El Dorado Hills Real Estate Market
Posted by John Lockwood on April 21st, 2008
The real estate market in El Dorado Hills is behaving like a typical "luxury" market in the Greater Sacramento area this year. That is to say, compared to nearby areas:
- It lost some of its value, but less than in other areas.
- It has a lower overall percentage of distressed sales, though more than last year.
- Although prices are not off by that much compared to other areas, unit volume is down dramatically.
Let’s look at some specifics.
In the first quarter of 2008, the average home sold in El Dorado Hills for $592,958, down 11.3% from last year’s average price of $668,752. The average for sold price per square foot fell 11.8%, from $230.92 in 2007 to $214.72 in 2008. At $499,500, this year’s median price was down 18.4% from last year’s median sale price of $612,500.
Distressed sales make up 24% of active inventory, and 38.6% of sales in the first quarter. 8.3% of the 408 currently available homes in El Dorado County are bank foreclosures, a category that accounted for 28.4% of sales in the first quarter. Short sales make up 15.7% of active inventory, and accounted for 10.2% of the sales in the first quarter.