Here is the monthly Eldorado Real Estate Report covering January – November 2018. The shift in the Eldorado market can be better understood from the beginning on the year.
Inventory continues to increase and is now at the highest of the year. The pace of sales has slowed a bit this winter. Homes priced well and properly prepared for sale are still selling quickly. A few homes have had more than one price reduction since the summer and remain on the market.
9 Homes Under Contract
– $199 was the average price per square foot in November. 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 $162 – $216 this year. Some properties sell for as low as $115 and as high as $294.
****39 were the average days on the market last month. **Days on the market are stopped the day a seller accepts an offer and do not include the escrow period which can be 30-60 days. **
– 99% is the sales price vs. listing price for November. 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 98% – 100% for the last six months. The sooner a property goes under contract, the closer to the listing price or sometimes higher, the seller is likely to receive. Some homes are selling for over the asking price and we are seeing multiple offer situations in the under 350K price range.
– 475K was the average listing price last month. The average sales price was 422K. A decrease from October which was the highest of the year.
– 5.1 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 balanced market between buyers and sellers. Less than 6 months means a sellers market, more than 6 months means a buyers market.
Eldorado remains a popular and in-demand neighborhood for buyers all over the United States and in some cases beyond.
If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.