Eldorado Real Estate Report – April – Sept. 2020

Eldorado Real Estate Report – April – Sept. 2020

SELLER’S MARKET CONTINUES…

This month’s record breaker is the average Eldorado listing price of 591K – granted there are some high-dollar homes on the market, but for this to be the average is remarkable.

Low inventory is still an issue as buyers continue to discover our wonderful neighborhood and all that it offers. Most properties are receiving multiple offers which often lead to a sales price higher than the listing price. With interest rates at historic lows, buyers who would have been cash, are opting for a loan. Good news for buyers in a competitive situation as most of the offers will have a lender involved instead of cash winning the day.

Buyers are still writing offers on homes they have not seen, some seeing them in a couple of days, some others don’t see their new Eldorado home until after closing. High-quality photography, 3D videos and 2D floorplans are critical to buyers who are not in town now, but have the means and are eager to buy.

If you or someone you know are getting ready to list, better sooner rather than later to leverage the current rapidly moving market. Please let me know if you would like more information on current market conditions.

In September:

7 Active Listings

17 Under Contract

12 Sold

$214 was the average price per square foot last month.  This has ranged between $213 and $253 over 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., that this not an 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.

26 – were the average days on the market in September. These are the number of days it took for sellers to accept a contract – not the days from contract to closing.

100% – is what sellers received of their listing price last month. This is the price in which the home was listed when it sold, not necessarily the original listing price.  This has ranged from 97% – 100% over the last 6 months. A few sold over the asking price.

$591,000 average listing price

$463,000 average sales price

-0.6 Months of Inventory. Months of 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. This is about 2.5 weeks of supply.

If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.

Number of Homes For Sale vs. Sold vs. Pended (Apr. 2020 – Sep. 2020)

 

Average Price per SQFT (Sold) (Apr. 2020 – Sep. 2020)

 

Avg Days On Market & Sold/List Price % (Apr. 2020 – Sep. 2020)

 

Average Price of For Sale and Sold (Apr. 2020 – Sep. 2020)

 

Months of Inventory Based on Closed Sales (Apr. 2020 – Sep. 2020)

 

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Eldorado Real Estate Report – Feb. – July 2020

The Eldorado real estate market is more active than last month – which is incredible. A true SELLER’S MARKET is upon us. Low inventory is still an issue as buyers continue to discover our wonderful neighborhood and all that it offers.

Properties prepared for sale and priced correctly don’t last long, or are going under contract before even hitting the market. High-quality video tours are critical as more and more buyers are buying sight-unseen. Many times their Eldorado friends come to the showing and Facetime with them. Photos and videos don’t show inside of closets, appliances, kitchen cabinets, laundry rooms or garages, so the friends can do a deeper dive into the property and be directed by the buyer as to what exactly they want to see.

Of course we have no idea what is going to happen or how long this will go on. Realtors and their clients observe the COVID-19 protocols for showings and listing appointments. We are not allowed to have clients in the office and frankly the staff would rather Realtors not spend a lot of time there. So we can work anywhere.

If you or someone you know are getting ready to list, better sooner rather than later to leverage the current brisk environment. Please let me know if you would like more information on current market conditions.

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In July:

13 Active Listings

11 Under Contract

11 Sold

$233 was the average price per square foot last month.  This has ranged between $204 and $263 over 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., that this not an 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.

17 – were the average days on the market in July. Down from 38 days in June.

100% – is what sellers received of their listing price last month. This is the price in which the home was listed when it sold, not necessarily the original listing price.  This has ranged from 98% – 100% over the last 6 months. A few sold over the asking price.

$505,000 average listing price

$496,000 average sales 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. 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 beautiful neighborhood, please let me know.

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Eldorado Real Estate Report – Jan. – June 2020

I keep waiting for the real estate market in Santa Fe to fall off a cliff- but it doesn’t. We are busier now than before the pandemic. Multiple offers and buyers making offers from Facetime and Matterport 3D videos. Of the three Eldorado homes that I put under contract via video in the last 3 weeks, one saw the home 7 days later, one saw it 2 weeks later and one won’t see it until a month after closing. Eldorado has always had a strong buyer pool from out-of-state, and now that people are becoming uncomfortable living in large cities, it has really ramped up as now they can shop from their living rooms.

Check out the Matterport videos on realtor.com for 3 Mariano Road and 2 Chusco Road. They are amazing – exactly like walking through the home.

Realtors are essential workers, we mask up for every showing and listing appointment, sometimes gloves and lots of distance. Buyers no longer ride in our cars and meet us at every showing. We have new COVID-19 forms which extend deadlines automatically if someone “essential” in the transaction is diagnosed with the disease, ordered to quarantine, has a government imposed travel limitation or the closure of any service. These parties include lenders, brokers, insurance providers, lenders, appraisers, inspectors, title companies, repair persons, contractors and more.

We have no idea what is going to happen and are doing the best we can do to still serve buyers and sellers in this rapidly changing environment. Updating our technology, becoming paperless and being able to work from just about anywhere.

Please let me know if you would like more information on our beautiful neighborhood.

If you would like to be removed from this list, please reply with “unsubscribe.”

In June:

13 Active Listings

15 Under Contract

13 Sold

$246 was the average price per square foot last month.  This has ranged between $204 and $253 over 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., that it is not an accurate measure of value. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot.

38 – were the average days on the market in June.

98% – is what sellers received of their listing price last month. This is the price in which the home was listed, not necessarily the original listing price.  This has ranged from 97% – 88% over the last 6 months.

$496,000 average listing price

$405,000 average sales price

– 1 month 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. 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 beautiful neighborhood, please let me know.

 

 

 

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Eldorado Real Estate Report – Dec. 2019 – May 2020

Well, honestly I thought our housing market would be adversely affected by the pandemic – but thus far that has still not happened. Another RECORD-BREAKING month for price per square foot. Multiple offers are back and buyers from out-of-state are making their way to Santa Fe.

In May:

13 Active Listings

9 Under Contract

10 Sold

***$253 was the average price per square foot last month.***  Breaking the previous record of $244 set in October 2019. This has ranged between $204 and $253 over the last six months.  This number fluctuates with the type of home sold in a given month, but a new record nonetheless. This number depends on such a wide range of factors –  the size of the house, age, quality of the finishes, views, heating, construction, etc., that it is not an accurate measure of value. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot.

17 – were the average days on the market in May, a sharp decrease from 74 days in April.

98% – is what sellers received of their listing price last month. This is the price in which the home was listed at the time of the sale, not necessarily the original listing price.

$523,000 average listing price

$443,000 average sales price

– 1.3 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. 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 beautiful neighborhood, please let me know.

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Eldorado Real Estate Report – Nov. 2019 – April 2020

Eldorado Real Estate Report – Nov. 2019 – April 2020

The April numbers look almost like normal times with the exception of the longer days on the market. Here’s what is happening today:

Buyers from out-of-state which normally would be here in droves, are not here. Homes are staying on the market longer and the number of showings is decreasing.

Buyers are asked to wear masks and gloves during showings – their agent is supposed to make sure they do. Everyone is asked not to touch anything or use the facilities. Personally, I do not allow children to attend showings. No open houses are allowed. No MLS tours are happening.

Realtors are doing Zoom or Facetime showings and some homes are selling that way. If a buyer has friends or relatives in town, they see the house for them.

We have new COVID-19 forms which extend deadlines automatically if someone “essential” in the transaction is diagnosed with the disease, ordered to quarantine, has a government imposed travel limitation or the closure of any service. These parties include lenders, brokers, insurance providers, lenders, appraisers, inspectors, title companies, repair persons, contractors and more.

When the second quarter economic numbers come out, we could see some serious changes in our market.

As Realtors, we have no idea what is going to happen and are doing the best we can do to still serve buyers and sellers in this rapidly changing environment.

Stay safe.

In April:

11 Active Listings

9 Under Contract

8 Sold

$210 was the average price per square foot last month.  This has ranged between $204 and $241 over 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., that it is not an accurate measure of value. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot.

82 – were the average days on the market in April. This number will likely increase in the coming months.

98% – is what sellers received of their listing price last month. This is the price in which the home was listed, not necessarily the original listing price.

$485,000 average listing price

$511,000 average sales price

– 1.4 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. 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. This number will likely also increase in the next few months as homes will take longer to sell as the pool of buyers shrinks.

 

If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.

Number of Homes For Sale vs. Sold vs. Pended (Nov. 2019 – Apr. 2020)

 

Average Price per SQFT (Sold) (Nov. 2019 – Apr. 2020)

 

Avg Days On Market & Sold/List Price % (Nov. 2019 – Apr. 2020)

 

Average Price of For Sale and Sold (Nov. 2019 – Apr. 2020)

 

Months of Inventory Based on Closed Sales (Nov. 2019 – Apr. 2020)
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Eldorado Real Estate Report – Nov. 2019 – April 2020

Eldorado Real Estate Report – Oct. 2019 – March 2020

Hello All –

Well, a lot has changed since the last Eldorado Real Estate Report. No more records broken for a while it looks like. Today there are 13 homes on the market and another 12 under contract. Some of these have come back on the market a time or two as buyers become more skittish about buying at this time. The April and May numbers will paint a more accurate picture of how COVID-19 has affected our property values and the rate of sales. Some homeowners are waiting to see what happens before listing. There is still activity, real estate is not at a stand still, just slower. With interest rates so low and price reductions beginning, it is a good time to be a buyer.

In March:

12 Active Listings

9 Under Contract

10 Sold

$219 was the average price per square foot last month.  This has ranged between $204 and $244 over 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., that it is not an accurate measure of value. The larger the house, the lower the price per square foot. The smaller the house, the higher the price per square foot.

65 – were the average days on the market in March. This number will likely increase in the coming months.

98% – is what sellers received of their listing price last month. This is the price in which the home was listed, not necessarily the original listing price.

$486,000 average listing price

$426,000 average sales 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. 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. This number will likely also increase in the next few months as homes will take longer to sell as the pool of buyers shrinks. Out-of-state buyers, our largest market, are not here and for now, have no travel plans. While some are buying via Skype, most are waiting until things at least stabilize.

If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.

 

Number of Homes For Sale vs. Sold vs. Pended (Oct. 2019 – Mar. 2020)

 

Average Price per SQFT (Sold) (Oct. 2019 – Mar. 2020)

 

Avg Days On Market & Sold/List Price % (Oct. 2019 – Mar. 2020)

 

Average Price of For Sale and Sold (Oct. 2019 – Mar. 2020)

 

Months of Inventory Based on Closed Sales (Oct. 2019 – Mar. 2020)
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