Home sales have almost doubled in El Dorado Hills over last October. There must be something drawing these buyers! I know, I know! It’s the prices. Sold price per square foot has fallen 17.5% over last October – from $223.83 to today’s $184.60. And that brings the average sales price for a home in El Dorado Hills to $570,388 – not a bargain by a long shot, unless you take into consideration the fact that last October, the same home would have sold for $673,656. Gasp! That’s a 15.3% drop in prices.

So what’s driving the fallen prices? The foreclosures, of course. While non-distressed homes still make up the majority of home sales in this area, foreclosures have quintupled since last October. We even saw six short sales close escrow this October, making distress sales about 36% of all sales in El Dorado Hills. Surprisingly, non-distressed sales also saw an increase over last October by about 28.1%.

The median price also recorded a drop over last October, from $587,000 to $520,000. That’s a gap of 11.4%. Based on 12 months of prior sales, inventory in El Dorado Hills is at 7.9 months and based on 6 months of prior sales inventory is at 6.4 months. Foreclosure inventory however is at 2.6 and 2.2 months respectively. Potential home buyers in El Dorado Hills, this is something to think about!

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