South Lake Tahoe Market Update for the Tahoe Island Park Neighborhood, 3rd Quarter, 2011

According to the South Lake Tahoe Association of REALTOR’s Multiple Listing Services, there have been 11 homes sold through the first three quarters of the year (January 1 – September 30) of 2011 in the neighborhood of Tahoe Island Park, including only single family residential properties. From the 11 properties sold in the first three quarters of 2011, 4 of them were short sales and 4 were foreclosures. During the same period in 2010 there was 7 homes sold. Of 7 properties sold in 2010, 6 of them were foreclosures.

Of the 11 homes sold this year, the median home price is $288,108, the median home price is $45,522 up from $242,586 during 2010. The average days on the market in the first three quarters of 2011 is 196 days, compared to 70 days during the same period in 2010. The average for the current price per square feet is $180, up from $169 pr/sqft in 2010.

There are currently 18 homes on the market within the Tahoe Island Park area as of October 10th, 5 of which are in escrow. Of the homes in escrow, the prices range from a low of $205,200 up to $438,010, all with an average of $174 price per square feet.