EL DORADO HILLS, CA HOME SALES DATA – JULY 2012 The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. This report covers July 2012, and the fourteen previous months. The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month. There is only a slight fluctuation from month to month but the last two months have shown large increases. When we look at year-over-year prices, May 2012 is slightly lower than the same month in 2011, June 2012 is up sharply over the same month in 2011 and July of 2012 is much higher than July 2011. Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait. We understand that the bottom of the market occurred in March of 2012.
The second chart shows the level of inventory, (the number of homes for sale divided by the number of homes sold each month). The July inventory level remained at a 1.7-month supply. However, the level of inventory in the past 15-months is much lower that than historical numbers. Pundits tell us that a six-month inventory is a neutral market.
We can see that the El Dorado Hills market is, and has been for some time, a seller’s market. We have been bumping along in the two to four month range for the past year and are now trending to a level under a 2-month supply.
The media is finally starting to realize that the market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
The third chart shows the average days on market and the selling price as a percentage of asking price. As you can see, homes are selling faster and for a price very close to asking price. This is good news for home sellers.
If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
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Originally posted on www.BuyYourVilla.com
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