Here is the monthly Eldorado Real Estate Report covering October 2018 – March 2019. Inventory is at 9 month low as we head into the Spring and Summer market. There are a number of buyers waiting for just the right house to come on the market…. Price is still important, but if inventory does not increase substantially, it will be a sellers market.
16 Homes Under Contract
– $184 was the average price per square foot in March – the lowest in the last 6 months. The high was $230 in December. 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. Some properties sell for as low as $115 and as high as $294. This number will likely exceed $300 in 2019.
****116 were the average days on the market last month. This is the second highest of the six month period. What this means is for the second month in a row, a few oldies but goodies have sold which lingered on the market. **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. **
– 96% is the sales price vs. listing price for March – the lowest in the 6-month period. The sales price was 92% of the original price.This was caused by the number of price reductions necessary to get more than half of the homes sold. Price is still key, and buyers know the comps. The sooner a property goes under contract, the closer to the listing price or sometimes higher, the seller is likely to receive.
– 490K was the average listing price last month. The average sales price was 417K.
– LESS THAN 1 month 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. Hello sellers 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.