Bridget’s listing on 314 Marlette Drive, Ione, has just been reduced to $459,900 (formerly $485,000). 

Don’t let the small pictures fool you — this house is huge at 3,330 square feet.  Moreover, the way it’s laid out make it ideal for a daycare, extended family, or perhaps (with a little work) a home with a separate rental?  That’s because this beautiful 5 bedroom 3 bath house is laid out like two homes in one, with three bedrooms and two baths, with living room, formal dining room, and kitchen upstairs.  Downstairs includes 2 bedrooms, 1 bath, kitchenette, den, a large family room, and outside access. 

Buyer should check with county for intended use, but this is definitely a great opportunity, now at an even better price.

Get the full listing details or schedule a showing.

As we’ve seen over the last several months, El Dorado County’s real estate market continued to put in a strong showing, with only very small declines in price and slight changes in other market areas compared to Sacramento County to the west, Placer County to the North, or Amador County to the South.

The median price for all residential property sold through the local MLS (Metrolist), is an excellent indicator of this resilience, declining a mere eight tenths of one per cent from May of 2006 to May 2007, from $499,000 last year to $495,000.  The average sold price in May was $543,534, down only 1.2% from last year.  Even adjusted for square footage, the decline was only a moderate 4.4% from May to May.

In terms of average days on market for sold homes, this year actually fared better than last, at 67 days compared to last year’s 68 days.  Similarly the expired listing to sold listing ratio, which shows us how many sellers are having trouble getting a buyer for their homes, is relatively uncharged  as well, from 48.7% last year to 50.3% this year.

The only two indicators that do show significant signs of stress are inventory numbers.  El Dorado County has just over eleven months of unsold inventory.  Also, unlike other indicators, units sold have changed significantly.  197 units sold last May versus 147 this year, a drop in unit volume of 25.4%.

Real estate sales in May of 2007 remained slow compared to last year, with falling prices and rising inventory. Forty-five homes sold this May, down 18% from last year’s 55 units sold in May.

The average home listed for $395,029, and sold for $379,828, or 96% of list. This number is consistent with last year, and as we’ve noted elsewhere, tends to be resilient despite what else the market is doing.

In other indicators, we see a slowing market. This year’s average price was down 5.4% from last year’s average selling price of $401,560. This May’s median was down significantly more, 13.5%, with this year’s median coming in at $345,990 and last year’s being $399,900. The average selling price per square foot was down 5.8%, at $210 per square foot this year versus $223 per square foot last year.

This May a home took longer to sell in Amador County, with the average home being on the market six months (184 days), as opposed to just over four months (127 days) last year. As you might expect, inventory is also high at 15.3 months.