Here is the 2020 year-end round up of Eldorado Real Estate activity. Whew!
What a crazy year for both buyers and sellers. The Eldorado market was busy prior to the March shut down, leveled off a bit in April and then took off like a rocket in May with honestly no end in sight. We predict that 2021 will look a lot like 2020 and will remain a rapidly moving sellers’ market.
Remarkably low inventory spurred multiple offers on almost every property making a purchase in Eldorado very challenging for buyers. It also caused listing prices to increase and most properties to sell over the asking price – on average between 5 to 20K.
At any given time there were never more than 15 homes on the market, usually under 10 sometimes just two or three – that is out of the 2,760 homes in our neighborhood. Lack of inventory is the reason for the increase in listing and sale prices and the now normal multiple offer situation. Most sellers are now setting a timeline for buyers to submit offers, then reviewing all of them at one time and choosing the one with the most favorable terms. Today, there are only two Eldorado properties on the market, both in the 700K range.
142 homes sold in 2020
11 lots sold for between 60K -106K. There are only two lots currently on the market.
$229 was the average price per square foot, compared to $211 in 2019 – so much goes into this number that is not a hard and fast rule. 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.
You can see on the Days on the Market in graph #3, how the market accelerated in May. From January through April, the average days on the market were 65. From May through December, that number dropped to 23 days.
97%-101% is what Eldorado sellers received on their listing price last year. This is the listing price when the property went under contract, not the original listing price, which may have been higher. The sooner a property goes under contract, the closer to the listing price or usually higher, the seller is likely to receive.
***644K was the average listing price – December 2019 was 503K which was the record at that time. In one year that is an increase of 141K.
***546K was the average sales price – December 2019 was 451K an increase of 95K.
– 0.2 months of inventory – that is 2 weeks of inventory. This 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. We are in an agressive, rapidly moving seller’s market.
If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know. If you are thinking of listing this year, you will likely do very well. There is not a “best” time to list anymore, anytime is the right time.
|Number of Homes For Sale vs. Sold vs. Pended (Jan. 2020 – Dec. 2020)
|Average Price per SQFT (Sold) (Jan. 2020 – Dec. 2020)
|Avg Days On Market & Sold/List Price % (Jan. 2020 – Dec. 2020)
|Average Price of For Sale and Sold (Jan. 2020 – Dec. 2020)
|Months of Inventory Based on Closed Sales (Jan. 2020 – Dec. 2020)