El Dorado Hills Short Sales Market Report and History
Not too long ago Short Sales and REO's were non-existent in our El Dorado Hills real estate market. In fact, Trendgraphix reports show the first short sale to emerge here in El Dorado Hills was May 2007 and the first recorded sales in August of that year. Those two sales had an average square price of $237 in comparison to the average for all sales that month (which included REO or bank owned properties) of $234 per square foot.
Short sales today comprise a much bigger portion of our market but not as bad as you would think. In October 2011, Short Sales comprised 18.6% of the total listed homes and 27.9% of the actual homes sold. That percentage of sales is in large part due to the incredible deal they tend to be now. The average price per square foot for the sold short sales properties was $131 in comparison to $147 per square foot for all properties combined. REO or bank owned homes sold at the average square foot price of $125 and regular (non-short sale, non-bank owned) homes sold at the average square foot price of $165. Short sales are not easy to deal with because of the complexity and the time it usually takes to get short sale approval from the banks (or investors) who hold the notes but buyers that have patience are finding them worth the troubles.
Below are three Trendgraphix charts showing El Dorado Hills Short Sales since they emerged in our market. The first chart shows the listings and solds; the second chart shows the cumulative days on market and the percentage of list to sale price; and the third shows the average active price vs the average sold price.
As you can see Short Sales take a long time to close but they are getting better. The 13 days for October took on average 205 days (6.8 months) from list date to sale date.
In the first few years there were only a few sales each month so you see the big discrepences. In recent months you can see how the lines are closer together which in my opinion shows that buyers and banks and investors holding the notes are more in agreement with where they feel market value is.
If you are in the market to buy, short sales are a great value but require a lot of time and patience. If you have flexibility on your time frame to buy, they are something you should consider. If you are underwater and need to sell, a short sale may be an option for you. Either way, I am happy meet with you and explore the possibilities.
More on the El Dorado Hills Real Estate Market
El Dorado Hills Market Report - November 2011
El Dorado Hills REO (Bank owned) Properties - November 2011 Market Report
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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 2011 *All Rights Reserved*El Dorado Hills Short Sale Market Report and History
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