October SFR sales pop!
SFRs
October 2024’s SFR sales came in at 25 homes sold—a surge of 92.3% over the number of SFRs sold in September. Year-over-year, October sales are up 56.3%.
October’s median sales price for SFRs fell to $2,150,000—a 14.0% month-over-month decrease; and down 20.4% year-over-year.
The median list price for SFR homes in October 2024 was $2,298,000, yielding a sold-to-list price ratio of 93.6%.
October’s median DOM (days on market) came in at 117 days on market. For comparison, September’s median DOM was 70 days, and October 2023’s median DOM was 74 days.
Available inventory came in at 85 SFRs for sale—12 fewer than September’s inventory number; however up 25.0% year-over-year.
October’s MSI (months supply of inventory) currently sits at 3.4 MSI—flipping to a “Seller’s Market” from September’s “Buyer’s Market”.
Pending sales currently sit at 12 listings—nine fewer from this time last month; and down 14.3% from this time last year.
Condo/Townhomes
Turning to the condo/townhome market, 11 condos/townhomes sold in October. This number is three fewer than September’s 14 condo/townhome sales; and is up 10.0% year-over-year.
The median sales price for condos/townhomes rose to $1,040,000 in October. That number represents a 8.6% increase over September’s condo median sales price; and is up 37.3% year-over-year.
The median list price for condo/townhomes in October 2024 was $1,075,000—resulting in a sold-to-list price ratio of 96.7%.
October’s median DOM (days on market) came in at 37 DOM for the month. For comparison, September’s DOM was 92 days, and October 2023’s median DOM was 61 days.
Available inventory sits at 50 condo/townhomes for sale—down 18.0% from this time last month; however, up 47.1%, year-over-year.
October’s MSI (months supply of inventory) currently sits at 4.5 MSI—indicating a “Balanced” market.
Pending sales currently sit at 16 listings—1 fewer than this time last month; however up 128.6% year-over-year.
As we observe the dynamics of the Incline Village/Crystal Bay real estate market, it’s evident that while the single-family residence sector is experiencing a price adjustment, the condo market is gaining momentum. These trends highlight the unique and ever-changing nature of our local market, presenting both challenges and opportunities for buyers and sellers alike. For those considering entering the market, whether buying or selling, staying informed will be key to navigating these changes effectively. For detailed insights and personalized advice, feel free to reach out or follow our updates for the latest developments.
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® – November 4, 2024. Note: This information is deemed reliable, but not guaranteed.
