Here is the monthly Eldorado Real Estate Report covering the last six months – December 2018 – May 2019. Inventory remains at record lows as we head into the Summer season. There are buyers waiting for just the right house to come on the market…and they move quickly with multiple offers in price ranges under 550K. In the last month, I have had 7 offers on one property and 5 offers on another. If you or someone you know is thinking about listing their Eldorado area home, NOW IS THE TIME.
18 Homes Under Contract
– $220 was the average price per square foot in May. Remember this number depends on a wide range of factors – the size of the house, age, quality of the finishes, views, heating, construction, etc. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot. Soon we will see a few homes break the $300 per foot barrier.
****38 were the average days on the market last month. **Days on the market are stopped the day a seller accepts an offer and do not include the escrow period which can be 30-60 days. **
– 99% is the sales price vs. listing price for May. This is the listing price when the property went under contract, not the original listing price, which may have been higher. This has ranged from 97% – 100% for the last six months. The sooner a property goes under contract, the closer to the listing price or sometimes higher, the seller is likely to receive.
– 459K was the average listing price last month. The average sales price was 444K.
– 1.1 month of inventory – which means the length of time it would take to sell all the homes listed in Eldorado at the current rate of sales. Six months indicates a balanced market between buyers and sellers. Less than 6 months means a sellers market, more than 6 months means a buyers market.
Eldorado remains a popular neighborhood for buyers all over the United States, but now particularly CA, OR and WA.
If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.