SELLER’S MARKET CONTINUES…
This month’s record is the tie with July 2020 of the average Eldorado sales price of $498,000.
Low inventory is still an issue as many 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.
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.
18 Active Listings
13 Under Contract
$245 was the average price per square foot last month. This has ranged between $214 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.
18 – were the average days on the market in October. 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.
$548,000 average listing price
$498,000 average sales price – this ties the RECORD of July 2020.
– 0.4 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 is about a 2 week 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 (May. 2020 – Oct. 2020)|
|Average Price per SQFT (Sold) (May. 2020 – Oct. 2020)|
|Avg Days On Market & Sold/List Price % (May. 2020 – Oct. 2020)|
|Average Price of For Sale and Sold (May. 2020 – Oct. 2020)|
|Months of Inventory Based on Closed Sales (May. 2020 – Oct. 2020)|