Incline Village / Crystal Bay home sales and median sales price well below year-over-year numbers
2023 began with only 8 properties sold in January: 3 SFRs; and 5 condo/townhomes.
Compare that to last year’s numbers: 6 SFRs and 16 condo/townhomes sold. Cumulatively, January 2023 home and condo sales are down 63.6 percent!
Incline Village / Crystal Bay’s housing market remains in a “Buyer’s Market”, with January’s “months supply inventory” coming in at 15.3.
Single-family homes
January’s median sales price for the Incline Village and Crystal Bay, NV housing market saw an increase — climbing to $2,440,000. This number represents a 5.1 percent increase over December’s median sales price of $2,322,500. However, year-over-year, January’s median sales price is down 34.1 percent.
Please note, with only three SFR sales for the month, the data is very “thin”.
January’s median sold PPSF (price per square foot) receded to $673.66/sq.ft. — a 1.0 percent decrease from December’s median sold PPSF.
Year-over-year, January’s median sold PPSF was down 37.2 percent.
As mentioned at the top, January home sales came in with only 3 homes sold for the month — down 50.0 percent year-over-year.
Median days on market (DOM) came in 103 DOM — down from December’s 162 DOM.
Available inventory decreased by 11 homes in January, and is currently sitting at 46 properties. The 46 SFRs currently available for purchase represents an 19.3 percent decrease from this time last month. However, year-over-year, available inventory is up 21.1 percent. And the 46 SFRs currently available for purchase represents a 15.3 months supply of inventory (MSI).
Currently, only 6 homes are pending sale. For context, year-over-year, pending sales are down 53.8 percent. Expect February home sales to be low.
Condo/Townhomes
Condo/townhome sales also fell in January. 5 condos and townhomes sold in January — 28.6 percent fewer than December’s 7 condo and townhome sales.
Year-over-year, January’s condo/townhome sales were down 68.8 percent!
January’s median sales price for condos/townhomes rose to $900,000 — a 14.6 percent increase over December’s median sales price of $785,000. Year-over-year, January’s median sales price for condo/townhomes is up 13.2 percent.
January’s median sold PPSF for condos/townhomes fell to $731.50/sq.ft. — up 33.9 percent over December’s sold PPSF number, and up 8.5 percent year-over-year.
January’s median DOM for condos/townhomes came in at 111 days — 21 more days than December’s 90 DOM.
There are currently 21 condo/townhomes listed as available for purchase. This number represents a 4.2 months supply of inventory (MSI) based off of January’s 5 sales.
There are only 7 pending condo/townhome sales at the moment. This is less than half the number of pending condo/townhomes this time last year. Expect February condo sales to be dismally low.
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Data courtesy of the Incline Village REALTORS® – February 11, 2023. Note: This information is deemed reliable, but not guaranteed.
