Eldorado Real Estate Report – Oct. 2019 – March 2020

Eldorado Real Estate Report – Oct. 2019 – March 2020

Well, a lot has changed since the last Eldorado Real Estate Report. No more records broken for a while it looks like. Today there are 13 homes on the market and another 12 under contract. Some of these have come back on the market a time or two as buyers become more skittish about buying at this time. The April and May numbers will paint a more accurate picture of how COVID-19 has affected our property values and the rate of sales. Some homeowners are waiting to see what happens before listing. There is still activity, real estate is not at a stand still, just slower. With interest rates so low and price reductions beginning, it is a good time to be a buyer.

In March:

12 Active Listings

9 Under Contract

10 Sold

$219 was the average price per square foot last month.  This has ranged between $204 and $244 over the last six months. This number depends on such a wide range of factors –  the size of the house, age, quality of the finishes, views, heating, construction, etc., that it is not an accurate measure of value. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot.

65 – were the average days on the market in March. This number will likely increase in the coming months.

98% – is what sellers received of their listing price last month. This is the price in which the home was listed, not necessarily the original listing price.

$486,000 average listing price

$426,000 average sales price

– 1.2 months of inventory – Months of inventory 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 seller’s market, more than 6 months means a buyer’s market. This number will likely also increase in the next few months as homes will take longer to sell as the pool of buyers shrinks. Out-of-state buyers, our largest market, are not here and for now, have no travel plans. While some are buying via Skype, most are waiting until things at least stabilize.

If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.