Village REALTORS® – January 5, 2023. Note: This information is deemed reliable, but not guaranteed.
