Record Breaking Listing & Sales Prices | Oct 2020

Well, we are still very much in a SELLER’S MARKET in Eldorado. At press time, there are only nine properties on the market out of the 2,700-plus homes here. There are 29 under contract. Inventory continues to be very low and properties prepared for sale are selling quickly, most experiencing multiple offers and selling for over the asking price.

One of the most compelling things to come out of this time is the number of buyers looking for property in Santa Fe and Eldorado. There are not enough available homes to satisfy the demand, which has resulted in record-breaking listing and sales prices. Buyers are having to compete and some are writing four and five offers on different Eldorado homes, and still do not have a property.

In a few instances, buyers are waiving the appraisal contingency –  if they are getting a loan – and making up any difference in cash, which is agreed upon at the time of contract acceptance.

$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!

That strategy helps them compete with cash buyers. It will take a few months for the data on recent sales to be reflected in the appraisal process.

Many buyers are buying sight-unseen with the help of the 3D videos and Facetime. For my own Eldorado listings, I have had multiple buyers not step into their new houses until well after closing.

If you are thinking of selling, it might be a good strategy to list now rather than later in order to leverage the current environment. One never knows when this bubble will burst.

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Buying Sight-unseen in Eldorado | Sep 2020

When Leah and her husband, James, were looking for a home in Santa Fe, they discovered Eldorado. The K-8 Community School, rail system, amenities, and sense of community were very appealing to them.

James, an eye surgeon whose family is from Northern New Mexico, had accepted a job in here. Being from Portland, and having two kids under five, he made long-distance travel unsafe.

When the perfect house came on the market in June, they had his parents take  look and made an offer right away. “The 3D video helped seal the deal,” Leah says. “We’re a little picky and we had been watching the market for a while, we knew it was the right one when it came on the market,” she says.

“Eldorado is more affordable than Santa Fe, it feels like being in the country, but the amenities are close by. We were in a condo in Portland and walked everywhere,” Leah says.

They closed in early July but did not set foot in the house until August 7. “We love it even more than we thought we would,” she says. “It feels like heaven. The sellers did a wonderful job – everything is done. We even had our son’s birthday party there and we haven’t even moved in.”

Leah says that they looked frequently at serial maps to get a feel for the neighborhood. “It is so much more beautiful than it looks on Google Maps, and the views are amazing!” she says.

During this time, more and more buyers are buying homes without seeing them. The videos, professional photography, Facetime with their agent or friends who live here, and detailed specifics about the home help them make the buying decision.

They wanted to be close to family, too. “My parents just closed on their house today in La Paz. They also bought it sight-unseen.”

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Eldorado Real Estate Report – April – Sept. 2020

Eldorado Real Estate Report – April – Sept. 2020

SELLER’S MARKET CONTINUES…

This month’s record breaker is the average Eldorado listing price of 591K – granted there are some high-dollar homes on the market, but for this to be the average is remarkable.

Low inventory is still an issue as buyers continue to discover our wonderful neighborhood and all that it offers. Most properties are receiving multiple offers which often lead to a sales price higher than the listing price. With interest rates at historic lows, buyers who would have been cash, are opting for a loan. Good news for buyers in a competitive situation as most of the offers will have a lender involved instead of cash winning the day.

Buyers are still writing offers on homes they have not seen, some seeing them in a couple of days, some others don’t see their new Eldorado home until after closing. High-quality photography, 3D videos and 2D floorplans are critical to buyers who are not in town now, but have the means and are eager to buy.

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

In September:

7 Active Listings

17 Under Contract

12 Sold

$214 was the average price per square foot last month.  This has ranged between $213 and $253 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.

26 – were the average days on the market in September. These are the number of days it took for sellers to accept a contract – not the days from contract to closing.

100% – 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.

$591,000 average listing price

$463,000 average sales price

-0.6 Months of Inventory. Months of 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 is about 2.5 weeks of supply.

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

Number of Homes For Sale vs. Sold vs. Pended (Apr. 2020 – Sep. 2020)

 

Average Price per SQFT (Sold) (Apr. 2020 – Sep. 2020)

 

Avg Days On Market & Sold/List Price % (Apr. 2020 – Sep. 2020)

 

Average Price of For Sale and Sold (Apr. 2020 – Sep. 2020)

 

Months of Inventory Based on Closed Sales (Apr. 2020 – Sep. 2020)

 

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