Home prices remain stable as the market shifts to a Buyer’s Market
SFRs
August 2024’s SFR sales came in at 13 homes sold—a 38.1% drop from the number of homes sold in July, and a 45.8% decrease from the number sold last August.
August’s median sales price for SFRs bumped up to $2,200,000—a 2.3% month-over-month increase; and a 17.8% year-over-year increase.
The median list price for SFR homes in August 2024 was $2,399,700, yielding a sold-to-list price ratio of 91.7%. Compare this ratio to May’s and June’s sold-to-list price ratios of 101.8% and 98.2%, respectively—indicative of increasing Seller price flexibility as the market enters fall.
August’s median DOM (days on market) came in at 66 days on market. For comparison, July’s median DOM was 47 days, and August 2023’s median DOM was 59 days.
Available inventory came in at 106 SFRs for sale. Five more than July’s inventory number, and up a notable 34.2% year-over-year.
August’s MSI (months supply of inventory) currently sits at 8.2 MSI—reflecting a “Buyer’s Market”.
Pending sales currently sit at 23 listings—unchanged from this time last month, and down 17.9% from this time last year.
Condo/Townhomes
Turning to the condo/townhome market, 10 condos/townhomes were sold in August. This number is two more than July’s 8 condo/townhome sales; however, is down a notable 52.4% from the number of condo/townhome sales in August of last year.
The median sales price for condos/townhomes increased in August—climbing to $975,000. That number represents a 18.1% increase over July’s condo median sales price; and a 6.2% increase, year-over-year.
The median list price for condo/townhomes in August 2024 was $994,500—resulting in a sold-to-list price ratio of 98.0%.
August’s median DOM (days on market) came in at 74 DOM for the month. For comparison, August 2023’s median DOM was 54 days.
Available inventory sits at 77 condo/townhomes for sale—down 7.2% from this time last month; however, up 113.9%, year-over-year.
August’s MSI (months supply of inventory) currently sits at 7.7 MSI—indicating a “Buyer’s”Market”.
Pending sales currently sit at 18 listings—up 157.1% over this time last month; as well as up 157.1%, year-over-year. Expect September condo sales to be up.
As the Incline Village/Crystal Bay real estate market transitions towards a buyer’s market, potential buyers are presented with a variety of opportunities, particularly in the condo market where availability and sales are showing unique trends. Sellers need to be increasingly flexible with pricing, especially with a higher inventory indicating longer market durations. For those considering investments or relocations in this picturesque locale, now might be an opportune time to explore available options as the market dynamics continue to evolve with the seasons.
Thinking of selling your Incline Village / Crystal Bay property and looking for guidance in the current market? Or, considering taking advantage of the market’s current buying opportunities? Schedule a consultation with us to obtain personalized advice on your real estate goals.
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Data courtesy of the Incline Village REALTORS® – September 7, 2024. Note: This information is deemed reliable, but not guaranteed.
