February 2024 saw a big jump in the SFR (single-family residence) median sales price; however home sales slid.
SFRs
February 2024’s SFR sales came in at 8 homes sold—a 42.9% decrease from January’s 14 homes sold. Year-over-year, however, SFR sales are up 60.0%.
Following January’s start to the year, home prices again rose in February. The median sales price for SFRs climbed to $2,987,500—representing a 35.94% month-over-month increase; and a whopping 99.2% year-over-year increase.
The median list price for SFR homes in February 2024 was $2,897,500, yielding a sold-to-list price ratio of 103.1%. Three of the 8 sales sold at, or over, asking price.
February’s median DOM (days on market) clocked in at 164 days on market. For comparison, February 2023’s median DOM was an incredible 232 days.
Available inventory sits at 46 SFRs for sale. Unchanged from January’s inventory number, and is up one additional SFR year-over-year. February’s MSI (months supply of inventory) currently sits at 5.8% MSI. This MSI indicates a “Balanced Market”, which is typically defined as an MSI of between 5 and 7 months.
Pending sales currently sit at 11 listings — one fewer from this time last month, however 3 more than the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, 4 condos/townhomes were sold in February. This number is down 42.9% from January’s 7 condo/townhome sales, and is also down 33.3% year-over-year.
The median sales price for condos/townhomes rose in February — coming in at $935,000. That number is up 14.0% over January’s condo median, and up 16.9% year-over-year.
The median list price for condo/townhomes in February 2024 was also $935,000—resulting in a sold-to-list price ratio of 100.0%. Three of the 4 sales sold at, or above, list price.
February’s median DOM (days on market) added 17 days to January’s number to come in at 67 DOM for the month. For comparison, February 2023’s median DOM was a whopping 185 days.
Available inventory sits at 32 condo/townhomes for sale. Four more than the 28 condo/townhomes available for purchase this time last month. Year-over-year, the condo/townhome available inventory is up 23.1%. February’s MSI (months supply of inventory) currently sits at 8.0 MSI—indicative of a Buyer’s market.
Pending sales currently sit at 6 listings—three fewer from this time last month; however up 50.0% year-over-year.
As we conclude our Incline Village/Crystal Bay Market Update for February 2024, the diverging paths of the SFR and condo/townhome sectors underscore the dynamic nature of our local real estate landscape. With a significant jump in the median sales price for SFRs contrasting sharply with a slide in home sales, February’s figures highlight a market in flux, balancing between rapid price appreciations and cautious buyer activity. The condo/townhome market presents its own narrative of resilience, with prices strengthening amidst a shifting inventory landscape.
As always, we welcome your comments.
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Data courtesy of the Incline Village REALTORS® – March 5, 2024. Note: This information is deemed reliable, but not guaranteed.
