According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 37 properties sold through the past 12 months (August 2015 through August 2016) in the Tahoe Island Drive neighborhood. During the same period starting in 2014 there were 33 properties sold, a 12.1% jump in the last year.
Of the 37 homes sold in the past 12 months, the average home price was $399,241 the average home price this year went up 18.1% from $338,048 during 2015. The average days on the market was 106 days, compared to 105 days during 2015.
As for the list price to sold price ratio, the homes that sold in the Tahoe Island Drive Area during the past 12 months sold for an average of 98.1% of the original asking price. The list to sold ratio in 2015 was 96.8% of the original asking price.
There were less homes for sale on the market in the past 12 months compared to the same period in 2015. The month supply in the past 12 months was 2 months of inventory, a 60% decrease from 5 months of inventory 2015.
There are currently 16 homes on the market within the Tahoe Island Drive Neighborhood as of August 8th of 2016, 12 of which are in escrow. The price for the homes that are currently on the market range from $237,770 to $649,000. The average price per square foot is $309.00. The home listed for $237,770 is a 2 bedroom/1 bath home with 672 sqft built in 1959. The home listed for $649,0000 is a 3 bedroom / 3 bath / 2 car garage property with 2,286 sqft built in 2005.
Summarizing all this information for the Tahoe Island Drive neighborhood it is apparent that compared to 2015, in the past 12 months we had a rise in sales despite a pretty large decrease in the number of homes on the market. The average home price has risen a little bit from the previous year as well.