El Dorado Hills Real Estate Market - December 2011
The following report takes a look at the El Dorado Hills Real Estate Market based on December 2011 sales figures. These are for all property types (REO, Short Sale, and Traditional) combined. The month of December was hot for El Dorado Hills with buyers anxious to find homes.
The first chart shows our homes for sale vs homes sold. As you can see in our El Dorado Hills Real Estate Market inventory has dropped dramatically since September. Homes for sale in El Dorado Hills were down 13.1% since November statistics and 34.9% since December of 2010. While homes sold are up 9.7% since November and 21.4% since December 2010. In gathering information for this report, I found that this is the lowest our inventory has been since February 2005 when there were 150 homes for sale.
El Dorado Hills Homes for Sale and Sold
What does this mean for you? If you are a buyer you have far less to choose from and may be up against multiple offers so it is more important to get your offer right in the first place. For REO (bank owned) properties you may have just one chance as with multiple offers they typically ask for your highest and best offer and there is not a countering phase. For short sales, coming in second only puts you in a back up position as only the buyer with the best offer goes to the bank for approval. With traditional sales there may a chance for negotiating but that time also allows other offers to slide in. If you are a seller, your chances are better for selling a home that may be difficult to sell otherwise, this includes overpriced homes.
This next chart shows the price per square foot that homes sold for in El Dorado Hills. As you can see it has fluctuated up and down slightly over the last 15 months but for the most part has been pretty flat. Price per square foot is down slightly over last months by .3% but up over December 2010 by 2.4%. This is a good sign and I'm happy to see it. I think it is due to our low inventory but still good!
Average Price Per Square Foot for Homes Sold
This last chart shows our El Dorado Hills average for sale price verses average sold price. Our average sold price is up 7.2% over November figures and 3.3% over December 2010 figures. I think this is attributed to our low inventory. What you can gather from the average for sale verses the average sold difference is that what's selling is the lower end of our market.
Average Price For Sale vs Average Sold Price
We have quite a variety in home values in here in our El Dorado Hills real estate market as you can see with the wide spread between these two sets of figures. As an example we have custom homes in the Serrano Country Club area selling over a million and along with older homes needing work on the bottom of the spectrum.
Real estate is local even within El Dorado Hills neighborhoods. If your buying or selling it is imperative to get your pricing right. If you're buying or selling a home in El Dorado Hills, let's talk!
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I am a REALTOR® in El Dorado Hills with Lyon Real Estate. Though living in El Dorado Hills is my passion, I am happy to help you with your real estate needs throughout the Sacramento Valley. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.com or email me at driley@golyon.com.
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By DeeDee Riley 2012 *All Rights Reserved*El Dorado Hills Real Estate Market - December 2011
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