El Dorado Hills Real Estate Market
Finishing up this month’s look at local area markets, we turn now to El Dorado Hills. An upscale community in El Dorado County, El Dorado Hills has suffered from fewer foreclosures than in Sacramento County, yet has nevertheless seen deep price reductions in 2007-2008. At $194.28, the average sold price per square foot in April was down 21.8% from last April’s value of $248.44. Similarly the average selling price fell 24.3% over the year, from $757,008 in April of 2007 to $573,114 in April of 2008. The median price fell only 4.9% during this time, showing that El Dorado Hills buyers in general were purchasing the larger ticket homes.
Inventory in El Dorado Hills remains fairly high at 8.5 months, and the expired to sold ratio has moved from year to year but not by much, coming in at 69.8% for April of 2007 and 51% for April of 2008. Unit volume has increased though not as dramatically as it has in Sacramento County. This April 49 units sold, up 14% from last April’s 43 units, and better than the 42 unit 12-month average.
REOs made up 30.6% of sold sales in April, while short sales made up 4.1% — two closed listings. In active inventory there are 64 short sales doing their short sale thing (that is to say, sitting there), and 39 REOs. At 415 units overall, this Short Sales and REOs represent 9.4% and 15.4% of the total.
