Cameron Park Real Estate Market
As the old joke has it, I have some good news and some bad news. The good news is, those folks who sold their home in Cameron Park in October realized a 20.1% increase in the value of their home over the last year, on average, adjusted for square footage. October’s average home sold for $481,884, or 98.6% of the average list price of $488,663. The median home sold for $499,900. Median home sale prices rose 23.0% over the one year period, while average sale prices rose 18.1%.
The bad news is, the rest of the numbers seem to be telling us this can’t go on forever. Darn it — I live in Cameron Park. I want my home to appreciate in value twenty-something per-cent per year forever as much as the next guy.
But even as we’re seeing homes go up twenty-something per-cent per year, inventory currently stands at 10.2 months worth. As bad news go, that’s pretty impressively bad. That’s a lot of folks waiting to sell. We’ll see how it shakes out in months ahead. Unit volume in October was down 50% over last year, from 38 units sold in October of 2004 to 19 units sold last month. What I’ve noticed in Cameron Park seems to be taking place again, that we seem to have special trouble with larger, more expensive homes, priced well over one half million dollars. Homes in the $400,000 range seem to move well, but as price goes up, we probably encounter stiff competition from El Dorado Hills on the one side and Shingle Springs on the other.
