February median home sold price up 100% year-over-year!
Single-family homes
February’s median sales price came in at $2,200,250. That number represents a year-over-year increase of more than 100 percent! Month-over-month, February’s median sales price was up 10.0 percent.
February’s median sold PPSF (price per square foot) was $703.64/sq.ft. — down 14.3 percent from January’s $821.11/sq.ft. Year-over-year, February’s median sold PPSF is up 49.1 percent.
February home sales jumped to 24 homes sold for the month. This number represents a 41.2 percent increase over January sales; and a whopping 166.7 percent year-over-year increase.
DOM (days on market) dropped to 58 days — a reduction of 17 days from January’s DOM.
Available inventory remains very low. Presently only 21 SFRs are available for purchase — or less than a 1-month supply of inventory. Of these 21 properties, only 5 (or 23.8 percent) are priced at or below the current median sales price of $2.2M.
That being said home buyers are still purchasing. 28 homes are currently under contract and pending sale. Due to COVID-19 depressed sales early last year, expect March and April monthly sales to come in at significantly higher year-over-year totals.
Condo/Townhomes
13 condos and townhomes sold in February — unchanged from the 13 sold in January; however condo sales were down 23.5 percent year-over-year.
February’s median sales price for condos/townhomes came in at $725,000 — pulling back 3.3 percent from January’s $750,000 median sales price.
Year-over-year, February’s median condo sales price was up 20.9 percent.
February’s median sold PPSF for condos/townhomes was $551.20/sq.ft. — a 1.5 percent decrease from January’s number; and a 25.2 percent year-over-year increase.
February’s median DOM for condos/townhomes was 58 days — an increase of five days over January’s 53 DOM number; and down a whopping 62 days year-over-year.
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Data courtesy of the Incline Village REALTORS® – March 7, 2021. Note: This information is deemed reliable, but not guaranteed.
