El Dorado County Real Estate Market Update: October 2009
The same trend that encouraged homebuyers to look outside of Sacramento county and buy a home in El Dorado county is being seen today. Although prices might be a factor, they are not the only reason. The reason might well be that El Dorado county sometimes trails behind Sacramento county in trends.
As an example, this month, while we have seen declines in foreclosure sales in almost every real estate market in Sacramento county, here in El Dorado county we see an increase in foreclosure sales - by 26.8% nonetheless. No measly number! Short sales also correspondingly have risen by 77.8% while non-distressed property sales continue to fall by 17.4% year over year. Overall unit volume sales increased by 8.7% for the same period.
Average price per square foot in El Dorado county is now $145.57, not very different from last month but a decline of 19.2% year over year. Interestingly enough, homebuyers did not use the opportunity this month to buy bigger homes as they do in these parts and average home size sold also declined 7.5% year over year. Average sales price this reflects this and is 25.2% lower year over year to rest at $313,461. Median sales price is now $281,750.
Inventory in El Dorado county based on the last year of sales is at 9.2 months and based on the last six months of sales is at 7.7 months. Foreclosure inventory is just under 2 months.
