The Tahoe Island Dr & Tahoe Island Park neighborhoods are both popular areas located just off the entrance into Tahoe Keys. These two areas both saw mostly positive notes in the categories that we follow. However, what is very interesting is that these neighboring areas also had experienced some “opposites”. Let’s take a look.
Tahoe Island Drive had a 20.5% decrease in closed sales, but the median sold price went up 9.1% while the average sold price went up 15%. The new listings went up 25% while the pending sales went down 21.1%. The days on the market also went down while the month supply decreased by 23%.
Tahoe Island Park had a 78.9% increase in closed sales and a 63.2% increase in pending sales. The average and median sold prices both went up for this area. The average increased by 27.3% and the median increased by 23.9%. New listings saw a 19.4% decrease. Both the days on the market saw decent sized decreases as well.
These two areas are definitely in a seller’s market right now, which is not shocking given the close proximity to Tahoe Keys AND South Lake Tahoe in general.
| Tahoe Island Dr Market Comparison | 2017 | 2016 |
|---|---|---|
| Number of Sales | 31 | 39 |
| Median Home Price | $395,000 | $362,000 |
| Average Home Price | $441,766 | $384,279 |
| Average List to Sale Ratio | 97.8% | 97.6% |
| Average Dollar Per Square Foot | $287 | $283 |
| Days on the Market | 76 | 98 |
| Month Supply | 2.0 | 2.6 |
| Tahoe Island Park Market Comparison | 2017 | 2016 |
|---|---|---|
| Number of Sales | 34 | 19 |
| Median Home Price | $427,500 | $345,000 |
| Average Home Price | $446,412 | $350,789 |
| Average List to Sale Ratio | 98.5% | 96.7% |
| Average Dollar Per Square Foot | $273 | $254 |
| Days on the Market | 76 | 114 |
| Month Supply | 2.7 | 3.5 |
The post Tahoe Island Drive & Park 2nd Quarter Market Update appeared first on Lake Tahoe Real Estate | South Lake Tahoe Real Estate Experts - Don & Theresa Souers.