Eldorado Real Estate - 2023 Year-End Summary

Here is the year-end round up of the Eldorado real estate activity for 2023. There were 117 properties sold last year ranging is sales price from 422K to 1.3M. Nine Eldorado homes sold for more than 1M and 15 properties sold for between 400K – 500K. No listings came on the market under 400K.

Nine lots sold last year ranging from 105K – 245K – the one for 245K is the one on the corner of Monte Alto and Vista Grande which is nearly 5 acres, zoned for both commercial and residential and has the potential for a lot split.

Our inventory began to increase in June and sales were steady, then the pending sales decreased slightly in November and December.

Home inspections remain challenging. Terminations were on the high side this year – due primarily to roof issues, Kitec plumbing in floors and/or walls and the age of mechanical systems. While a boiler or roof may be perfectly functional at the time of the inspection, a home inspector may say the dreaded “at the end of its life and buyer should budget for a replacement.” Then here we go back to the table for an expensive repair or credit two weeks prior to closing.

If you are planning to list in the next year or so, consider getting a pre-listing inspection – it will be the best $600 you can invest in the sale of your property. Then you can get ahead of not only major items, but the long list of minor items buyers will request to be addressed anyway.

Eldorado Real Estate Report – December 2023

In December:

14 Active Listings

7 Under Contract

9 Sold

$326 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 12 months.

29 – were the average days on the market in December. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 3 – 77 days in the last year.

96% – is the average of what sellers received on their listing price last month. This is based on the original price of the property, not the reduced price. This has ranged from 93% – 100% in 2023.

Check out this graph below (#4) – for a look at the rollercoaster ride of listing and sales prices for last year.

713K – average listing price

733K – average sold price

1.6 Months of Inventory – In 2023, this has ranged from 2 – 7 weeks. 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 wonderful neighborhood, please don’t hesitate to contact me.

Number of Homes For Sale vs. Sold vs. Pended (Jan. 2023 – Dec. 2023)

Average Price per SQFT (Sold) (Jan. 2023 – Dec. 2023)

Avg Days On Market & SP/Orig LP % (Jan. 2023 – Dec. 2023)

Average Price of For Sale and Sold (Jan. 2023 – Dec. 2023)

Months of Inventory Based on Closed Sales (Jan. 2023 – Dec. 2023)

Eldorado Real Estate – 2023 Year-End Summary