November Sales for El Dorado County
The El Dorado County Board of Realtors reported only 104 monthly home sales for November. It was the weakest month for county homes since March of 1997 when 102 sales were reported. The months of November and December are typically the slowest for sales but last month was the worst November since 1996. November of 2003 and 2004 had twice the number of sales than was reported last month. The historical 10 year November average is 190 residential units closing escrow. As poor as the sales numbers were for last month, December will probably be worse.
Along with the weak sales numbers, the average price of a county home closing escrow last month declined $25,000 from November of 2006 settling at $457,000. The county’s average selling price has remained above $500,000 for 9 months during 2005, 11 months during 2006 and 7 months for this year. Our average selling price has been propped up by million dollar deals but last month only four homes sold in excess of a million dollars. Three were located in El Dorado Hills and the most expensive sale was located in Greenstone and closed escrow for 1.6 million.
The median price rather than the average is considered a better gauge to judge the market’s temperature. The medium price is the midway price point between the highest priced home sold and the lowest. Last month the median dropped to $383,700. Last year during the same month, the median was $450,000. Twenty-five percent of all county sales were priced below $300,000 while another 25 percent were priced above $600,000.
A third of all county home sales were located in El Dorado Hills. The average selling price of $674,500 was nearly the same as November of 2006. The area currently has 383 listings so at the current rate of sales there is a 12-month supply of homes available.
Another 20 percent of all county home sales took place in Cameron Park where the average price of $342,000 on the 20 homes closing escrow was $117,000 less than the same month a year ago. The area has 173 homes for sale for an eight and a half month supply.
The Greater Placerville area currently has 147 homes for sale. Last month 12 sold for an average price of $332,000, a decline of $100,000 from the 12 sales that were reported in November of 2006.
Another 12 sales were reported between Camino and Pollock Pines. The 5 homes in Camino had an average price of $504,000 while the 7 sales in Pollock Pines/Sly Park averaged $383,000. The area has 169 properties listed.
The 12 monthly sales on the Georgetown Divide equaled the same as in November of 2006 but the average selling price declined significantly. The average selling price for a home in Georgetown, Greenwood and Garden Valley was $282,000, down from $356,600 in November of 2006 while the average price for a home in Cool and Pilot Hill closed at $399,000 down from $495,000 at this time last year.
The number of new “for sale” signs going up on county homes has eased a bit. The 253 new listings last month was an 18 percent decline from the new listings in October. There are currently 1,300 county homes for sale and this time last year there were 1,500. It’s a small improvement but still out of balance for the meager number of sales.
One of the attractions for buyers looking to relocate in El Dorado County is our rural countryside. Locating a home on acreage isn’t a problem since nearly half of all homes currently listed for sale are resting on an acre or larger. Currently 400 listed homes are considered horse properties and 335 homes for sale come with 5 or more acres.
The basic fundamentals of the real estate market in El Dorado County is better than the sales numbers reflected. Our county has a large percentage of high earning residents, most of who are homeowners with large amounts of equity. Our foreclosure rate is one of the lowest in the region and our average selling price of a county home is a hundred thousand less than the state’s average. Unlike Sacramento or Placer Counties we are not overbuilt with new track homes. The small amount of new home sales occurring in El Dorado Hills is not heavily discounted.
Our county’s real estate market is primarily suffering from a lack of buyer’s confidence. If a buyer is convinced that it isn’t a good time to buy, no amount of price discounts, incentives or the plethora of available inventory is going to change their mind. When consumers begin to feel better about the market, things will improve.
Along with the weak sales numbers, the average price of a county home closing escrow last month declined $25,000 from November of 2006 settling at $457,000. The county’s average selling price has remained above $500,000 for 9 months during 2005, 11 months during 2006 and 7 months for this year. Our average selling price has been propped up by million dollar deals but last month only four homes sold in excess of a million dollars. Three were located in El Dorado Hills and the most expensive sale was located in Greenstone and closed escrow for 1.6 million.
The median price rather than the average is considered a better gauge to judge the market’s temperature. The medium price is the midway price point between the highest priced home sold and the lowest. Last month the median dropped to $383,700. Last year during the same month, the median was $450,000. Twenty-five percent of all county sales were priced below $300,000 while another 25 percent were priced above $600,000.
A third of all county home sales were located in El Dorado Hills. The average selling price of $674,500 was nearly the same as November of 2006. The area currently has 383 listings so at the current rate of sales there is a 12-month supply of homes available.
Another 20 percent of all county home sales took place in Cameron Park where the average price of $342,000 on the 20 homes closing escrow was $117,000 less than the same month a year ago. The area has 173 homes for sale for an eight and a half month supply.
The Greater Placerville area currently has 147 homes for sale. Last month 12 sold for an average price of $332,000, a decline of $100,000 from the 12 sales that were reported in November of 2006.
Another 12 sales were reported between Camino and Pollock Pines. The 5 homes in Camino had an average price of $504,000 while the 7 sales in Pollock Pines/Sly Park averaged $383,000. The area has 169 properties listed.
The 12 monthly sales on the Georgetown Divide equaled the same as in November of 2006 but the average selling price declined significantly. The average selling price for a home in Georgetown, Greenwood and Garden Valley was $282,000, down from $356,600 in November of 2006 while the average price for a home in Cool and Pilot Hill closed at $399,000 down from $495,000 at this time last year.
The number of new “for sale” signs going up on county homes has eased a bit. The 253 new listings last month was an 18 percent decline from the new listings in October. There are currently 1,300 county homes for sale and this time last year there were 1,500. It’s a small improvement but still out of balance for the meager number of sales.
One of the attractions for buyers looking to relocate in El Dorado County is our rural countryside. Locating a home on acreage isn’t a problem since nearly half of all homes currently listed for sale are resting on an acre or larger. Currently 400 listed homes are considered horse properties and 335 homes for sale come with 5 or more acres.
The basic fundamentals of the real estate market in El Dorado County is better than the sales numbers reflected. Our county has a large percentage of high earning residents, most of who are homeowners with large amounts of equity. Our foreclosure rate is one of the lowest in the region and our average selling price of a county home is a hundred thousand less than the state’s average. Unlike Sacramento or Placer Counties we are not overbuilt with new track homes. The small amount of new home sales occurring in El Dorado Hills is not heavily discounted.
Our county’s real estate market is primarily suffering from a lack of buyer’s confidence. If a buyer is convinced that it isn’t a good time to buy, no amount of price discounts, incentives or the plethora of available inventory is going to change their mind. When consumers begin to feel better about the market, things will improve.
posted by Ken Calhoon at 8:47 AM
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