According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there were 52 properties sold through the past 12 months (May 2016 through May 2017) in the Bijou 1 neighborhood. During the same period starting in 2015 there were 62 properties sold, so we saw a large drop of 16.1%.
Of the 52 homes sold in the past year, the average home price was $587,671. The average home price this year actually dropped by 1.2%! Last year it was at $383,157 during 2016. The average days on the market was 86 days, with the same amount during 2016.
As for the list price to sold price ratio, homes in Bijou 1 last year sold for an average of 97.9% of the original asking price. The list to sold ratio in 2016 was slightly lower at 97.3% of the original asking price.
Unlike most of the other neighborhoods in South Lake Tahoe, there were the less amount of homes for sale on the market this year compared to the same period in 2016. The month supply was 3.2 months of inventory.
There are currently 18 homes on the market within the Bijou 1 Neighborhood as of May 24th of 2017, 4 of which are in escrow. The price for the homes that are currently on the market range from $285,000 to $749,000. The average price per square foot is $294.01. The home listed for $285,000 is a 2 bedroom / 1 bath home with 616 sqft built in 1957. The home listed for $749,000 is a 5 bedroom / 3 bath / 2 car garage property with 2539 sqft built in 2004.
Summarizing all this information for the Bijou 1 neighborhood it is apparent that compared to 2016, in the past 12 months we had a dip in sales and a small dip in number of homes on the market. The average home price has lowered a little bit. This is great news for buyers, especially in the competitive housing market we are seeing this year.