Here is the Eldorado Real Estate Report for the last six months – August 2022 through January 2023. It is a mixed bag, but overall it looks like the dip is over and Eldorado is back on buyer’s radar.
Based on the number of buyer inquiries I receive – which have certainly increased in the last couple of weeks – Eldorado remains a sought-after neighborhood for buyers from around the U.S. Sellers who properly prepare their properties for sale and price it correctly, will still likely realize a fairly quick sale at a sales price at or close to the listing price.
Eldorado Real Estate Report 2022
Well, that was a wild and unpredictable year. While the pundits continue to try and figure out what will happen in 2023, no one really knows. What is clear from this year-end analysis is that Eldorado did pretty well considering the market balancing for the last seven months of the year.
Our inventory began to increase in June and sales were steady, then the pending sales decreased in November and December.
Price per square foot is back to where it was in January 2022 at $308, down from the high of $376 in April.
Where one can really tell the results of the current market is in the percentage of sales price sellers received vs the listing price. In August, it fell below 100% for the first time since December 2020. In December of 2022 sellers realized an average of 92% of their original listing price which has not been this low since January 2018.
Eldorado Real Estate Report – June – November 2022
The Eldorado real estate market continues to balance, but is holding steady as far as sales and inventory. The percentage of sales price vs listing price continues to tick downward and has not been over 100% since July.
The other change is still buyer behavior. They are still hesitant to move forward, and when they do, inspections are an entirely different ball game than they once were. Buyers are now requesting just about EVERYTHING in the inspection report be addressed rather than requesting no repairs or credits or just the major health and safety concerns. Then it’s back to the table for buyers and sellers to hash it out.
If you are planning to list in the next year or so, please prepare your property for sale. Roof, stucco, septic, yard, windows etc…it will alleviate the heartbreak of a contract termination during the inspection period. Better yet, get a pre-listing inspection – it will be the best $500 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.
While Eldorado is still holding its value and desirability, the two criteria changing the most in the current market are the Days on the Market and the percentage of Sales Price vs. Listing Price. The number of the Days on the Market is increasing and the percentage of the sales price vs listing price sellers is decreasing.
Eldorado is still holding its own as far as sales activity. The most telling statistic reflecting our current market is the percentage of sales price vs list price. It was 107% in April, and in September it was 99% – not bad but down 8% overall. Pricing and condition are still critical in getting a property sold relatively quickly and avoid the myriad of inspection pitfalls now that buyers have more control than they have had in years.
Eldorado in Santa Fe real estate report. As we head into the Fall, the days on the market are increasing and the percentage of sales price vs. sold price sellers are receiving is decreasing. This is not a free fall, but a balancing of the market as it turns more favorable toward the buyers. Buyers still love and want to be in Eldorado – there are just fewer of them and they remain hesitant. Homes priced correctly and properly prepared for sale are selling, but are on the market longer with fewer showings.
Here is the Eldorado Real Estate Report covering the last six months from Feb. – June 2022. Inventory is increasing and multiple offers are rare now. The number of buyers has decreased- there are still some out there, but they remain more hesitant than they used to be. Homes priced correctly and properly prepared for sale are selling, but are on the market longer with fewer showings.
Well, it looks like the seller’s market party has come to an end due to rising interest rates and the uncertainty in the stock market. While the listing price used to be a suggested jumping off point, now when sellers receive full price or close to it, it is a win.
Summer is in full swing in Santa Fe with lots of events going on and all of our great festivals coming up. Almost like old times…
Here is the monthly Eldorado Real Estate Report – covering the last six months from December 2021 to May 2022. Today there are 14 Eldorado properties on the market – two lots and 12 homes ranging in price from 569K to $1,250,000 for new construction. That is more inventory than we have had in some time. There are 17 properties currently under contract – one lot and 16 homes ranging in price from 475K to $1,150,000.
The last three weeks or so has seen a balancing in our market due to interest rate increases and the stock market decline. A little better time for buyers to succeed in getting a home under contract.
Here is the monthly Eldorado Real Estate Report – covering the last six months from November 2021 to April 2022. It looks like the Eldorado inventory is increasing a bit. We shall see what interest rates do to our activity as we head into the summer months.
Eldorado Real Estate Market Report 2014
Having lived in Eldorado for 15 years, I know the market well and have listed property and worked with relocating buyers for 10 years. I will be updating the Eldorado Real Estate Market Report monthly with statistics new listings, sales, sales vs. list prices, days on the market, average sales prices and months of inventory. If you would like to subscribe to this report, you may do so on the right hand side of the homepage.
Please let me know if you have any questions or need any additional information. You will love living here!
-140 were the average days on the market last month.
– 96% is the sales price vs. listing price for December. 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 94% – 99% for the last 3 years.
– 355K was the average listing price in December. The average sales price was 306K.