$320 was the average price per square foot last month – the lowest number in 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. This has ranged from $320 – $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.
37 – were the average days on the market in January. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 3 days to 37 days in the last six months.
95% – is the average of what sellers received on their listing price. Down 5% in the last six months. This is based on the original price of the property, not the reduced price. This has ranged from 95% – 100% in the last six months.
789K – average listing price
578K – average sold price
1.2 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. Historically, a six-month supply is associated with moderate price appreciation, lower levels keep prices up.
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.