Continuing with the trends observed in September and October home sales, November’s numbers similarly exhibited a tale of two markets – SFRs (single-family residences) vs. condo/townhomes. Let’s take a look…
SFRs
November 2023’s SFR sales came in at 11 homes sold — down 31.3% from October’s 16 homes sold; however, up a whopping 450% year-over-year. That large year-over-year increase was due to only 2 SFRs selling during the month of November 2022.
Home prices also dropped in November. The median sales price for SFRs fell to $1,950,000 — representing a 27.8% month-over-month decrease. However, year-over-year increase home prices remain up 39.3%.
The median list price for SFR homes in November 2023 was $2,200,000, and the sold-to-list price ratio was 88.6%. Two of the 11 sales closed at, or above, list price.
November’s median DOM (days on market) added a whopping 23 days to October’s number to come in at 97 days on market. For comparison, November 2022’s median DOM was 59 days.
Available inventory sits at 62 SFRs for sale. This is down 8.8% from October’s inventory of 68 homes, and is down 11.4% year-over-year. November’s MSI (months supply of inventory) currently sits at 5.6% MSI. The MSI is inching closer to “Buyer’s Market” territory.
Pending sales currently sit at 14 listings — unchanged from this time last month, however twice the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, the numbers look quite different.
Eleven condos/townhomes were sold in November. This number is up 10.0% compared to October’s 10 condos sold, and is up a whopping 120.0% year-over-year.
The median sales price for condos/townhomes jumped in November — coming in at $1,040,000. That number is up a noteworthy 37.3% over October’s median, and also is up 20.2% year-over-year.
The median list price for condo/townhomes in November 2023 was $1,075,000, and the sold-to-list price ratio was 96.7%. Two of the 11 sales sold at, or above, list price.
November’s median DOM (days on market) declined by 24 days to come in at 37 DOM for October’s number. For comparison, November 2022’s median DOM was a staggering 179 days.
Available inventory sits at 35 condo/townhomes for sale. One more than the 34 condo/townhomes available for purchase this time last month. Year-over-year, the condo/townhome available inventory is down 5.4%. November’s MSI (months supply of inventory) currently sits at 3.2 MSI.
Pending sales currently sit at 4 listings — down from the 7 pendings this time last month, and down 33.3% year-over-year.
In summary, the Incline Village/Crystal Bay housing market in November 2023 presented a tale of two markets. While SFRs experienced a decline in sales and prices, the condo/townhome market remained strong with increasing sales and prices. This divergence suggests that buyers may be shifting their focus towards lower-cost housing options in the current economic climate. Additionally, the decreasing months’ supply of inventory for SFRs indicates a potential shift towards a Buyer’s Market in the near future.
As the year draws to a close, it will be interesting to see how the market continues to evolve. Stay tuned for future reports to stay informed about the latest trends and developments in the Incline Village/Crystal Bay real estate market.
As always, I welcome your comments.
Thinking of selling your Incline Village / Crystal Bay property and looking for guidance in the current market? Schedule a consultation with me to get personalized advice on your real estate goals.
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® – December 7, 2023. Note: This information is deemed reliable, but not guaranteed.
