Incline Village Market Report 2024
In May 2024, Incline Village home prices were up 144.4% compared to last year, selling for a median price of $2.2M. While homes were on the market for an average of 68 days last year, currently, they sell after only 37 days. 17 units sold in May 2024, down from 21 last year, and the sale to list price in Incline Village is currently at 98.6%.
Comparing sales in 2024 to 2023, overall sales numbers are slightly lower. It will be interesting to see if we can match the high unit sales of August and September 2023, where 24 units sold in August and 26 units sold in September. We began the year with 14 units sold in January, but sales have held steady at 8 units per month thereafter. In May 2024, 9 units sold.
Increasing Inventory
The median list price for May is currently at $2,995,500. New inventory has increased available homes for sale to 80 units. This is up 18 units from May of 2023, and an increase of 23 units over April 2024.
This brings the supply, or months needed to sell current inventory to the highest level over the last 12 months, and is currently at 8.9 months. This number vacillated between 2 and 5 months over the last year, but grew steadily in April and May 2024. When the supply exceeds 7 months, it can indicate a shift to a buyer’s market.
Last year, the number of pendings each month was higher and in May of 2024, there were 10 pending sales. While the inventory has increased, sales activity has slowed down. With the growing inventory, list prices may need an adjustment to spur increased activity for single family residences.
Condo Sales Incline Village
The market is more balanced for condo sales. Sale prices are up 27.7% over April and over 50% higher than the median sale price for a condo in May of 2023. While the number of days on market this time last year for condos was 77 days, this number has dropped to only 37 days in 2024. The shift to more condo sales may be an affordability factor.
There are currently 49 condos for sale in Incline Village and Crystal Bay market. The months of supply remains at 5 months. Currently, 12 condos have a pending status, a jump of 50% over this time last year.
Conclusion
During the first quarter of 2024, sales numbers were higher year over year, with 49 sales compared to 26 sales during the same time last year. This slowed slightly as we began the 2nd quarter. The rise in inventory as we meet summer demand might bring sales activity higher to close the 3rd quarter.
While 4 units sold this week in Incline Village, 6 new listings came onto the market. More opportunities for buyers means that this is an excellent time to make an offer.
As inventory continues to rise, we can expect some price adjustments for homes that have remained on the market for longer than 5 months. The market is robust, however, especially for condos, and home values are holding steady.
Contact us today for more specific neighborhood market conditions in Incline Village and for market conditions in the Bay Area.
