The Eldorado real estate market is RED HOT!! Our rapidly-moving seller’s market continues with no end in sight. Inventory remains very low but the pool of buyers keeps growing from cities all over the country
Here is the Eldorado Real Estate Report report for the last six months – October 2020 – March 2021.
RECORD BROKEN – the sold price per square foot. The previous record was $260 back in January. In March, $272 was the average sold price per square foot.
For Sellers – if you or someone you know is planning to list their house this year, here are some tips. Take the time to prepare the home for sale. Have the septic inspected before going on the market, check to see if your ILR (survey) can be used again or if you need a new one. If the home has been a rental or part of an estate, consider having a pre-inspection to get ahead of any issues you may not be aware of. Deep clean, have windows washed and yard cleaned up. Check the roof and stucco condition. If your driveway needs attention, touch up the gravel and any plantings in the turnaround. Price is still important.
While full-price offers have gone the way of the dinosaur for now, buyers know when a home is overpriced and will hesitate to make offers. When you evaluate your offers, keep in mind the highest price does not always win. The winner is a combination of price, terms, paperwork organization and who is most likely to close.
Of the 13 Eldorado homes that sold in March, nine sold for over the asking price – one at 8K over and another at 95K over – the rest were in between. Two sold at full price and two sold below the listing price – probably due to inspection issues.
For Buyers – if you are shopping for an Eldorado home in this market – prepare to play hard to win. You will more than likely be competing with other buyers. Homes new on the market routinely get between 20 and 40 showings in the first few days. Some sellers give a deadline in which to submit offers, some will accept a contract right away. Get pre-approved before going out to look – you will have to act fast if you fall in love.
2 Active Listings
12 Under Contract
****$272 was the average price per square foot last month. This has ranged between $219 and $272 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.
11 – were the average days on the market in March. These are the number of days it took for sellers to accept a contract – not the days from contract to closing.
104% – is what sellers received on their listing price last month. This has been over 100% for the last four months. This is the price in which the home was listed when it sold, not necessarily the original listing price. This has ranged from 99% – 104% over the last 6 months. More and more properties are selling over the asking price.
$675K average listing price
535K average sales price
– 0.2 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 is about a 2 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 (Oct. 2020 – Mar. 2021)
|Average Price per SQFT (Sold) (Oct. 2020 – Mar. 2021)
|Avg Days On Market & Sold/List Price % (Oct. 2020 – Mar. 2021)
|Average Price of For Sale and Sold (Oct. 2020 – Mar. 2021)
|Months of Inventory Based on Closed Sales (Oct. 2020 – Mar. 2021)