– $193 was the average price per square foot in February. 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 $193 – $230 this year. Some properties sell for as low as $115 and as high as $294.
****116 were the average days on the market last month. This is the highest of the six month period. What this means is 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. **
– 97% is the sales price vs. listing price for February. 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 97% – 99% 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.
– 472K was the average listing price last month. The average sales price was 450K.
– 1.9 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.
If you would like to discuss the current state of the Eldorado market, or have questions about this beautiful neighborhood, please let me know.