Home sales continue to climb in the Incline Village / Crystal Bay, Nevada housing market. August 2023 saw a huge increase increase in home sales — in both SFRs, as well as with condo/townhomes. However, decreases in the median sales prices of both SFRs and condos were also observed in August. Pending sales for SFRs remain high, but have plummeted for condo/townhomes. See all the details below.
SFRs
In August 2023, a total of 23 SFR homes were sold, showing a 109.1% increase over the previous month (July 2023). The median sales price dropped by a noteworthy 20.7% to $1,825,000, while the median sold price per square foot (PPSF) decreased by a whopping 29.9% to $730.57/sq.ft. The median DOM added 8 days, coming in at 61 days. Available inventory and pending sales each saw decreases in August — coming in at 79 and 28 properties, respectively.
The median list price for SFR homes in August 2023 was $1,950,000, and the sold-to-list price ratio was 93.6%. Five SFR properties sold at, or above, list price.
When comparing year-over-year (YoY) data, there was a 91.7% increase in homes sold, and a whopping 45.5% decrease in the median sales price. The median sold PPSF fell by 21.6%, while the median DOM decreased by 32.2%.
August’s MSI (months supply of inventory) dropped to 3.4 MSI.
Condo/Towhomes
The condo/townhome market also experienced a substantial increase in the number of condos sold, as well as a substantial decrease in median sales price, compared to the previous month. Pending sales also saw a substantial decrease in August. However, available inventory rose nicely for the month. Median days on the market (DOM) fell compared to the previous month.
21 condos/townhomes were sold in August, marking a 61.5% increase over July sales. The median sales price fell 22.1% to $918,000, while the median sold price per square foot (PPSF) fell by 22.6% to $617.82/sq.ft. The median DOM dropped by 8 days to come in at 54 days. Available inventory rose to 36 condo/townhomes (down 31.6%), and pending sales plummeted to 7 (down 61.1%).
The median list price for condos/townhomes in August 2023 was $900,000, and the sold-to-list price ratio was 102.0%.
Comparing year-over-year (YoY) data, there was a 133.3% increase in the number of condos/townhomes sold, while the median sales price is down by 23.6%. The median sold PPSF is down by 30.5%, and the median DOM decreased by 23.9%.
Overall, the condo/townhome market in August 2023 experienced year-over-year increases in number of condos sold, however decreases in median sales prices, median sold PPSF, available inventory and pending sales.
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Data courtesy of the Incline Village REALTORS® – September 8, 2023. Note: This information is deemed reliable, but not guaranteed.
