Home prices rise; SFR sales flat; Condo sales pop!
SFRs
September 2024’s SFR sales came in at 13 homes sold—unchanged from the number of homes sold in August, however down 50.0% year-over-year.
September’s median sales price for SFRs rose to $2,500,000—a 13.6% month-over-month increase; and up 7.0% year-over-year.
The median list price for SFR homes in September 2024 was $2,595,000, yielding a sold-to-list price ratio of 96.3%.
September’s median DOM (days on market) came in at 70 days on market. For comparison, August’s median DOM was 66 days, and September 2023’s median DOM was 67 days.
Available inventory came in at 97 SFRs for sale. Nine fewer than August’s inventory number; however up a notable 34.7% year-over-year.
September’s MSI (months supply of inventory) currently sits at 7.5 MSI—reflecting a slight “Buyer’s Market”.
Pending sales currently sit at 21 listings—two fewer from this time last month; however up 16.7% over this time last year.
Condo/Townhomes
Turning to the condo/townhome market, 14 condos/townhomes sold in September. This number is four more than August’s ten condo/townhome sales; and is up 13.5% year-over-year.
The median sales price for condos/townhomes receded slightly in September—pulling back to $957,500. That number represents a 1.8% decrease from August’s condo median sales price; however is up 7.6% year-over-year.
The median list price for condo/townhomes in September 2024 was $974,500—resulting in a sold-to-list price ratio of 98.3%.
September’s median DOM (days on market) came in at 92 DOM for the month. For comparison, August’s DOM was 74 days, and September 2023’s median DOM was 48 days.
Available inventory sits at 61 condo/townhomes for sale—down 20.8% from this time last month; however, up 96.8%, year-over-year.
September’s MSI (months supply of inventory) currently sits at 4.4 MSI—indicating a “Balanced” market.
Pending sales currently sit at 17 listings—1 fewer than this time last month; however up 41.7% year-over-year.
As we witness varied trends in the Incline Village/Crystal Bay housing market, understanding these dynamics becomes essential for both buyers and sellers. The stability in SFR prices coupled with the noticeable uptick in condo sales suggests a diversifying market landscape. If you’re considering entering the market or adjusting your current property strategies, staying informed through these updates is vital. For a detailed discussion or a more personalized analysis, feel free to reach out to us below.
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® – October 13, 2024. Note: This information is deemed reliable, but not guaranteed.
