2024 kicks off with strong SFR (single-family residence) and condo sales, as well a jump in the median sales price for SFRs!
SFRs
January 2024’s SFR sales came in at 14 homes sold — 55.6% over December’s 9 homes sold; and up a whopping 366.7% year-over-year!
Home prices rose in January. The median sales price for SFRs climbed to $2,199,000 — representing a 41.4% month-over-month increase. However, year-over-year the median sales price remains down 9.9%.
The median list price for SFR homes in January 2024 was $2,449,000, yielding a sold-to-list price ratio of 89.8%. Three of the 14 sales sold for full asking price.
January’s median DOM (days on market) added a whopping 39 days to December’s number to come in at 90 days on market. For comparison, January 2023’s median DOM was an incredible 103 days.
Available inventory sits at 46 SFRs for sale. This is down 9.8% from December’s inventory of 51 homes, and is unchanged year-over-year. January’s MSI (months supply of inventory) currently sits at 3.3% MSI. This MSI indicates a “Seller’s Market”, which is typically defined as an MSI of less than 5 months.
Pending sales currently sit at 12 listings — three fewer from this time last month, however 2 times the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, 7 condos/townhomes were sold in January. This number is up 75.0% over December’s 4 condos sold, and is also up 40.0% year-over-year.
The median sales price for condos/townhomes fell in January — coming in at $820,000. That number is down 57.5% from December’s median, and down 8.9% year-over-year.
The median list price for condo/townhomes in January 2024 was $839,900, and the sold-to-list price ratio was 97.6%. Three of the 7 sales sold at, or above, list price.
January’s median DOM (days on market) added 38 days to December’s unusually low number to come in at 50 DOM for the month. For comparison, January 2023’s median DOM was a whopping 111 days.
Available inventory sits at 28 condo/townhomes for sale. Two fewer than the 30 condo/townhomes available for purchase this time last month. Year-over-year, the condo/townhome available inventory is up 33.3%. January’s MSI (months supply of inventory) currently sits at 4.0 MSI — indicative of a Seller’s market.
Pending sales currently sit at 9 listings — one more this time last month, and up 28.6% year-over-year.
As January 2024 concludes, the Incline Village/Crystal Bay real estate market showcases a vibrant start to the new year, marked by significant sales increases in both SFRs and condos/townhomes despite varied price movements. This dynamic suggests a robust demand and an evolving market landscape that continues to attract interest from buyers and sellers alike. With inventory levels and days on market indicating a seller’s market, the upcoming months will be crucial for observing how these trends develop, especially with pending sales showing promising increases. As always, we remain committed to guiding our clients through the nuances of this unique market, ensuring they can make informed decisions whether buying or selling in Incline Village/Crystal Bay.
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Data courtesy of the Incline Village REALTORS® – February 10, 2024. Note: This information is deemed reliable, but not guaranteed.
