Eldorado Real Estate Report 2022
Well, that was a wild and unpredictable year. While the pundits continue to try and figure out what will happen in 2023, no one really knows. What is clear from this year-end analysis is that Eldorado did pretty well considering the market balancing for the last seven months of the year.
Our inventory began to increase in June and sales were steady, then the pending sales decreased in November and December.
Price per square foot is back to where it was in January 2022 at $308, down from the high of $376 in April.
Where one can really tell the results of the current market is in the percentage of sales price sellers received vs the listing price. In August, it fell below 100% for the first time since December 2020. In December of 2022 sellers realized an average of 92% of their original listing price which has not been this low since January 2018.
The months of inventory is also significant as inventory increases. In December it was 1.6 months – which still indicates a strong market. However, this number has not been this high since December 2019.
Based on the number of buyer inquiries I still receive, Eldorado remains a sought-after neighborhood for buyers from around the U.S. Sellers who properly prepare their properties for sale and price it correctly, will still likely realize a fairly quick sale at a sales price at or close to the listing price.
The other change remains buyer behavior. Inspections are now an entirely different ball game than they once were. Buyers are now requesting just about EVERYTHING in the inspection report be addressed with either a closing cost credit or a price reduction. Sometimes they would like the repairs completed prior to closing. Then it’s back to the table for buyers and sellers to hash it out. For buyers getting a loan, lenders now see the repair list – which was never the case. So the fewer repairs the better.
If you are planning to list in the next year or so, please prepare your property for sale. Roof, stucco, septic, yard, windows, deep clean etc…it will alleviate the heartbreak of a contract termination during the inspection period. Better yet, get a pre-listing inspection – it will be the best $600 you can invest in the sale of your property. Then you can get ahead of not only major items, but the long list of minor items buyers will request to be addressed anyway.
Eldorado Real Estate Report – December 2022
13 Active Listings
5 Under Contract
$308 was the average price per square foot last month. 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. This has ranged from $308 – $376 in the last 12 months.
23 – were the average days on the market in December. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 5 – 40 days in the last year.
92% – is the average of what sellers received on their listing price last month. This is based on the original price of the property, not the reduced price. The lowest since January 2018.
753K – average listing price
636K – average sold price
1.6 Months of Inventory – This is the highest since December 2019. 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.
Sotheby’s is proud to be the Eldorado Market Leader