ElDorado County Market Update – June 2018
#TuesdayTrend
June 2018 is a Seller’s market!
It’s time to dive into El Dorado County. Look below for more information! As always, all of these figures and images come directly from MLS and offer a comparison to what the market looked like this time last year.
The number of for sale listings was down 4.2% from one year earlier and up 11% from the previous month. The number of sold listings decreased 21% year over year and decreased 8.2% month over month. The number of under contract listings was down 12.7% compared to previous month and up 9.6% compared to previous year. The Months of Inventory based on Closed Sales is 1.5, up 24.3% from the previous year.
The Average Sold Price per Square Footage was up 7% compared to previous month and up 14.5% compared to last year. The Median Sold Price decreased by 7.2% from last month. The Average Sold Price also decreased by 3.9% from last month. Based on the 6 month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Neutral”.
The Average Days on Market showed a neutral trend, an increase of 4.5% compared to previous year. The ratio of Sold Price vs. Original List Price is 99%, was the same compared to previous year.
It is a Seller’s Market
Property Sales (Sold)
June property sales were 169, down 21% from 214 in June of 2017 and 8.2%lower than the 184 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 11 units of 4.2%. This year’s smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is up 11% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 12.7% in the pended properties in June, with 172 properties versus 197 last month. This month’s pended property sales were 9.6% higher than at this time last year.
The Average Sold Price per Square Footage is Appreciating*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The June 2018 Average Sold Price per Square Footage of $292 was up 7% from $273 last month and up 14.5% from $255 in June of last year.
The Days on Market Shows Neutral Trend
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for June 2018 was 23, up 4.5% from 22 days last month and up 4.5% from 22 days in June of last year.
The Sold/Original List Price Ratio is Rising
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 99% is the same as last month and the same as in June of last year.
The Average For Sale Price is Neutral*
The Average For Sale Price in June was $690,000, up 6.3% from $649,000 in June of 2017 and down 2.8% from $710,000 last month.
The Average Sold Price is Neutral*
The Average Sold Price in June was $519,000, up 7.2% from $484,000 in June of 2017 and down 3.9% from $540,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in June was $450,000, up 2% from $441,000 in June of 2017 and down 7.2% from $485k last month.
A comparatively lower Months of Inventory is more beneficial for sellers while a
higher months of inventory is better for buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The June 2018 Months of Inventory based on Closed Sales of 1.5 was increased by 24.3% compared to last year and up 24.2% compared to last month. June 2018 is Seller’s market.
Months of Inventory based on Pended Sales
The June 2018 Months of Inventory based on Pended Sales of 1.5 was decreased by 11.9% compared to last year and up 25.9% compared to last month. June 2018 is Seller’s market.
