El Dorado Hills Home Sales
My colleague Vicki recently pointed out a Sacramento Bee article that shows the slowdown in new home sales from last year, including some pretty dramatic numbers for El Dorado Hills — the latter’s median price being down by 7.9%. In looking at the article myself, however, I have to admit that the Bee was a bit less “bearish” than expected, and even has the headline “Median Prices Drop a Bit”. For El Dorado County overall, the Bee reports a 2.3% drop in the median price for third quarter sales.
I just looked at the numbers for El Dorado County for September, and found a slightly larger drop for that month, at 3.9%. Last year’s median was $504,000, compared to this year’s median of $484,250. The average sold price per square foot dropped less, 2.4%, during this time, while the average sold price actually increased, from $544,110 last year to $555,259.
Meanwhile, if the averages and median paint a fairly rosey picture, the same cannot be said for inventory, now over a year’s worth (12.6 months), and the expired to sold ratio, now conveniently easy to calculate at 100%. 140 homes sold, 140 homes expired — if that doesn’t remind you of a coin toss, chances are you’re one of the 1,762 sellers who currently have a listing active in the MLS in El Dorado County.
