According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 25 properties sold through the past 12 months (December 2015 through December 2016) in the Y Area neighborhood. During the same period starting in 2014 there were 22 properties sold, so we saw a small rise of 13.6%.
Of the 25 homes sold in the past year, the average home price was $290,124. The average home price this year went up to 1.4% higher than last year at $285,982 during 2015. The average days on the market was 125 days, compared to just 145 days during 2015.
As for the list price to sold price ratio, homes in the Y Area last year sold for an average of 95.9% of the original asking price. The list to sold ratio in 2015 was slightly lower at 95.1% of the original asking price.
There were less homes for sale on the market this year compared to the same period in 2015. The month supply last year was 4.7 months of inventory, a 17.1% decrease from 5.7 months of inventory for 2015.
There are currently 15 homes on the market within the Y Neighborhood as of December 14th of 2016, 5 of which are in escrow. The price for the homes that are currently on the market range from $268,888 to $539,000. The average price per square foot is $301.29. The home listed for $268,888 is a 1 bedroom / 1 bath home with 583 sqft built in 1945. The home listed for $539,000 is a 4 bedroom / 3 bath / 2 garage property with 2159 sqft built in 2016.
Summarizing all this information for the Y neighborhood it is apparent that compared to 2015, in the past 12 months we had a rise in sales despite a small drop in the number of homes on the market. The average home price has risen slightly, showing a steady upturn in the housing market which is good news for everyone!