El Dorado County Market Update – July 2018
July 2018 was a Seller’s market in El Dorado County!
The number of for sale listings was down 3.3% from one year earlier and up 5.3% from the previous month. The number of sold listings increased 12.9% year over year and increased 6.3% month over month. The number of under contract listings was down 6.8% compared to previous month and down 0.3% compared to previous year. The Months of Inventory based on Closed Sales is 2.7, down 12.7% from the previous year.
The Average Sold Price per Square Footage was up 0.4% compared to previous month and up 7% compared to last year. The Median Sold Price decreased by 1.9% from last month. The Average Sold Price also decreased by 0.2% 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 downward trend, a decrease of 15.8% compared to previous year. The ratio of Sold Price vs. Original List Price is 97%, an
increase of 1% compared to previous year.
All of these figures are pulled directly from MLS.
It’s a Seller’s Market
Property Sales (Sold)
July property sales were 289, up 12.9% from 256 in July of 2017 and 6.3% higher than the 272 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 27 units of 3.3%. 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 5.3% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 6.8% in the pended properties in July, with 288 properties versus 309 last month. This month’s pended property sales were 0.3% lower than at this time last year.
The Average Sold Price per Square Footage is Neutral
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 July 2018 Average Sold Price per Square Footage of $243 was up 0.4% from $242 last month and up 7% from $227 in July of last year.
The Days on Market Shows Downward 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 July 2018 was 32, down 13.5% from 37 days last month and down 15.8% from 38 days in July of last
year.
The Sold/Original List Price Ratio Remains Steady
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 97% is the same as last month and up from 1% % in July of last year.
The Average For Sale Price is Depreciating
The Average For Sale Price in July was $679,000, up 3.8% from $654,000 in July of 2017 and down 3.7% from $705,000 last month.
The Average Sold Price is Neutral
The Average Sold Price in July was $570,000, up 8.2% from $527,000 in July of 2017 and down 0.2% from $571,000 last month.
The Median Sold Price is Neutral
The Median Sold Price in July was $515,000, up 5.1% from $490,000 in July of2017 and down 1.9% from $525,000 last month.
It is a Seller’s Market
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 July 2018 Months of Inventory based on Closed Sales of 2.7 was decreased by 12.7% compared to last year and the same compared to last month. July 2018 is Seller’s market.
Months of Inventory based on Pended Sales
The July 2018 Months of Inventory based on Pended Sales of 2.7 was decreased by 3.6% compared to last year and up 12.5% compared to last month. July 2018 is Seller’s market.
