April 2024 median sales price jumps across all segments; Condo sales up 33%; Inventory rises
SFRs
April 2024’s SFR sales came in at 8 homes sold—unchanged from both March’s and February’s number of homes sold. Year-over-year, however, SFR sales are up 14.3%.
April’s median sales price for SFRs rocketed to $3,890,000—a whopping 56.7% month-over-month increase; as well as a 38.9% year-over-year increase.
The median list price for SFR homes in April 2024 was $4,147,500, yielding a sold-to-list price ratio of 93.8%.
April’s median DOM (days on market) clocked in at 181 days on market. For comparison, April 2023’s median DOM was 115 days.
Available inventory sits at 57 SFRs for sale. This is up 11 SFR units over March’s inventory number, and is up 9 SFR units year-over-year.
April’s MSI (months supply of inventory) currently sits at 7.1 MSI. This MSI indicates a drift into a “Buyers Market”, which is typically defined as an MSI of more than 7 months.
Pending sales currently sit at 10 listings — one more than this time last month, and unchanged from the number of Pendings this time last year.
Condo/Townhomes
Looking at the condo/townhome market, 12 condos/townhomes were sold in April. This number is up 33.3% over March’s 9 condo/townhome sales, and is also up 140.0% year-over-year.
The median sales price for condos/townhomes also rose in April—climbing to $1,041,298. That number is up a whopping 48.8% over March’s condo median; as well as, up 35.2% year-over-year.
The median list price for condo/townhomes in April 2024 was $1,124,450—resulting in a sold-to-list price ratio of 92.6%. Two of the 12 sales sold at, or above, list price.
April’s median DOM (days on market) decreased to 86 DOM for the month. For comparison, April 2023’s median DOM was a 35 days.
Available inventory sits at 35 condo/townhomes for sale. Three more units than time last month. Year-over-year, the condo/townhome available inventory is up 7 additional units—or up 25.0%.
April’s MSI (months supply of inventory) currently sits at 2.9 MSI—indicative of a Seller’s market.
Pending sales currently sit at 9 listings—1 fewer than this time last month; and down 30.8% year-over-year.
As April 2024 closes, Incline Village and Crystal Bay continue to show remarkable dynamics in their real estate markets, reflecting both the challenges and opportunities inherent in such a diverse and fluctuating environment. With SFR prices experiencing significant growth and a shift toward a buyer’s market, coupled with a robust increase in condo sales and prices, the market dynamics offer varied opportunities for buyers and sellers alike. As we move further into the year, these trends could serve as a bellwether for the region’s economic resilience and real estate market vitality. Stakeholders are encouraged to stay engaged and informed to navigate this evolving landscape effectively.
As always, we welcome your comments.
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Data courtesy of the Incline Village REALTORS® – May 4, 2024. Note: This information is deemed reliable, but not guaranteed.
