El Dorado County Market Update: May 2009
El Dorado county real estate prices have reacted much the same way as prices in Sacramento county this May. We are seeing small jumps in month to month increases in price even though the year over year prices show declines. Along with the increased prices is also a general slowing in the frantic pace of sales, perhaps pointing to a more stable (or stabilizing) market.
A total of 148 homes sold in May - that’s 2% lower unit volume year over year. However, foreclosure sales gained 43% and short sales gained 67% for the same period at the expense of non-distressed sales which dropped 30% year over year.
Average sold price per square foot is currently at $155.12 which is $19% lower than last May’s $190.94 but higher than last month’s $148.57. We see the same case in average sales price which is currently $380,004 down 11% year over year from $425,969 but higher than last month’s $337,140. Median sales price is rests at $350,000 also higher than last month’s median of $320,000.
Inventory is at 10.4 months based on the last year of sales and 11.9 months based on the last six months of sales.
