Here is the Facts and Trends Report for El Dorado Hills Home Sales through March 2017. Homes are always coming and going on the market but it's always interesting to look at the numbers. If you'd like me to sit down with you and explain these in detail, don't hesitate to ask. Overall, listings are up as we would expect but the number of sales are down compared to March 2016. Price per square foot for the sold homes is up by double digits. The month's of inventory is up as expected since listings are up and sales are down from last years numbers.
Here are some numbers from different price points:
Under $500,000 - There were 10 homes for sale compared to last March where there were 17 and 11 sales compared to 24 last year. As I mentioned last month, this is due to our bottom line raising and affordable houses going away. Good for sellers but definitely not good for buyers! The price per square foot average of the sales went from $213 last year to $229 this year which is a 12.2% increase.
$500K-$750K-This price range was the largest share of our market (56% of our sales). There were 89 homes for sale and 31 sales in March. The average price per square foot went from $200 last year to $216 this year, an 8% increase. The month's of inventory was at 2.9 and is still indicative of a seller's market. As I mentioned last month, this price range has a lot of competition from the new construction homes.
$750K-$999K- There were 47 homes for sale in this range and only 3 sales so the months of inventory rose to 15.7 months indicating a strong buyer's market. In comparison to last year's 13 sales, it is a 76.9% drop. This price point also see's a lot of competition from the new construction sales so homes have to show well and/or be priced aggressively. The days on market of those 3 sales were only 22 days compared to 67 days last year. On a positive note, the price per square foot rose from $218 last March to $241 this year, a 10.6% increase.
$1Mil+ -This price range had 48 homes for sale and 10 sales in March compared to 46 homes for sale and 6 sales so the month's of inventory is up slightly as well. Surprisingly, the average price per square foot is also up from $240 last year to $277 this year, a 15.4% increase! As I mentioned last month, this range is where we find all the custom homes for the most part though some of the new semi-custom home builders have homes selling in this price range by the time you add in all the upgrades they entice you with.
If you are trying to downsize it is harder as your more expensive home will have more competition on the selling end and you will have more competition on the lower end to buy a home. If you are lucky enough to be buying up instead you have more options. Either way, if you are contemplating a move, I'd be happy to sit down with you and talk it through.
As far as new home construction goes, let them know even if you are just looking that you are working with an agent and give them my information (preferably) or your agents info. That way we will be able to look out for you should you end up buying one. Otherwise, the agents there may be nice but make no mistake as they are working for the builder and not you!
Find Market Facts and Trends for Folsom on my website.
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