February home sales remain depressed; a “Buyer’s market” continues
SFRs
February 2025’s SFR sales came in at 5 homes sold—unchanged from the number of SFRs sold in January. Year-over-year, February sales were down 37.5%.
February’s median sales price for SFRs jumped to $2,550,000—an 86.1% month-over-month increase. Year-over-year, February’s median sales price is down 14.6%.
The median list price for SFR homes in February 2025 was $2,755,000, yielding a sold-to-list price ratio of 92.6%.
February’s median DOM (days on market) came in at 104 days on market. This number is more than double January’s median DOM of 50 days, however, it is less than February 2024’s median DOM of 164 days.
Available inventory sits at 51 SFRs for sale—3 fewer than this time last month; and 5 more than this time last year.
February’s MSI (months supply of inventory) currently sits at 10.2 months supply—reflective of a “Buyer’s market”.
Pending sales currently sit at 11 listings under contract—one more than this time last month; and unchanged from this time last year. Pending sales represent homes that have accepted offers and are under contract, but the sale has not closed.
Condo/Townhomes
Turning to the condo/townhome market, 7 condos/townhomes sold in February. This number is 4 more than January’s 3 condo/townhome sales; and is up 75% year-over-year.
The median sales price for condos/townhomes pulled back to $1,050,000 in February. That number represents a 7.5% decrease from January’s condo median sales price; however a 12.3% year-over-year increase.
The median list price for condo/townhomes in February 2025 was $1,189,000—resulting in a low sold-to-list price ratio of 88.3%.
February’s median DOM (days on market) came in at 101 DOM for the month. For comparison, January’s DOM was 15 days, and February 2024’s median DOM was 67 days.
Available inventory sits at 39 condo/townhomes for sale—up 11.4% over this time last month; and up 39.3%, year-over-year.
February’s MSI (months supply of inventory) currently sits at 5.7 months supply—indicating a “Balanced” market.
Pending sales currently sit at only 8 listings—1 more than this time last month; and 2 greater, year-over-year.
February 2025’s market data paints a picture of continued adjustment within the Incline Village/Crystal Bay real estate landscape. While the single-family home sector remains firmly in a Buyer’s market, showing signs of price volatility and extended days on market, the condo/townhome segment is navigating towards a more balanced state. As we progress into the spring season, it will be crucial to monitor inventory levels and buyer activity to determine if these trends will persist or if the market will experience a shift. Whether you’re a buyer or a seller, staying informed and working with a knowledgeable real estate professional is essential in this dynamic environment.
