Well, it appears the seller’s market of 2021 is underway and will look a lot like 2020 with low inventory driving up home prices in Eldorado as well as Santa Fe. This is expected to last all year.
The so-called ZOOM BOOM has lots of remote workers seeking to stretch their dollar in relatively affordable places in the small and mid-sized cities across the mountain west. They are looking for proximity to nature and open spaces and far fewer people than large cities. Continued historically low interest rates are also contributing to the migration.
There is only ONE property for sale in all of Eldorado – new construction for 790K – which skews this month’s numbers a bit. For reference, there are more than 2,700 homes in Eldorado.
Almost every listing now receives more than one offer and many times sellers give buyers a timeline in which to submit all offers, then review and compare them at one time. Most often there is a clear winner. Being a buyer in Eldorado this year will not be for the faint of heart. Being a seller will result in cocktail conversation for years to come.
1 Active Listing
12 Under Contract
$254 was the average price per square foot last month. This is the highest in the last 6 months, but with only 3 sold, this number is unlikely to stay this high. This has ranged between $214 and $254 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.. and is not a fully 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 January. 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% – 101% over the last 6 months. A few sold over the asking price.
$790K average listing price – there is only one property on the market – so this number is an outlier for now.
490K average sales price
– 0.3 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 is about a 3 week 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 (Aug. 2020 – Jan. 2021)
|Average Price per SQFT (Sold) (Aug. 2020 – Jan. 2021)
|Avg Days On Market & Sold/List Price % (Aug. 2020 – Jan. 2021)
|Average Price of For Sale and Sold (Aug. 2020 – Jan. 2021)
|Months of Inventory Based on Closed Sales (Aug. 2020 – Jan. 2021)