Eldorado Real Estate Report – March – August 2020

Eldorado Real Estate Report – March – August 2020

Well – we are still very much in a SELLER’S MARKET in Eldorado. As of this afternoon, there are only 8 properties on the market in Eldorado out of the 2,700+ homes here. There are 29 under contract. Inventory continues to be very low and properties are selling quickly, most experiencing multiple offers and selling for over the asking price.

In a few instances, buyers are waiving the appraisal contingency and making up any difference in cash which is agreed upon at the time of contract acceptance. Appraisals are optional for cash buyers. It will take a few months for recent sold data to reflect in the appraisal process.

Many buyers are buying sight-unseen with the help of the 3D videos and Facetime. I have had multiple buyers (for my Eldorado listings) not see the house until well after closing. Sellers should let the market do the work now – selling off market might not yield the best price.

If you or someone you know are getting ready to list, better sooner rather than later to leverage the current environment. Please let me know if you would like more information on current market conditions.

In August:

14 Active Listings

16 Under Contract

13 Sold

$217 was the average price per square foot last month.  This has ranged between $213 and $263 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 this not an accurate measure of value, just one tool of many. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot.

31 – were the average days on the market in August. These are the days in which the property was actively on the market prior to sellers accepting an offer. The days in which a property is in the escrow process are not counted here.

97% – is what sellers received of their listing price last month. This is the price in which the home was listed when it sold, not necessarily the original listing price.  This has ranged from 97% – 100% over the last 6 months. A few sold over the asking price.

$540,000 average listing price – THE HIGHEST AVERAGE LISTING PRICE IN ELDORADO HISTORY!

$477,000 average sales price – THE HIGHEST AVERAGE SALES PRICE IN ELDORADO HISTORY! 

1.1 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.

If you would like to discuss the current state of the Eldorado real estate market, please feel free to contact me anytime.

Number of Homes For Sale vs. Sold vs. Pended (Mar. 2020 – Aug. 2020)

 

Average Price per SQFT (Sold) (Mar. 2020 – Aug. 2020)

 

Avg Days On Market & Sold/List Price % (Mar. 2020 – Aug. 2020)

 

Average Price of For Sale and Sold (Mar. 2020 – Aug. 2020)

 

Months of Inventory Based on Closed Sales (Mar. 2020 – Aug. 2020)
Share