El Dorado Hills April Market Update
Influencing the Real Estate Market
The FED lowered the discount rate last week by a quarter point; this does not have a direct impact on mortgage rates but does impact short term loans such as credit cards. Based on comments from the stock market experts, the dark days for the financial companies seem to be behind us and should be getting brighter.
Homes Sales
A total of 40 single family homes sold in El Dorado Hills during the month of April. Up from the 29 sales last month (38 increase in sales) and the 39 sales in April of 2007 (almost 3% more sales). The average sales price for this group of homes is down about 73% from April of last year. April of last year was an exceptional month in that for average sales price in month of April 2007 was up more than $100,000 from the entire year.
Distressed Property Sales
40% of the April home sales in El Dorado Hills were distressed properties (bank owned and short sales) with motivated sellers. In April of last year 5% of the single family homes sold were distressed properties. The average price per square foot for distressed property sales in El Dorado Hills was $176 per square foot. In March of 2008 the average price per square foot was $163. The average size of the homes selling in April decreased slightly (3049 square feet in March to 2425 in April).
Peek at the future
There are 56 short sales and 35 bank owned properties actively being marketed in El Dorado Hills today, compared to 62 short sales last month so the El Dorado Hills market seems to be under pressure for lower prices.
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Homes Sold
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Average of Square Footage
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Average of Price Per Sq Ft
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Average of Selling Price
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Sales Month
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Distressed
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Other
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Distressed
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Other
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Distressed
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Other
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Distressed
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Other
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2007
|
71
|
479
|
2,834
|
3,002
|
198
|
234
|
559,129
|
704,625
|
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Jan
|
2
|
35
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2,891
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2,767
|
259
|
229
|
687,500
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611,050
|
|
Feb
|
1
|
49
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3,185
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3,006
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188
|
232
|
600,000
|
695,426
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Mar
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5
|
56
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2,539
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2,930
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205
|
242
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517,780
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706,794
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Apr
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2
|
37
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3,691
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2,978
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228
|
248
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823,500
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765,550
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May
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5
|
44
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3,013
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2,742
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203
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245
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617,300
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673,839
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Jun
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8
|
59
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2,469
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3,162
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198
|
224
|
485,625
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708,092
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Jul
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6
|
52
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2,528
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2,979
|
210
|
238
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527,150
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716,505
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Aug
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5
|
46
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3,025
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3,281
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204
|
232
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646,780
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781,411
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Sep
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8
|
23
|
2,940
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2,983
|
190
|
233
|
550,613
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671,049
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Oct
|
4
|
32
|
3,423
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2,958
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177
|
229
|
597,225
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683,210
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Nov
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5
|
28
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2,737
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3,130
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205
|
219
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542,980
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687,871
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Dec
|
20
|
18
|
2,809
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3,087
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187
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234
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530,511
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720,000
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2008
|
50
|
76
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2,745
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2,924
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176
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219
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478,388
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642,874
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Jan
|
11
|
18
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2,697
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3,122
|
177
|
219
|
473,173
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689,025
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Feb
|
11
|
17
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2,926
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2,720
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188
|
227
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557,045
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636,406
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Mar
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12
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17
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3,049
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2,740
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163
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219
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492,367
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576,832
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Apr
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16
|
24
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2,425
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3,050
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176
|
214
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417,413
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659,621
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Grand Total
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121
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555
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2,797
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2,991
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189
|
232
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525,765
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696,169
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Source: MLS Single Family home sales in:
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El Dorado Hills
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