Here is the monthly Eldorado Real Estate Report covering the last six months from December 2017 through May 2018.
Listing prices are increasing due to the continuing lack of available homes on the market. Multiple offer situations are back. If you are looking for a home in Eldorado, best to get your financing in place now if you are getting a loan or have your proof of funds ready if you are paying cash. Offers contingent on selling another home elsewhere and 1031 exchanges (for tax purposes) are happening frequently.
17 Homes Under Contract
– $216 was the average price per square foot in May. Remember this number depends on a wide range of factors – the size of the house, age, quality of the finishes, views, heating, construction, etc. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot. This average has ranged from $159 – $216 in the last six months. Some properties sell for as low as $115 and as high as $294.
****46 were the average days on the market last month. *** The Santa Fe MLS has changed the way Days on the Market are reported. No longer are the days counted in which a property is under contract, which could be 14-65 days typically. Days on the market are stopped the day a seller accepts an offer.
– 99% is the sales price vs. listing price for May. This is the listing price when the property went under contract, not the original listing price, which may have been higher. This has ranged from 97% – 99% for the last six months. The sooner a property goes under contract, the closer to the listing price the seller is likely to receive.
– 410K was the average listing price last month. The average sales price was 430K.
– 1.2 months of inventory – which 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 healthy real estate market. Eldorado remains a popular and in-demand neighborhood.
If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.