El Dorado County Real Estate Market Update: December 2009
El Dorado county seems to trail behind Sacramento county trends by as much as six months to a year as we have seen in the past. As such, for this market update as well we are seeing the same things we saw in Sacramento county a few months ago.
There has been buyer interest in short sales, as evidenced by the increase in short sales by 77.8% year over year and even though foreclosure sales are up their increase is a much smaller 4.8% year over year. Non-distressed sales have also gained ground - 56.4% increase for the same period - leading to an overall unit volume increase of 38.4%.
Average price per square foot fell by 9.1% year over year from a high of $167.17 to $151.95. Average sales price also fell by 8.7% for the same period from $368,912 to $336,868. Median sales price is now $282,000.
In spite of the interest in short sales, inventory for short sales remains high - right around 18 months. Overall inventory is at 7.5 months based on the last year of sales and 6.9 months based on the last six months of sales. Foreclosure inventory is at 1.9 months.
