Here is the Eldorado Real Estate Report for the last six months – January – June 2024. There are 13 properties on the market today ranging in price from 515K – 975K, 7 of which have had price reductions. Thirteen Eldorado properties are under contract. Seven lots are for sale from 133K – 245K.
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The REAL story here is the Months of Inventory in Eldorado. Months of inventory means the length of time it would take to sell all the active listings at the current rate of sales. In June, that number was 2.8 months. It has been 5 YEARS since we had this kind of rate. Does this signal a forthcoming buyer’s market? Some agents think so. I think the market will continue to balance, but sellers will still have the edge, particularly those sellers who have properly prepared their homes for sale and priced the property correctly. The sooner an offer is made, the better chance sellers have of getting full price.
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**The other surprising part of this report is the average amount sellers are getting vs. their listing price. In June is was 92% – down from 100% last month. This is due to a couple of factors – sellers overpricing their properties and accepting contracts at less than the listing price. Pricing is a critical element is the selling process – buyers and agents know what is going on in the market. Determining pricing based on what sellers “need” or “want” usually ends up in a poor overall sales experience for them. **
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Buyers trolling Eldorado for a deal will approach homes which have been on the market the longest. Best way to avoid this is to get it ready and price it right.
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In June:
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17 Active Listings
6 Under Contract
6 Sold
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$353 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 $311 – $370 in the last six months. Keep in mind this is the average – some homes have a much lower price per square foot and some have a much higher number.
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40 – were the average days on the market in June. This is up from 9 in May. This is the number of days it took for sellers to accept a contract, not to close. This has ranged from 9 days to 55 days in the last six months.
723K – average listing price.
715K – average sold price
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.
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