While SFR home sales surged in July; SFR and condo sales prices fell sharply
SFRs
July 2024’s SFR sales came in at a robust 21 homes sold—three times the number of homes sold in June, and 10 more than sold last July.
July’s median sales price for SFRs slid to $2,150,000—a whopping 26.9% month-over-month decrease; and a 6.5% year-over-year decrease. As the summer buying season winds down, home sellers eager to sell before the arrival of fall and winter are reducing prices and negotiating deals!
The median list price for SFR homes in July 2024 was $2,395,000, yielding a sold-to-list price ratio of 89.8%. Compare this ratio to May’s and June’s sold-to-list price ratios of 101.8% and 98.2%, respectively—another indication of dealmaking.
July’s median DOM (days on market) came in at 47 days on market. For comparison, June’s median DOM was 29 days, and July 2023’s median DOM was 53 days.
Available inventory came in at 101 SFRs for sale. One more than June’s inventory number, and up 8.6% year-over-year.
July’s MSI (months supply of inventory) currently sits at 4.8 MSI–reflecting a more “Balanced Market” compared to June’s solid “Buyer’s Market”.
Pending sales currently sit at 23 listings — down 11.5% from this time last month, and down 20.7% from this time last year. Look for August sales to be lower than July’s.
Condo/Townhomes
Turning to the condo/townhome market, 8 condos/townhomes were sold in July. This number is two fewer than June’s 10 condo/townhome sales, and is five fewer than the 13 sold in July of last year.
The median sales price for condos/townhomes fell sharply in July—pulling back to $825,900. That number represents a 22.8% decrease from June’s condo median sales price; and a nearly 30.0% decrease year-over-year.
The median list price for condo/townhomes in July 2024 was $849,000—resulting in a sold-to-list price ratio of 97.3%.
July’s median DOM (days on market) came in at 67 DOM for the month. For comparison, July 2023’s median DOM was 62 days.
Available inventory sits at a whopping 83 condo/townhomes for sale—up 12.2% over this time last month; and up an incredible 219.2% year-over-year.
July’s MSI (months supply of inventory) currently sits at 10.4 MSI—indicating a solid “Buyer’s” market.
Pending sales currently sit at 7 listings—one fewer than this time last month; and down 61.1% year-over-year. Expect August condo sales to be down.
As July unfolds the intricacies of a shifting market, potential buyers are finding more room to negotiate, reflected in the declining prices across both SFR and condo segments. With the market edging towards a buyer’s advantage, especially in the condo market, those contemplating investments in Incline Village/Crystal Bay may find opportune moments ahead. Sellers, meanwhile, may need to adjust expectations and strategies to align with the current market dynamics to attract serious buyers. As always, staying informed and adaptable will be key to navigating the local real estate landscape effectively.
Thinking of selling your Incline Village / Crystal Bay property and looking for guidance in the current market? Or, considering taking advantage of the market’s current buying opportunities? Schedule a consultation with us to obtain personalized advice on your real estate goals.
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Data courtesy of the Incline Village REALTORS® – August 13, 2024. Note: This information is deemed reliable, but not guaranteed.
