As was observed with September’s home sales, October’s numbers similarly exhibited a tale of two markets – SFRs (single-family residences) vs. condo/townhomes. Let’s take a look…
October 2023’s SFR sales came in at 16 homes sold — down 38.5% from September’s annual high of 26 homes sold, and down 5.9% year-over-year.
Home prices, on the other hand, are trending in the opposite direction. The median sales price for SFRs jumped to $2,700,000 — representing a 15.5% month-over-month increase, and a whopping 63.6% year-over-year increase.
The median list price for SFR homes in October 2023 was $2,875,000, and the sold-to-list price ratio was 93.9%. Four of the 16 sales closed at, or above, list price.
October’s median DOM (days on market) added 7 days to September’s number to come in at 74 days. For comparison, October 2022’s median DOM was 120 days.
Available inventory sits at 68 SFRs for sale. This is down 5.6% from September’s inventory of 72 homes, and is down 18.1% year-over-year. October’s MSI (months supply of inventory) currently sits at 4.3% MSI.
Pending sales currently sit at 14 listings — down 22.2% from this time last month, however up a whopping 180% year-over-year.
Looking at the condo/townhome market, the numbers look quite different.
Ten condos/townhomes were sold in October. This number is up 25.0% compared to September’s 8 condos sold and is up 11.1% year-over-year.
The median sales price for condos/townhomes fell in October — coming in at $757,500. That number is down 14.9% from September’s median, however is up 10.6% year-over-year.
The median list price for condo/townhomes in October 2023 was $777,000, and the sold-to-list price ratio was 97.5%. Four of the 10 sales sold at, or above, list price.
October’s median DOM (days on market) added 13 days to September’s number to come in at 61 days. For comparison, October 2022’s median DOM was 48 days.
Available inventory sits at 34 condo/townhomes for sale. This number is up 9.7% over September’s inventory of 31 condo/townhomes available for purchase, however is down 15.0% year-over-year. October’s MSI (months supply of inventory) currently sits at 3.4 MSI.
Pending sales currently sit at 7 listings — down 41.7% from this time last month, however up 40% year-over-year.
As the leaves turned in Incline Village and Crystal Bay this October, the real estate market presented a study in contrasts. Single-family residences experienced a seasonal cooldown in sales yet witnessed a remarkable surge in median prices, soaring to $2.7 million. This juxtaposition of declining sales with ascending prices paints a picture of a market that is fiercely competitive and highly valued, where quality inventory remains in demand despite broader economic headwinds.
On the flip side, the condo and townhome segment told a different story, with sales climbing by a solid 25% from September and a modest year-over-year increase, showcasing a more accessible market segment that continues to attract buyers. Although the median sales price took a slight dip, the year-over-year growth remains positive, indicating enduring appeal and investment potential in multi-family dwellings.
With the market exhibiting a lean inventory that’s constricting further, reflected in a lower MSI, and properties commanding nearly the asking price, both segments reveal the enduring allure of the Incline Village and Crystal Bay areas. Buyers appear willing to invest in premium properties and locations, while sellers enjoy the leverage of a market that still tilts in their favor.
Entering the winter season, the key indicators to watch will be inventory levels and whether price trends for single-family homes will prompt an influx of new listings or encourage current owners to capitalize on the peak values. The strength of the market, despite fluctuating conditions, is a testament to the unique character and desirability of the region, suggesting that for those who navigate it wisely, the Incline Village and Crystal Bay real estate markets continue to offer promising opportunities.
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Data courtesy of the Incline Village REALTORS® – November 6, 2023. Note: This information is deemed reliable, but not guaranteed.