The Tahoe Island 2nd quarter 2015 market comparison report showed both positive and negative notes in the real estate categories we follow from January 1st through June 30th. When comparing the first half of 2015 to the first half of 2014, we find that the number of sales increased and so did the dollar per square foot. However, the median sale price dropped and so did the list to sale price ratio. The days on the market increased in 2015 (the time a home is on the market from the listing date to the close of the sale).
| Tahoe Island Comparisons | 2015 | 2014 |
|---|---|---|
| Number of Sales | 20 | 16 |
| Median Home Price | $344,600 | $367,000 |
| Average List to Sale Ratio | 95% | 98.1% |
| Median Dollar Per Square Foot | $261 | $236 |
| Days on the Market | 104 | 93 |
Current Market Conditions
As of July 14 , 2015 the Tahoe Island neighborhood reports 41 homes on the market (active and in escrow) ranging from a minimum of $165,000 to a high of $635,000. The basic law of supply and demand is described in real estate terms as the “absorption rate.” Absorption rate (or monthly supply of inventory) are a calculation based upon the rate of closed sales to active listings. It is an accurate way to keep track of market trends. It is considered a balanced market when there is a six-month supply of homes available for sale. This indicates that that there is enough inventory to supply the current demand of buyers looking to purchase. Less than six months is considered a seller’s market and greater than six months is a buyer’s market. As of June 30, 2015 the Tahoe Island neighborhood is reporting a month supply of 8.3 as compared to 6.3 for the same time in 2014.
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