The limited number of condos for sale and a large number of buyers in Incline Village & Crystal Bay continues to push prices upward.
The median sales price of $560,000 is one of the highest we have seen and exceeds the 2nd Quarter 2018 median sales price of $529,500 by 6%. In line with market trends, sales were down by 18% from 84 units sold in 2nd Quarter 2018 to 69 units sold in 2nd Quarter 2019.
The decrease in unit sales paired with a substantial increase in median price are signs that inventory continues to drop. Currently, the most popular price point is between $400,000 and $500,000 with a total of 17 sales. Compared to single-family homes, condos have a relatively low 118 days on market, meaning units are selling quickly, keeping inventory levels low and prices high.
Not surprisingly, the McCloud complex is leading the market in sales with 9 units sold this year. With a median price of $647,200, McCloud condos continue to push the market price point higher as they outpace most complexes in our area. Further, Mountain Shadows (8), Bitterbrush (6), all round out the top 3 complexes and they account for 33% of the total condominium market in Incline Village and Crystal Bay.