Eldorado Real Estate Report – May – October 2023

Eldorado Real Estate Report – May – October 2023

Here is the Eldorado Real Estate Report for the last six months – May – October 2023. Today’s average interest rate on a 30-year mortgage is 8.359% and has created some challenges in our market. Currently there are 18 active properties on the market ranging from $475,000 to $1,295,000. Eldorado has not had this much inventory since October 2021. There are four residential lots for sale ranging from 160K – 225K. 
The increase in interest rates has decreased buyer’s willingness to obtain financing. So they are now interested in submitting offers contingent on their current residence selling. Sellers are not so willing to take on that risk as they have not had to for years. We’ll see who blinks.
Inventory continues to increase, as are the number of Eldorado properties going under contract. If interest rates begin to drop in 2024, which is what we are hearing, buyers would be wise to buy now and re-finance later rather than get into aggressive bidding wars next year. 
In October:
12 Active Listings
11 Under Contract
13 Sold

$348 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 – $364 in the last six months. Keep in mind this is the average – some homes have a much lower price per square foot and some have a much higher number.  

22 – 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. This has ranged from 3 days to 38 days in the last six months.

99% – is the average of what sellers received on their listing price. This is based on the original price of the property, not the reduced price. This has ranged from 96% – 100% in the last six months.

704K – average listing price

790K – average sold price – take a look at graph #4 and see how crazy this year has been.

0.9 Months of Inventory – Less than one month. 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. Historically, a six-month supply is associated with moderate price appreciation, lower levels push up prices more rapidly. 

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 for 2020 – 2022***

Number of Homes For Sale vs. Sold vs. Pended (May. 2023 – Oct. 2023)
Average Price per SQFT (Sold) (May. 2023 – Oct. 2023)
Avg Days On Market & SP/Orig LP % (May. 2023 – Oct. 2023)
Average Price of For Sale and Sold (May. 2023 – Oct. 2023)
Months of Inventory Based on Closed Sales (May. 2023 – Oct. 2023)