Eldorado Real Estate Report – June – November 2023

Eldorado Real Estate Report – June – November 2023

Here is the Eldorado Real Estate Report for the last six months – June – November 2023. This month we are going to take a little trip back to 2019. Though interest rates are beginning to tick down, the pool of buyers has decreased. I did recently receive a written request for seller financing because buyers did not want to obtain a loan. This seller said no.
Available housing in Eldorado is at a four-year high as is the months of inventory. Both back to November 2019 numbers. 
Today’s interest rate on a 30-year fixed rate mortgage is 7.44%, the lowest since early August. The high was 8.45% in October.
Inventory continues to increase. If interest rates continue 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 November:
19 Active Listings – has not been this high since November 2019.
10 Under Contract
10 Sold

$321 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.  

36 – were the average days on the market in November. 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.

97% – 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.

753K – average listing price

600K – average sold price – take a look at graph #4 and see how crazy this year has been.

1.9 Months of Inventory – Eldorado has not had this many listings on the market since November 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. 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 (Jun. 2023 – Nov. 2023)
Average Price per SQFT (Sold) (Jun. 2023 – Nov. 2023)
Avg Days On Market & SP/Orig LP % (Jun. 2023 – Nov. 2023)
Average Price of For Sale and Sold (Jun. 2023 – Nov. 2023)
Months of Inventory Based on Closed Sales (Jun. 2023 – Nov. 2023)