El Dorado County Real Estate Market
Posted by John Lockwood on June 10th, 2007
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%.