January sales for El Dorado County
The decline in county real estate sales from 2005 to 2006 received much media attention throughout the year, partly because 2005 was so exceptionally good. The same will not be experienced when comparing home sales during 2007 to 2006. The 129 existing county home sales during the first month of the New Year were (for a change) actually higher than January of 2006. In the last 12 years, six January’s have seen more sales and six fewer than reported last month. All other counties in the Capital region reported fewer sales than a year earlier with the exception of El Dorado.
The county continues to maintain the highest median selling price in our 8 county region. The “median” selling price of all those 129 homes finished at $450,000, down $37,000 and 7 percent from a year ago but $8,000 higher than January of 2005 and $127,000 above January of 2004. The $450,000 median price range has been consistently holding since last October. The county’s “average” selling price did take a significant hit in prices. The “median” is the midway point where half the homes sell for more and half for less while the “average” is the total dollar amount divided by the total number of sales. The average selling price of $478,000 was a drop of $107,000 from January of 2006 and a $38,000 decrease from last December. What’s up with that? Fewer million-dollar sales.
In January there were only two home sales reported in excess of a million dollars. In December there were 5 sales in excess of a million bucks and an additional 26 sales higher than $700,000. Fewer higher end home sales will dramatically impact the statistical “average.”
Cameron Park currently has 140 homes for sale. Thirteen sales were reported last month with an average price of $462,000. The number of sales was consistent with January of 2006 but the average price declined 8 percent. El Dorado Hills (home of the Mac Mansions) reported 35 sales on an inventory of 400 homes with an average selling price of $622,500. The price decline of $131,500 from January of 2006 was the result of fewer Mac Mansions going into escrow.
The greater Placerville area has 140 homes currently on the market. Nineteen sold last month with an average selling price of $377,500. Sales were up from last year same month by 35 percent but average prices declined by 19 percent. In the towns of Diamond Springs and El Dorado there are 80 homes with a For Sale sign in the front yard. The average selling price of a home in the area was $423,000. Pollock Pines/Sly Park currently has 114 homes for sale. Seven sold last month with an average selling price of $409,000, an increase over last year’s $348,000. Cool/Pilot Hill reported 7 sales on an inventory of 60 listings. The average selling price was $450,000 down from $505,000.
Land sales continue to decline. There are 688 vacant parcels currently for sale. Only 17 closed escrow last month with an average selling price of $244,500. A year ago the average selling price was $321,000. Cost of new home construction is deterring many from building. In the past 2 years material and labor costs have increased 17 percent while county building permits and impact fees have increased over 100 percent.
According to DataQuick Information Services, 35 new home sales were recorded in the county during January with a median selling price of $500,000. New home sales have fallen 35 percent since this time last year and median prices have declined 10 percent.
I wasn’t expecting a rain free January or 419 new listings. Excessive unsold inventory continues to over-shadow our recovery. The declining number of new listings since last October had been encouraging. October… 342, November… 259, December… 180. Then last month, KABOOM!… 419! It was an unusually high number of new listings for a January and 18 percent higher than a year ago. At that rate, our inventory of new listings is increasing three times faster than our monthly sales.
With 2006 as our new year-over-year comparison base, reviewing 2007 monthly sales numbers will be refreshing. Oh yes, I nearly forgot …county condominium sales INCREASED 50 PERCENT for the month, from 2 to 3.
The county continues to maintain the highest median selling price in our 8 county region. The “median” selling price of all those 129 homes finished at $450,000, down $37,000 and 7 percent from a year ago but $8,000 higher than January of 2005 and $127,000 above January of 2004. The $450,000 median price range has been consistently holding since last October. The county’s “average” selling price did take a significant hit in prices. The “median” is the midway point where half the homes sell for more and half for less while the “average” is the total dollar amount divided by the total number of sales. The average selling price of $478,000 was a drop of $107,000 from January of 2006 and a $38,000 decrease from last December. What’s up with that? Fewer million-dollar sales.
In January there were only two home sales reported in excess of a million dollars. In December there were 5 sales in excess of a million bucks and an additional 26 sales higher than $700,000. Fewer higher end home sales will dramatically impact the statistical “average.”
Cameron Park currently has 140 homes for sale. Thirteen sales were reported last month with an average price of $462,000. The number of sales was consistent with January of 2006 but the average price declined 8 percent. El Dorado Hills (home of the Mac Mansions) reported 35 sales on an inventory of 400 homes with an average selling price of $622,500. The price decline of $131,500 from January of 2006 was the result of fewer Mac Mansions going into escrow.
The greater Placerville area has 140 homes currently on the market. Nineteen sold last month with an average selling price of $377,500. Sales were up from last year same month by 35 percent but average prices declined by 19 percent. In the towns of Diamond Springs and El Dorado there are 80 homes with a For Sale sign in the front yard. The average selling price of a home in the area was $423,000. Pollock Pines/Sly Park currently has 114 homes for sale. Seven sold last month with an average selling price of $409,000, an increase over last year’s $348,000. Cool/Pilot Hill reported 7 sales on an inventory of 60 listings. The average selling price was $450,000 down from $505,000.
Land sales continue to decline. There are 688 vacant parcels currently for sale. Only 17 closed escrow last month with an average selling price of $244,500. A year ago the average selling price was $321,000. Cost of new home construction is deterring many from building. In the past 2 years material and labor costs have increased 17 percent while county building permits and impact fees have increased over 100 percent.
According to DataQuick Information Services, 35 new home sales were recorded in the county during January with a median selling price of $500,000. New home sales have fallen 35 percent since this time last year and median prices have declined 10 percent.
I wasn’t expecting a rain free January or 419 new listings. Excessive unsold inventory continues to over-shadow our recovery. The declining number of new listings since last October had been encouraging. October… 342, November… 259, December… 180. Then last month, KABOOM!… 419! It was an unusually high number of new listings for a January and 18 percent higher than a year ago. At that rate, our inventory of new listings is increasing three times faster than our monthly sales.
With 2006 as our new year-over-year comparison base, reviewing 2007 monthly sales numbers will be refreshing. Oh yes, I nearly forgot …county condominium sales INCREASED 50 PERCENT for the month, from 2 to 3.
posted by Ken Calhoon at 7:18 AM
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