SFRs
The Incline Village / Crystal Bay, Nevada housing market in May 2023 saw an increase in home sales, however the median sales price pulled back for the month. May also saw a substantial decrease in median days on the market (DOM) compared to the previous month. The available inventory and pending sales also saw increases.
In May 2023, a total of 9 homes were sold, showing a 28.6% increase from the previous month (April 2023). The median sales price fell by 9.8% to $2,525,000, while the median sold price per square foot (PPSF) decreased by 10.1% to $824.78. The median DOM dropped by 57.4% to 49 days. Available inventory and pending sales each saw increases in May — coming in at 62 and 14 properties, respectively.
The median list price for homes in May 2023 was $2,355,000, and the sold-to-list price ratio was 107.4%. This is the first time that the sold-to-price ratio has come in above 100% since March of last year. One-third of May’s sales sold above asking price.
When comparing year-over-year (YoY) data, there was a 30.8% decrease in homes sold, and a 4.7% decrease in the median sales price. The median sold PPSF fell by 4.7%, while the median DOM dropped by 53.8%.
MSI (months supply of inventory) has been holding steady at ~7 MSI.
Overall, the housing market in May 2023 showed signs of growth, with increased sales albeit a drop in median sales prices compared to both the previous month and the previous year.
Condo/Towhomes
The condo/townhome market experienced a healthy increase in median sales prices compared to the previous month as well as a substantial increase in the number of condos sold. Median days on the market (DOM) and available inventory also saw increases in May.
12 condos/townhomes were sold in May 2023, marking a 140% increase compared to the previous month (April 2023). The median sales price increased by 13.0% to $870,000, while the median sold price per square foot (PPSF) fell by 19.6% to $626.84. The median DOM increased by 120.0% to 77 days. Available inventory increased to 34 (up 21.4%), and pending sales fell to 8 (down 38.5%).
The median list price for condos/townhomes in May 2023 was $886,500, and the sold-to-list price ratio was 98.1%, indicating that on average, condos/townhomes sold slightly below their asking price.
Comparing year-over-year (YoY) data, there was a 20.0% increase in the number of condos/townhomes sold, while the median sales price is down by 24.6%. The median sold PPSF fell by 13.5%, and the median DOM increased by 165.5%.
Overall, the condo/townhome market in May 2023 experienced month-over-month increases in median sales prices, number of units sold, median DOM, and available inventory. Units sold were also up year-over-year.
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Data courtesy of the Incline Village REALTORS® – June 6, 2023. Note: This information is deemed reliable, but not guaranteed.
Bill
Is there a June report for Reno/Sparks?
Guy Johnson
Hello Bill,
Thank you for your question. Yes, I’ve just now published June’s market report for Reno/Sparks.