Eldorado Real Estate Report.

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Welcome to the Fall installment of SELLER’S MARKET, Eldorado Edition. Today there is one commercial lot listed at 299K (Monte Alto intersection) and five homes for sale ranging from 400K – to 1M+.  Inventory continues to be a challenge for buyers looking for their dream house in our beautiful neighborhood.

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Some properties go under contract before coming on the market. In this case, buyers must make it worth the seller’s while for not putting the home on the MLS – in other words – with desirable price and terms. Also, if buyers are obtaining financing, they will likely have to waive the appraisal contingency – meaning should the home appraise for less than the sales price, buyers agree to make up the difference in cash.

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In October:

6 Active Listings

11 Under Contract

21 Sold

****$293 was the average price per square foot last month.  This has ranged between $262 and $301 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 October. This is the number of days it took for sellers to accept a contract, not to close.

105% – is the average of what sellers received on their listing price last month. This has been over 100% since November 2020. This is the price in which the home was listed when it sold, not necessarily the original listing price. This has ranged from 101% – 106% over the last 6 months. ***Some properties sell for as high as 20% over the asking price, while others sell below the listing price primarily due to inspection issues and condition.***

$682K average listing price

$590K average sales price

– 0.3 months of inventory – NINE DAYS. 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 market or have questions about this wonderful neighborhood, please don’t hesitate to contact me.