El Dorado County Market Update
Homes - and people, I assume - in El Dorado county are in no hurry. I get the sense, owning real estate myself in this part of California that things are a little more laid back here. The same goes for the real estate in El Dorado. After last month’s slow drop in prices and increase in sales, nothing much has really changed. But there are always more statistics to report, aren’t there? So here we go!
September was just such a strong month for sales that October would have had to be on wheels to beat it. Well, it wasn’t. Only 109 homes sold in October in El Dorado county, lower than the 161 sold in the month of September. While the majority were still non-distressed sales (67 - or 61.5%), foreclosure sales (34 or 31.2%) seem to gain momentum. 8 short sales also sold, which took up the remainder of the sales pie.
Price per square foot fell 16% over last October for the same period to $183.65. The average sale price fell 6.9% (Don’t we just love single digit falls?) from $473,560 from last October to $440,754. Median sales price actually ROSE by 3.9% from last October! It went from $390,000 to $405,000. Of course, you should keep in mind that the price per square foot tells the real story because hidden in the average and the median numbers is the fact that homes that sold this October were larger by 10.9% over last October. The average square feet of a home this October were 2399 over last October’s 2164 square feet.
Based on the last 12 months of sales, inventory is at 12.2 months and based on the last 6 months of sales, inventory sits at 10.6 months.
