El Dorado County Real Estate Market Update: December 2008
El Dorado county saw its first year over year drop in unit volume sales in months. 99 homes sold in December of 2008, 10.8% lower than the 111 which sold in December 2007. 42 foreclosures sold (up year over year by 16%) 18 short sales sold (up 125%) and 39 non-distressed homes also sold (down 41.8%). Distress sales now make up the major chunk of home sales - 60% of all sales.
Sold price per square foot is down once again. It is currently at $167.17, down 17.9% over last year’s high of $203.63. That is also lower than last month’s aerage price per square foot number of $171.42. The average sales price is also down 21% year over year; it has fallen from $466,714 to rest at $368,912, also slightly lower than $373,892 in November 2008. Median sales price is down 18.5% from $417,000 to $340,000, lower also than last month’s $350,000.
Inventory is at 9.8 months (based on the last year of sales) and 9.3 months (based on the last six months of sales). El Dorado county might see some pain yet if the short sale inventory doesn’t get sold quickly. There are 250 short sales currently on the market and while that number is only slightly larger than the 193 active foreclosures, the difference in inventory is striking. Foreclosures only make up 3.7 months of inventory. Short sales? 17 long months!
