El Dorado Hills Real Estate Market Update: December 2008
Real estate in El Dorado Hills doesn’t stay under the half million mark for too long. We saw a little blip there last month, but this time it’s back up. The rest of the numbers are looking pretty good too in spite of the foreclosures and short sales that loom over the horizon threateningly.
Sold price per square foot is actually higher than it was last month by a couple of dollars. It is still a drop of 16.7% year over year: from $211.55 last December to $176.24 this December. The average sales price is down 11% for the same period. The average home which used to be worth $624,749 can now only command a sales price of $554,906. But here we see how quickly prices can change. Last month, the average sales price was $498,025. Something to remember when the market does begin to turn. Median sales price is also up over last month’s $460,000. It is currently $500,000, a drop of 10% year over year from the high of $555,000.
We currently have in El dorado Hills 7.4 months and 6.9 months of inventory based on the last 12 months and 6 months of sales respectively. We do see unit volume slowing however, perhaps in keeping with the increase in prices. Foreclosure sales have fallen 58% year over year. Only 8 foreclosures sold this month, along with 6 short sales and 15 non-distressed homes. Total sales are down 25.6% year over year, but the balance between non-distressed and distress sales remains unharmed.
