Incline Village / Crystal Bay home sales and median sales price remain well below year-over-year numbers.
February saw only 11 properties sold: 5 SFRs; and 6 condo/townhomes.
While seasonal factors are at play, these numbers are less than half the sales seen in February 2022. Last year, 26 properties (14 SFRs and 12 condo/townhomes) were sold in February. Cumulatively, February 2023 home and condo sales are down 57.7 percent, year over year!
Incline Village / Crystal Bay’s housing market remains in a “Buyer’s Market”, with February’s “months supply inventory” coming in at 9.0.
Single-family homes
Please note, with only 5 SFR sales for the month, the data is very “thin”, so take these metrics with a grain of salt.
February’s median sales price for the Incline Village and Crystal Bay, NV housing market dropped precipitously — falling to $1,500,000. This number represents a 38.5 percent decline from January’s median sales price of $2,440,000. Year-over-year, February’s median sales price is down 38.0 percent.
February’s median sold PPSF (price per square foot) fell to $585.38/sq.ft. — a 13.1 percent decrease from January’s median sold PPSF.
Year-over-year, February’s median sold PPSF was down 39.9 percent.
As mentioned at the top, February home sales came in with only 5 homes sold for the month — down 64.3 percent, year-over-year.
Median days on market (DOM) came in at a whopping 232 DOM — more than doubling January’s 103 DOM.
Available inventory decreased by 1 home in February, and is currently sitting at 45 properties. The 45 SFRs currently available for purchase represents a 2.2 percent decrease from this time last month. Year-over-year, available inventory is down 18.2 percent.
The 45 SFRs currently available for purchase represents a 9.0 months supply of inventory (MSI).
Currently, only 8 homes are pending sale. For context, year-over-year, pending sales are down 60.0 percent. Expect March home sales to be low.
Condo/Townhomes
Condo/townhome sales rose in February. 6 condos and townhomes sold in February — one more than January’s five condo and townhome sales.
However, year-over-year, February’s condo/townhome sales were down 50.0 percent!
February’s median sales price for condos/townhomes fell to $800,000 — an 11.1 percent decrease from January’s median sales price of $900,000. Year-over-year, February’s median sales price for condo/townhomes is unchanged.
February’s median sold PPSF for condos/townhomes fell to $636.53/sq.ft. — down 13.0 percent from January’s sold PPSF number, and down 5.5 percent year-over-year.
February’s median DOM for condos/townhomes came in at 185 days — adding 74 additional days to January’s 111 DOM number.
There are currently 26 condo/townhomes listed as available for purchase. This number represents a 4.3 months supply of inventory (MSI) based off of February’s six sales.
There are only 4 pending condo/townhome sales at the moment. This number is down 63.6 percent from the pending condo/townhomes this time last year. Expect March condo sales to be dismally low.
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Data courtesy of the Incline Village REALTORS® – March 6, 2023. Note: This information is deemed reliable, but not guaranteed.
