According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 21 properties sold through the past 12 months (October 2015 through October 2016) in the Tahoe Island Park neighborhood. During the same period starting in 2014 there were 22 properties sold, just a 4.5% drop in the last year.
Of the 21 homes sold in the past year, the average home price was $388,952 the average home price this year went up 0.4% from $387,475 during 2015. The average days on the market was 126 days, compared to 120 days during 2015.
As for the list price to sold price ratio, the homes that sold in the Tahoe Island Park Area during the past year sold for an average of 96.6% of the original asking price. The list to sold ratio in 2015 was 96.0% of the original asking price.
There were more homes for sale on the market in the past 12 months compared to the same period in 2015. The month supply last year was 4.1 months of inventory, a 28.1% increase from 3.2 months of inventory for 2015.
There are currently 8 homes on the market within the Tahoe Island Park Neighborhood as of October 10th of 2016, 2 of which are in escrow. The price for the homes that are currently on the market range from $319,999 to $975,000. The average price per square foot is $295.34. The home listed for $319,999 is a 2 bedroom / 1 bath home with 891 sqft built in 1961. The home listed for $975,000 is a 4 bedroom / 5 bath / 6 car garage property with 4289 sqft built in 2007.
Summarizing all this information for the Tahoe Island Park neighborhood it is apparent that compared to 2015, in the past 12 months we had a miniscule fall in sales despite a nice rise in the number of homes on the market. The average home price has risen steadily, which is great news for homeowners in the area.