El Dorado County Real Estate Market Update, September, 2008
For the first time in several months, El Dorado County enjoyed a year on year unit volume increase in September. As I write this in October, taking the best figure for inventory we have, El Dorado County has 10.4 months of unsold inventory, down from the 11.4 months I reported in September. September’s unit volume was 36.4% higher than last year’s so it does appear that some of the prices in El Dorado County have gotten to the point where buyers are getting more interested.
About three fourths (74.5%) of the homes in inventory are non-distressed sales, with another 15.7% short sales and 9.8% bank owned homes. Like everywhere else, however, foreclosures are priced lower than other homes, so when you look at sales figures, the number of non-distressed homes drops to 48.4% of all the units sold. With 161 units selling in September, that means 78 were non-distressed. Another 19 were short sales (11.8%), while 64 (39.8%) were bank owned foreclosures.
Sold price per square foot fell 21.7% from year to year, from $224.49 in September of 2007 to $175.75 in September of 2008. The average selling price fell 21.3% during the same period, from $485,485 to $382,319, while the median selling price fell 15.2%, from $424,500 to $360,000.
