Placerville Real Estate Market
Posted by John Lockwood on April 9th, 2008
This year the most outstanding feature of the Placerville market is the extent to which things simply aren’t moving compared to last year. Unit volume is down by more than half. In the first quarter of 2007, 66 units sold in what we can call "greater Placerville" (i.e., the 95667 zip code, which is quite a bit larger than the city limits).
The average home sold in Placerville in the first quarter for $413,636, 4.3% more than last year’s average of $396,453. This year saw a bigger crop of homes selling, however, with the net result that sold price per square foot is down 17.2% from last year. This year’s median price of $355,000 is down 5.8% from last year’s median of $377,000.
As in most areas in El Dorado County, foreclosures played less of a role than they do in Sacramento County. Four of the 29 homes that sold in the first quarter were short sales, and four were foreclosures, so the percentages in each case were 13.8%.
A corollary of the slow sales in the first quarter was that a number of listings expired. As a result, the expired to sold ratio changed very dramatically from year to year, from 30.3% in 2007 to 169% in 2008. As you might also expect, inventory is high at 12.1 months.