September home sales exhibited a tale of two markets – SFRs (single-family residences) vs. condo/townhomes.
Cooler fall temperatures have not dampened SFR sales in the slightest. However, the same cannot be said for condo/townhome sales. Let’s take a look…
September 2023’s SFR sales came in at a yearly high of 25 homes sold — surpassing August’s (then) annual high of 24 homes sold. Year-over-year SFR sales are up 47.1%.
The last time the Incline Village / Crystal Bay market saw 25 SFR sales in one month was November 2021. Fun fact, adding August’s and September’s SFR sales sums to as many homes sold during all the other months of 2023 combined.
Home sales are not the only thing increasing. The median sales price jumped to $2,325,000 — representing a 24.5% month-over-month increase and a 19.2% year-over-year increase.
The median list price for SFR homes in September 2023 was $2,450,000, and the sold-to-list price ratio was 94.9%. Seven SFR properties sold at or above list price.
September’s median DOM (days on market) added 7 days to August’s number to come in at 66 days. For comparison, September 2022’s median DOM was 80 days.
Available inventory sits at 72 SFRs for sale. This is down 8.9% from August’s inventory of 79 homes, and is down 20.0% year-over-year. With the decrease in available inventory coupled with the increase in SFR sales, September’s MSI (months supply of inventory) has fallen to 2.9 MSI. This is the lowest MSI since April 2022.
Looking at the condo/townhome market, the numbers look quite different.
Eight condos/townhomes were sold in September. This number is down 61.9% compared to August’s 21 condos sold and is down 50% year-over-year.
The median sales price for condos/townhomes also fell in September — coming in at $890,000. That number is down 3.1% from August’s median and is down 4.8% year-over-year.
The median list price for condo/townhomes in September 2023 was $885,000, and the sold-to-list price ratio was 100.6%. Two of the eight sales sold at or above list price.
September median DOM (days on market) fell by 6 days compared to August’s number to come in at 48 days. For comparison, September 2022’s median DOM was 58 days.
Available inventory sits at 31 condo/townhomes for sale. This is down 139% from August’s inventory of 36 condo/townhomes available for purchase and is down 24.4% year-over-year. With the decrease in units sold, September’s MSI (months supply of inventory) rose to 3.9 MSI.
In conclusion, the Incline Village and Crystal Bay housing market for September 2023 demonstrated significant variations between single-family residences (SFRs) and condo/townhomes. SFRs continued to flourish, with robust sales and rising median prices. On the other hand, condo/townhome sales faced challenges. As we move into the fall season, we will continue to monitor this dynamic market and continue to provide you with the latest developments. Thank you for reading and stay tuned for our next update!
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Data courtesy of the Incline Village REALTORS® – October 3, 2023. Note: This information is deemed reliable, but not guaranteed.