The Bijou 2016 market comparison report shows mostly steady statistics in the South Lake Tahoe real estate categories we followed throughout the year. When comparing 2016 to 2015, we find that the number of sales decreased due to tight inventory but the median dollar per square foot and the median sale price increased. The list to sale price increased slightly and the days on the market went down in 2016 (the time a home is on the market from the listing date to the close of the sale).
|Bijou Market Comparison||2016||2015|
|Number of Sales||39||61|
|Median Home Price||$343,310||$290,000|
|Average List to Sale Ratio||96.7%||96.7%|
|Median Dollar Per Square Foot||$257||$211|
|Days on the Market||81||113|
Current Market Conditions
As of Fall 2016 the Bijou neighborhoods (1&2) reports 43 homes on the market (active and in escrow) ranging from a minimum of $204,000 to a high of $1,695,000. The basic law of supply and demand is described in South Lake Tahoe 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 Fall 2016 the Bijou neighborhood is reporting a month supply of 3.1% as compared to 5.3% for the same time in 2015.