At The Signpost, Up Ahead, Your Next Stop . . . El Dorado County
Posted by John Lockwood on July 4th, 2007
Here’s a quiz for you:
What happens to El Dorado County real estate prices when prices everywhere around them are falling?
A) They fall.
B) The rise.
C) They stay the same.
D) They stay about the same — people just buy bigger houses.
I’ll give you a hint. The answer is D.
(That’s a really good hint, isn’t it?)
In June, 161 lucky buyers got to be like me and live in El Dorado County, and they paid about $543,043, on average, for the privilege. A year ago, there were 225 buyers, but they paid not much more — $547,701 on average. So from last year to this year, the average sale price changed only .9%. Similarly, the median sale price only changed 1%, from $515,000 last June to $510,000 this June.
At the same time, however, the average home size increased 7.1%, from 2168 square feet to 2322 square feet. As a result, the sold price per square foot dropped 7.4% over this period.
In El Dorado County, the game is not, “How low can I go”, the game is “Here’s my half million — what can I get for it?”
Inventory in El Dorado County is fairly high at twelve months.