June 2024 median SFR and condo sales prices continues to pull back; As inventory surges, the market has firmly transitioned to a buyer’s market.
SFRs
June 2024’s SFR sales came in at 7 homes sold—two fewer than the number of homes sold in May, and three fewer year-over-year.
June’s median sales price for SFRs pulled back to $2,940,000—a 3.6% month-over-month decrease; and a 15.9% year-over-year decrease.
The median list price for SFR homes in June 2024 was $2,995,500, yielding a sold-to-list price ratio of 98.2%.
June’s median DOM (days on market) came in at 29 days on market. For comparison, June 2023’s median DOM was 53 days.
Available inventory surged to 100 SFRs for sale. This is up 25.0% over May’s inventory number, and is up 22.0% year-over-year.
June’s MSI (months supply of inventory) currently sits at 14.3 MSI. This MSI indicates a solid “Buyers Market”, which is typically defined as an MSI of more than 7 months.
Pending sales currently sit at 26 listings — up 160.0% over this time last month, and up 36.8% over this time last year. Look for July sales to be up.
Condo/Townhomes
Looking at the condo/townhome market, 10 condos/townhomes were sold in June. This number is one greater than May’s 9 condo/townhome sales, and also one greater than the number sold in June of the previous year.
The median sales price for condos/townhomes receded in June—pulling back to $1,070,000. That number represents a 19.5% decrease from May’s condo median sales price; however, is up 9.7% year-over-year.
The median list price for condo/townhomes in June 2024 was $1,074,450—resulting in a sold-to-list price ratio of 99.6%.
June’s median DOM (days on market) nearly doubled the previous month’s DOM—coming in at 72 DOM for the month. For comparison, June 2023’s median DOM was 50 days.
Available inventory sits at 74 condo/townhomes for sale—up 51.0% over this time last month. Year-over-year, the condo/townhome available inventory is up 94.7%.
June’s MSI (months supply of inventory) currently sits at 7.4 MSI—indicating a transitioning to a “buyer’s” market.
Pending sales currently sit at 8 listings—four fewer than this time last month; and down 50.0% year-over-year.
As we move into the later summer months, the Incline Village and Crystal Bay real estate markets are clearly transitioning into territories that favor buyers, highlighted by rising inventories and more negotiable pricing structures. This shift presents a unique opportunity for buyers looking to enter the market, while sellers may need to adjust expectations in line with the new dynamics. With significant movements in pending sales and days on market, stakeholders will need to stay informed and agile. For a deeper dive into how these trends could affect your real estate decisions, feel free to reach out to us.
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Data courtesy of the Incline Village REALTORS® – July 7, 2024. Note: This information is deemed reliable, but not guaranteed.
