Incline Village Year-End Market Report 2023
As we approach the final months of 2023 in Incline Village, our Real Estate Market Report shows that we currently have a little more than a four-month supply of inventory. The Median Days on Market or amount of time homes are listed prior to selling, is at only 50 days.
The market remains competitive. The sale to list price ratio was at 95% in October and is now at 93%. We are seeing more negotiable sellers, but still, 4% of properties have sold at a price higher than the list price.
The number of transactions is also higher than this time last year. In November of 2022, only 7 homes sold, compared to 26 in October 2023 and 25 in November. This has been a great year for sales activity in Incline Village, Nevada.
The Median Sale Price in November of 2022 was at $865,000 and that number increased to $1.8 million in November, up 33% from October 2023.
Sales Volume for November 2023 was up a whopping 600% compared to last year. In November of 2022, Sales Volume was at $7.6 million. During the same time this year, that number reached $57 million in October 2023. It dropped slightly to $53 million in November of 2023.
As we move into the last weeks of December 2023, there are only 108 homes for sale at a Median List price of $2.6 million. Currently, 24 homes are pending and the Days on Market is slightly higher, at 79 days listed prior to going under contract.
During the 3rd Quarter of 2023, sales numbers began tracking to activity in 2021. This year’s sales numbers began outpacing last year activity beginning in July. The reduction of available homes for sale may contribute to sales activity for December matching to 2022 sales.
In November of last year, the Sale to List Price Ratio was only at 85%. This number hit 94% in March of 2023 and grew to almost 99% in May before receding to November’s number of 93%.
Year-over-year condo sales are up 120%, while up only 10% from October 2023. There are only 35 available condos for sale and like single family residences, the inventory numbers are down.
Overall, the lack of a balanced supply of inventory has kept the market slightly in the seller’s favor. However, the drop in the sale to list price shows that seller’s are becoming more negotiable. This offers buyers an excellent opportunity to secure a fair price for their resort home in Incline Village.
Contact me today for more information about current sales activity in the Incline Village and Crystal Bay, Nevada real estate market.
