Believe it not, it’s still a sellers’ market out there!
There are slightly fewer homes for sale in El Dorado Hills than there were last month (149 today vs 152 this time last month). That’s up considerably from last year’s 83 homes for sale and the 41 homes that were for sale in March.
Closed sales and homes in contract are both trending upwards this month from last month (37 sales v 32 this time last month; 37 new contracts vs 31 this time last month).
Buyers are being patient, waiting for just the right house at just the right price. 49% of the homes for sale in EDH have had price reductions. Price reductions also mean more days on the market which we’re seeing at the average has creeped up to 50 days.
Many sellers are still caught up in the price growth frenzy we had the past two years and are overshooting what buyers are willing to pay.
The average price per square foot has stayed pretty level for the last 4 months around $381 which says to me that you aren’t losing any value in your home. What’s pretty amazing is that even with the trends all slowing, mathematically we are still in a strong sellers market. Price Preparation, and Marketing are difference makers when competition increases and if your are missing in any of those three categories, expect buyers to be hesitant.
Your mileage may vary. If you’re wondering about your specific circumstance, we’d be happy to run the numbers for you!