Continuing with the trends observed in home sales over the prior three months, December’s home prices similarly exhibited a tale of two markets – SFRs (single-family residences) vs. condo/townhomes. Let’s take a look…
SFRs
December 2023’s SFR sales came in at 9 homes sold — down 18.2% from November’s 11 homes sold; however, up 12.5% year-over-year.
Home prices dropped sharply in December. The median sales price for SFRs fell to $1,555,000 — representing a 20.3% month-over-month decrease. Year-over-year the median sales price is down 33.0%.
The median list price for SFR homes in December 2023 was $1,545,000, yielding a sold-to-list price ratio of 100.6%. Four of the 9 sales closed at, or above, list price.
December’s median DOM (days on market) fell by a whopping 46 days from November’s number to come in at 51 days on market. For comparison, December 2022’s median DOM was an incredible 162 days.
Available inventory sits at 51 SFRs for sale. This is down 17.7% from November’s inventory of 62 homes, and is down 10.5% year-over-year. December’s MSI (months supply of inventory) currently sits at 5.7% MSI. The MSI is inching closer to “Buyer’s Market” territory, which is typically defined as an MSI of greater than 7 months.
Pending sales currently sit at 15 listings — one listing more over this time last month, however 3X the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, pricing metrics look quite different.
Only 4 condos/townhomes were sold in December. This number is down 63.6% compared to November’s 11 condos sold, and is down 42.9% year-over-year.
The median sales price for condos/townhomes jumped in December — coming in at $1,939,000. That number is up a remarkable 86.4% over November’s median, and also is up a whopping 147.0% year-over-year.
The median list price for condo/townhomes in December 2023 was $1,967,500, and the sold-to-list price ratio was 98.6%. Two of the 4 sales sold at, or above, list price.
December’s median DOM (days on market) declined by 25 days from November’s number to come in at 12 DOM for the month. For comparison, December 2022’s median DOM was a whopping 90 days.
Available inventory sits at 30 condo/townhomes for sale. Five fewer than the 35 condo/townhomes available for purchase this time last month. Year-over-year, the condo/townhome available inventory is up 3.4%. December’s MSI (months supply of inventory) currently sits at 7.5 MSI — indicative of a Buyer’s market.
Pending sales currently sit at 8 listings — up over the 4 pendings this time last month, and up 60.0% year-over-year.
In summary, December 2023 in the Incline Village real estate market has presented a nuanced picture, reflecting distinct trends in the SFR and condo/townhome segments. While the SFR market experienced a significant price decrease and a reduction in sales, the condo/townhome sector witnessed an astonishing price surge, though with fewer transactions. The market’s movement towards a potential buyer’s market, especially in the condo/townhome segment, is indicative of shifting dynamics and could signal new opportunities for buyers in the coming months.
As we enter the new year, these trends underscore the importance of understanding each market segment’s unique behavior in Incline Village, offering valuable insights for both buyers and sellers navigating this diverse and evolving market landscape.
As always, I welcome your comments.
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Data courtesy of the Incline Village REALTORS® – January 4, 2023. Note: This information is deemed reliable, but not guaranteed.
