Incline Village / Crystal Bay see big increases in median sales price for both SFRs and condo/townhomes! Sales down significantly Y-o-Y.
March saw only 9 properties sold: 5 SFRs; and 4 condo/townhomes.
While seasonal factors are at play, these numbers are less than one-third the sales seen in March 2022. Last year, 28 properties (16 SFRs and 12 condo/townhomes) were sold in March. Cumulatively, March 2023 home and condo sales are down 67.9 percent, year over year!
Incline Village / Crystal Bay’s housing market remains in a “Buyer’s Market”, with March’s “months supply inventory” coming in at 8.8.
Single-family homes
Please note, with only 5 SFR sales for the month, the data is very “thin”, so take these metrics with a grain of salt.
March’s median sales price for the Incline Village and Crystal Bay, NV housing market jumped to $2,200,000. This number represents a 46.7 percent increase over February’s median sales price of $1,500,000. Year-over-year, March’s median sales price is down 5.3 percent.
March’s median sold PPSF (price per square foot) rocketed to $811.69/sq.ft. — a 38.7 percent increase over February’s median sold PPSF.
Year-over-year, March’s median sold PPSF was down 0.7 percent.
As mentioned at the top, March home sales came in with only 5 homes sold for the month — down 68.8 percent, year-over-year.
Median days on market (DOM) came in at 36 DOM — a significant reduction from February’s 232 DOM.
Available inventory decreased by 1 home in March, and is currently sitting at 44 properties. The 44 SFRs currently available for purchase represents a 2.2 percent decrease from this time last month. Year-over-year, available inventory is up 18.9 percent.
The 44 SFRs currently available for purchase represents an 8.8 months supply of inventory (MSI).
Currently, only 10 homes are pending sale. For context, year-over-year, pending sales are down 56.5 percent. Expect April home sales to be low.
Condo/Townhomes
Condo/townhome sales fell in March. 4 condos and townhomes sold in March — 2 less than February’s 6 condo and townhome sales.
Year-over-year, March’s condo/townhome sales were down 66.7 percent!
March’s median sales price for condos/townhomes jumped to $1,392,500 — a 74.1 percent increase over February’s median sales price of $800,000. Year-over-year, March’s median sales price for condo/townhomes is up 23.8 percent.
March’s median sold PPSF for condos/townhomes jumped to $873.32/sq.ft. — up 37.2 percent over February’s sold PPSF number, and up 6.9 percent year-over-year.
March’s median DOM for condos/townhomes came in at 135 days — dropping 50 days from February’s 185 DOM number.
There are currently 19 condo/townhomes listed as available for purchase. This number represents a 4.8 months supply of inventory (MSI) based off of March’s 4 sales.
There are 13 pending condo/townhome sales at the moment. This number is up a remarkable 225 percent over the pending condo/townhomes this time last month; and up 8.3 percent year-over-year. Expect April condo sales to strong!
Click here to see Incline Village and Crystal Bay homes for sale
Data courtesy of the Incline Village REALTORS® – April 7, 2023. Note: This information is deemed reliable, but not guaranteed.
David Matthew
This is such an amazing blog.
Thank you