El Dorado Hills Market Report - March 2012
There is finally positive news regarding the real estate markets across the country. For this month's El Dorado Hills Market Report, we'll take a look at some Trendgraphics for the last 6 years so you can get some perspective not just of the last month but since the height of the market as well. I believe the change has been showing itself here for a while now.
The following charts are based on single family homes for all property types combined in El Dorado Hills and the statistics are based on the closed sales.
El Dorado Hills Homes For Sale and Sold
The biggest change from the height of the market are the number of homes for sale (our inventory). As you can see the number of sales hasn't changed much but the inventory has dropped dramatically. In September 2007 there were 490 homes for sale and last month there were 150.
This next graph shows the months of inventory. Months of inventory is derived from dividing the number of sales into the total for sale. Under six months of inventory is considered a seller's market and over months is considered a buyer's market. As you can see, here in El Dorado Hills we have been in a seller's market for quite some time now.
Months of Inventory
Average Price Per Square Foot
The price per square foot for El Dorado Hills homes sold has been pretty steady over the last 15 months. With multiple offers on properties, we may finally start to see that inch up.
Average Active Price and Average Sold Price
With this Active Price vs Sold Price graph you can see that the active prices are starting to creep and the sold price is as well. When I'm doing a comparative market analysis to help my sellers come up with a listing price or my buyers come up with an offer price, we look mostly at the sold prices because they will be at or very close to market value where the active price is what a seller is hoping to get. The sold prices are reality. Looking at the different property types for these graphs the lines are much closer together for the REO and Short Sale homes. For the month of March the average active price for REOs was $459K and selling price was $448K, while Short Sales actually showed a higher selling price, $457K than average active price, $442K.
Breakdown of March 2012 Statistics by Property Types
This El Dorado Hills Market Report show things are looking up for sellers but is it still a good time to buy? You bet! Interest rates are historically low and the average home selling price was 45% higher 6 years ago!
I am a REALTOR® in El Dorado Hills with Lyon Real Estate. I love living in El Dorado Hills, where homes with views have become my passion. Working with both buyers and sellers, my concentration on homes for sale includes not only El Dorado Hills, but also Folsom and the Cameron Park vicinity. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.comor email me at firstname.lastname@example.org. When you're ready to sell or buy a home – I would love to help! To read what my clients have to say about me and my service, visit my Client Testimonial page.
Keep in touch
By DeeDee Riley 2012 *All Rights Reserved*El Dorado Hills Market Report - March 2012