El Dorado Hills Market Update
Average sales price is El Dorado Hills has fallen under the half million mark for the first time this year! And what we saw of the influx of buyers in October might be just the tip of the iceberg if prices continue their drop. November saw slightly fewer home buyers, but that seems to be the historical curve for this time of year. And from the news and real estate statistics posted here and elsewhere we can tell that the drop in home sales is not as severe as we had thought it would be for this time of year.
In El Dorado Hills, sales were up by 36.4% with foreclosures and short sales making up the bulk of home sales. 44.4% of all sales were non-distressed. 20 foreclosures sold in the month of November, which might not seem like a large number until you compare it with a mere 4 foreclosures which sold last November.
Price per square foot has tumbled 20.4% over last November to rest at $172.74. Average sale price is down to $498,025. That’s a drop of 24.2% over last November’s $665,917. Median price has also dropped by 26% from $620,000 to $460,000 for the same period.
Based on the last year of sales, inventory is at 7.4 months and based on the last 6 months of sales, inventory is at 6.4 months.
