Short answer: in my opinion, yes.
The slide reaches into the 30+ degree range, well into the zone of avalanche risk. Most avalanches occur on slopes between 30 and 45 degrees, but can occur on any slope angles (including ridiculously unsteep ones) given the right/unusual conditions. Slides occur as low as 10-15 degrees. This isn't likely, but it's possible. South Slide doesn't have many anchors in its bed surface.
Note too that South Slide, like many others in our woods, has micropitches and convex rolls that are far steeper than the average slope -- classic trigger zones.
Have I been there without seeing avalanches? Sure. I think the bigger hazard might be ice bands, particularly before the spring. Still, I've caused sluffs (small dry-snow slides) on North Slide, which is different but generally similar.