According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 16 properties sold through the past 12 months (January 2016 through January 2017) in the Stateline neighborhood. During the same period starting in 2015 there were 13 properties sold, so we saw a rise of 23.1%.
Of the 16 homes sold in the past year, the average home price was $1,011,917. The average home price this year went up to 131.7% higher than last year at $436,683 during 2016. This is most likely due to the new addition of the Zalanta Resort scheduled to be completed by February 2017. The average days on the market was 218 days, compared to just 128 days during 2016.
As for the list price to sold price ratio, homes in Stateline last year sold for an average of 97.1% of the original asking price. The list to sold ratio in 2016 was slightly higher at 98.1% of the original asking price.
While we saw more closed sales, there were less homes for sale this year compared to the same period in 2016. The month supply last year was 3.5 months of inventory, a 46.2% decrease from 6.5 months of inventory for 2015.
There are currently 11 homes on the market within the Stateline Neighborhood as of January 25th of 2017, 2 of which are in escrow. The price for the homes that are currently on the market range from $289,000 to $1,620,000. The average price per square foot is $597.19. The home listed for $289,000 is a 2 bedroom / 1 bath home with 684 sqft built in 1949. The condo listed for $1,620,000 is a 3 bedroom / 3 bath property with 1684 sqft built in 2016.
Summarizing all this information for the Tahoe Paradise neighborhood it is apparent that compared to 2015, in the past 12 months we had a rise in sales despite a drop in the number of homes on the market. The average home price has risen tremendously, showing a stark upturn in the market at Stateline proving that this is one of the South Lake Tahoe Area’s most interesting places to watch the housing market.