July sales in El Dorado County
It was disappointing that July’s monthly home sales were not better but it was a relief that they were not worse. Besides, most of us in real estate and lending are getting accustomed to the daily barrage of negativity from the mainstream media. Contrary to some popular beliefs homes are still selling, prices are not collapsing and the number of homes listed for sale is declining.
Total existing home sales for the month of July stood at 157, down 10 percent from July of 2006 and 14 fewer than we had in June. Our best July was back in 2004 when the Multiple Listing Service reported 337 monthly sales. In an off year, July’s numbers weren’t too bad. Over the last 12 months, 5 have been better and 7 have been worse. Our county’s median home price continues to hold up amid the subprime predicament. The $490,000 median selling price last month was $9,000 below July of 2006 but it has remained the same or higher for 9 of the proceeding 12 months.
Cameron Park, with 228 homes for sale reported a large adjustment in home prices. In July of 2006 the average selling price was $553,800 on 22 sales. Last month the average price of the 15 homes that closed escrow was $454,800.
More first time buyers are discovering the greater Placerville area. The average price of the 11 homes that sold last month was $361,000. The area has 187 residential listings.
Five of the 9 monthly sales reported in the Diamond Springs/El Dorado area were above $640,000, pushing the areas average to a record high of $596,000. Pollock Pines/Sly Park reported 20 monthly sales with an average price of $322,000. The area has 200 homes for sale.
The Georgetown Divide reported 14 sales on an inventory of 200 homes for sale. The average price remained about the same as last year, Georgetown and Garden Valley was $433,000 and in Cool and Pilot Hill, $477,000.
Fewer new listings are a good sign. I suspect many sellers have given up on the idea while waiting for the market to improve. The 379 new listings last month were 25 percent less than a year earlier, still too many for the 150 to 185 monthly sales that we have been averaging this year. Total residential inventory for sale is actually less than a year earlier. Hopefully that becomes a trend and not an anomaly.
Between appointments last week, I stopped in a grocery store to buy a few items and while standing in the checkout line picked up the latest copy of “Money” magazine. This month’s feature was about the 100 best places to live in country. I knew that El Dorado Hills was ranked in the top 100 so turned to the synopsis. Here are a few facts you may not know about our county’s most popular zip code.
The median family annual income is $116,406, job growth between 2000 and 2006 was 32 percent, air quality index shows 72 percent of the days ranked good, the average commute time is 29 minutes and within 15 miles the magazine found: 13 movie theaters, 1,572 restaurants, 71 public golf courses, 23 libraries, within 30 miles and 18 ski resorts within 100 miles.
The magazine found when comparing El Dorado Hills to the other 99 selected “best places to live” the residents have a higher income, are slightly older, have a higher level of education, a higher rate of marriage, a lower divorce rate and take more vacations than in the average 100 best places. They are also over taxed and housing is more expensive than the average.
The criteria that “Money” used in selecting the best places to live included: populations with less than 50,000, affordable housing, plentiful leisure activities, cultural options, sunny weather, short commute time and good health care access.
The number one best place to live picked by the Money editors was Middleton, Wisconsin. I turned the page to Middleton, population 17,000. There were some nice pictures of green lawns and cute houses but then I read that the average property tax on a $300,000 home was $5,000 a year and the average temperature during the winter was 10 degrees with six to eight feet of snow. Maybe the ranking of the 100 best places to live should be done in January rather than in August.
Potential homebuyers will find a greater selection of homes in El Dorado Hills than in Middleton. While Middleton has 50 currently for sale EDH has 500. The average price last month of $697,000 was about where it was a year ago. The 58 monthly sales were an increase from last year and the average temperature was well above Middleton’s.
Total existing home sales for the month of July stood at 157, down 10 percent from July of 2006 and 14 fewer than we had in June. Our best July was back in 2004 when the Multiple Listing Service reported 337 monthly sales. In an off year, July’s numbers weren’t too bad. Over the last 12 months, 5 have been better and 7 have been worse. Our county’s median home price continues to hold up amid the subprime predicament. The $490,000 median selling price last month was $9,000 below July of 2006 but it has remained the same or higher for 9 of the proceeding 12 months.
Cameron Park, with 228 homes for sale reported a large adjustment in home prices. In July of 2006 the average selling price was $553,800 on 22 sales. Last month the average price of the 15 homes that closed escrow was $454,800.
More first time buyers are discovering the greater Placerville area. The average price of the 11 homes that sold last month was $361,000. The area has 187 residential listings.
Five of the 9 monthly sales reported in the Diamond Springs/El Dorado area were above $640,000, pushing the areas average to a record high of $596,000. Pollock Pines/Sly Park reported 20 monthly sales with an average price of $322,000. The area has 200 homes for sale.
The Georgetown Divide reported 14 sales on an inventory of 200 homes for sale. The average price remained about the same as last year, Georgetown and Garden Valley was $433,000 and in Cool and Pilot Hill, $477,000.
Fewer new listings are a good sign. I suspect many sellers have given up on the idea while waiting for the market to improve. The 379 new listings last month were 25 percent less than a year earlier, still too many for the 150 to 185 monthly sales that we have been averaging this year. Total residential inventory for sale is actually less than a year earlier. Hopefully that becomes a trend and not an anomaly.
Between appointments last week, I stopped in a grocery store to buy a few items and while standing in the checkout line picked up the latest copy of “Money” magazine. This month’s feature was about the 100 best places to live in country. I knew that El Dorado Hills was ranked in the top 100 so turned to the synopsis. Here are a few facts you may not know about our county’s most popular zip code.
The median family annual income is $116,406, job growth between 2000 and 2006 was 32 percent, air quality index shows 72 percent of the days ranked good, the average commute time is 29 minutes and within 15 miles the magazine found: 13 movie theaters, 1,572 restaurants, 71 public golf courses, 23 libraries, within 30 miles and 18 ski resorts within 100 miles.
The magazine found when comparing El Dorado Hills to the other 99 selected “best places to live” the residents have a higher income, are slightly older, have a higher level of education, a higher rate of marriage, a lower divorce rate and take more vacations than in the average 100 best places. They are also over taxed and housing is more expensive than the average.
The criteria that “Money” used in selecting the best places to live included: populations with less than 50,000, affordable housing, plentiful leisure activities, cultural options, sunny weather, short commute time and good health care access.
The number one best place to live picked by the Money editors was Middleton, Wisconsin. I turned the page to Middleton, population 17,000. There were some nice pictures of green lawns and cute houses but then I read that the average property tax on a $300,000 home was $5,000 a year and the average temperature during the winter was 10 degrees with six to eight feet of snow. Maybe the ranking of the 100 best places to live should be done in January rather than in August.
Potential homebuyers will find a greater selection of homes in El Dorado Hills than in Middleton. While Middleton has 50 currently for sale EDH has 500. The average price last month of $697,000 was about where it was a year ago. The 58 monthly sales were an increase from last year and the average temperature was well above Middleton’s.
posted by Ken Calhoon at 3:28 PM
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