SFRs
Home sales continue to climb in the Incline Village / Crystal Bay, Nevada housing market. July 2023 saw an increase in home sales, however a substantial decrease in the median sales price. Days on the market (DOM) was unchanged. The available inventory and pending sales also saw increases.
In July 2023, a total of 11 SFR homes were sold, showing an 10.0% increase over the previous month (June 2023). The median sales price dropped by a whopping 34.2% to $2,300,000, while the median sold price per square foot (PPSF) decreased by only 6.0% to $1,041.67. The median DOM remained flat, coming in at 53 days. Available inventory and pending sales each saw increases in July — coming in at 93 and 29 properties, respectively.
The median list price for homes in July 2023 was $2,999,999, and the sold-to-list price ratio was 76.7%. Three properties sold at list price.
When comparing year-over-year (YoY) data, there was a 10.0% increase in homes sold, and a 11.7% decrease in the median sales price. The median sold PPSF increased by 5.3%, while the median DOM decreased by 5.4%.
MSI (months supply of inventory) rose to 8.5 MSI.
Overall, the housing market in July 2023 showed increased sales — both closed and pending, however a decrease in the median sales price.
Condo/Towhomes
The condo/townhome market experienced a substantial increase in the median sales price, as well as in the number of condos sold, compared to the previous month. Pending sales also saw an increase in July. However, available inventory fell for the month. Median days on the market (DOM) jumped compared to the previous month.
12 condos/townhomes were sold in July, marking a 33.3% increase over June sales. The median sales price increased 23.3% to $1,202,000, while the median sold price per square foot (PPSF) rose by 19.0% to $798.22. The median DOM added 13 days to come in at 63 days. Available inventory fell to 26 condo/townhomes (down 31.6%), and pending sales climbed to 18 (up 12.5%).
The median list price for condos/townhomes in July 2023 was $1,237,500, and the sold-to-list price ratio was 97.1%.
Comparing year-over-year (YoY) data, there was a 140.0% increase in the number of condos/townhomes sold, while the median sales price is up by 27.0%. The median sold PPSF increased by 41.0%, and the median DOM increased by 18.9%.
Overall, the condo/townhome market in July 2023 experienced month-over-month increases in median sales prices, median sold PPSF, units sold, and pending sales. Available inventory was down for the month, and also down year-over-year.
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Data courtesy of the Incline Village REALTORS® – August 11, 2023. Note: This information is deemed reliable, but not guaranteed.
