Incline Village / Crystal Bay home sales climb to highest level since April in 2022! MSI trending downward
After climbing above 10 months supply of inventory (MSI) in June and July, Incline Village / Crystal Bay’s housing market’s MSI has been on the down trend — coming at 5.3 MSI in September. The market is now in the “Balanced Market” category.
MSI is calculated by dividing the current month’s inventory figure by monthly closed sales. The table below shows the Incline Village/Crystal Bay monthly MSI figures for the past 13 months.
Single-family homes
September’s median sales price for Incline Village and Crystal Bay, NV plummeted to $1,950,000 — a 41.8 percent decrease from August’s median sales price of $3,350,000. Year-over-year, September’s median sales price was down 1.3 percent.
September’s median sold PPSF (price per square foot) fell to $911.26/sq.ft. — a 2.3 percent decrease from August’s median sold PPSF.
Year-over-year, September’s median sold PPSF was up 7.6 percent.
September home sales rose to 17 homes sold for the month — equaling the number of homes sold a year ago in September 2021. This is noteworthy because monthly home sales have been down, on a year-over-year basis, for each month of 2022.
To lend some perspective, year to date (January through September 2022), 115 SFRs have been sold in the Incline Village / Crystal Bay market. For the same period in 2021, 183 SFRs were sold. Year-to-date home sales are down 37.2 percent from the same time period last year.
Median days on market (DOM) fell to 80 DOM — ten fewer days than August’s 90 DOM number.
Available inventory decreased by 9 homes in September. The 90 SFRs currently available for purchase represents a 9.1 percent decrease from this time last month. However, year-over-year, available inventory is up a whopping 69.8 percent. And as mentioned at the top, the 90 SFRs currently available for purchase represents a 5.3 months supply of inventory (MSI).
Currently, 15 homes are pending sale — three fewer than this time last month.
Year-over-year, pending sales are down 28.6 percent.
Condo/Townhomes
Condo/townhome sales and prices also rose in September. 16 condos and townhomes sold in September — seven more than August’s 9 condo and townhome sales.
Year-over-year, September’s condo/townhome sales were up a remarkable 166.7 percent from this time last year.
September’s median sales price for condos/townhomes fell 22.1 percent from August’s median sales price to come in at $935,000. Year-over-year, September’s median sales price is up 46.1 percent!
September’s median sold PPSF for condos/townhomes fell to $691.76/sq.ft. — down 22.2 percent from August’s sold PPSF number, and up 27.1 percent year-over-year.
September’s median DOM for condos/townhomes fell to 58 days — a 13 day decrease from August’s median DOM.
There are currently 41 condo/townhomes listed as available for purchase. This number represents a 2.6 months supply of inventory (MSI) based off of September’s 16 sales.
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Data courtesy of the Incline Village REALTORS® – October 4, 2022. Note: This information is deemed reliable, but not guaranteed.
