Numbers are UP for the upper end of the market in Single Family Residences. Apparently the wealthy still have money and know where to spend it as the market over $2Mil in Incline Village did very well this month. Planned Unit Developments and Condominiums continue the typical trend downward.
In standing inventory for Single Family Residences (SFRs) we are currently at 220 homes which is an increase from last year by about 12%, escrows are up by about 29% with 7 new and sales were up from last year by 50% with a total of 6 (Great news for SFRs). Comparing the same to just last month, the numbers change slightly…Inventory is virtually the same, escrows are up by 14% and sales were the the same.
Planned Unit Developments PUDs) are up 13% in standing inventory, holding at about 53 units, escrows are down by -200% since last year with only 2 and sales are down -200% as well with only 1 sale for the month. More of the same if you compare to just last month as well, inventory is up 4%, escrows are down by -50% and sales are down by -100%.
Condominiums are holding at about 144 units, with 5 new escrows and 2 sales last month. This is an increase in inventory over last year by 10%, new escrows are down -80% and sales are down -100%. Comparing to last month, inventory is up by 1%, escrows are up 20% and sales are down by -150%.
The investors don’t seem to be snatching up any properties either, with only 3 total Investment Properties on the market, there is not much to choose from, even if there were, it does not seem to be the hot spot in the market. In this category we are down -100% in inventory from last year, down -100% in new escrows and flat with no sales reported in the first month of the year. Comparing to last month, we are up 33% in inventory, flat in new escrows and down -100% in sales.