March 2024 SFR (single-family residence) median sales price pulls back; Home sales flat
SFRs
March 2024’s SFR sales came in at 8 homes sold—unchanged from February’s number homes sold. Year-over-year, however, SFR sales are up 60.0%.
March’s median sales price for SFRs pulled back to $2,482,500—a 16.9% month-over-month decrease; however March’s number was up 12.8% year-over-year.
The median list price for SFR homes in March 2024 was $2,585,000, yielding a sold-to-list price ratio of 96.0%. Only one of the 8 sales sold at asking price.
March’s median DOM (days on market) clocked in at 98 days on market. For comparison, March 2023’s median DOM was 326 days.
Available inventory sits at 46 SFRs for sale. Unchanged from February’s inventory number, and is up two additional SFRs year-over-year. March’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 9 listings — two fewer from this time last month, and one less than the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, 9 condos/townhomes were sold in March. This number is up 125.0% over February’s 4 condo/townhome sales, and is also up 125.0% year-over-year.
The median sales price for condos/townhomes fell in March—coming in at $700,000. That number is down 25.1% from February’s condo median, and down a whopping 49.7% year-over-year.
The median list price for condo/townhomes in March 2024 was $715,000—resulting in a sold-to-list price ratio of 97.9%. Two of the 9 sales sold at, or above, list price.
March’s median DOM (days on market) added a whopping 96 days to February’s number to come in at 163 DOM for the month. For comparison, March 2023’s median DOM was a 135 days.
Available inventory sits at 32 condo/townhomes for sale. Unchanged from this time last month. Year-over-year, the condo/townhome available inventory is up 68.4%. March’s MSI (months supply of inventory) currently sits at 3.6 MSI—indicative of a Seller’s market.
Pending sales currently sit at 10 listings—four more over this time last month; however down 23.1% year-over-year.
As we close our March 2024 market update for Incline Village/Crystal Bay, it’s evident that while the single-family residence sector experienced a pullback in median sales prices, the condo/townhome market saw a significant surge in sales activity despite a decrease in median sales prices. These contrasting trends underscore the dynamic and multifaceted nature of our local real estate market. Whether you’re a potential buyer or seller, understanding these patterns is crucial for making informed decisions.
As always, we welcome your comments.
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Data courtesy of the Incline Village REALTORS® – April 2, 2024. Note: This information is deemed reliable, but not guaranteed.
