Summer is wrapping up, the fall real estate season has begun, and it’s probable you will see fewer homes coming to market compared to the last six months and compared to a year ago. This has been the trend all year, fewer homes (less inventory) on the market versus the same time a year ago. It will be interesting to see if that continues through the fall.
In August 2017 we saw a whopping 6.6% drop in inventory from August of 2016 and 7.4% from drop in inventory from July of 2017 as buyers rushed the market to beat the end of summer and the start of the school! It’s no surprise then that median pricing continued to increase, up 6.1% versus Q3 last year.
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One reason that you will see us compare the same month and quarter to prior years versus the market six months ago is that there is consistent seasonality in the market. When you read articles saying sales are down in a summer month versus a spring or winter month, you should take that with a grain of salt. Of course summer is slower than spring, and fall is slower yet. What’s more important to you is comparing the El Dorado Hills Real Estate market to the same time in previous years. If you read our reports each month, you’ll notice a consistent trend — fewer homes on the market and prices up about 3-5+% compared to 2016.
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Assuming no significant economic event affects the macro markets, you will most likely see our El Dorado Hills real estate market continue this same trend – fewer homes for buyers and prices increasing at a steady rate.
If you are a seller, it’s important that you recognize that buyers in the El Dorado Hills real estate market are well educated and sophisticated. They are not paying crazy prices nor are they getting overly emotional in their home buying decisions. Current El Dorado Hills home buyers are looking for THE home that ticks most if not all the boxes and they are willing to wait until they find it. They are also not interested in getting into the types of bidding wars we’ve seen in East Sacramento and certain Bay Area markets.
El Dorado Hills Real Estate Market Report – September 2017 Toplines
Home Prices
– For sale prices decreased by 4% versus last month and decreased by 2% vs. the same month in 2016. – Average sold prices decreased by 6% vs. last month and increased by 6% vs. the same month in 2016. – The average price per square foot sold dropped 1.3% versus July 2017 and increased by 6.8% vs. the same August 2016. All information courtesy of and copyright by BAREIS MLS and TrendGraphix.
Inventory
– Number of homes for sale decreased by 7.4% vs. last month and decreased 6.6% vs. the same month in 2016. New listings increased 10% versus August 2016. – Number of homes sold increased 17.4% vs. last month and increased 8.6% vs. the same month in 2016. – Months of inventory decreased 22.4% vs. last month and decreased 16.3% vs. the same month last year. – The average days on market decreased by 30.4% vs. last month and decreased 4.3% from the same month last year. All information courtesy of and copyright by BAREIS MLS and TrendGraphix.
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(Remember, El Dorado Hills is a market of markets. If you are looking for information on specific price points, market segments, or neighborhoods, let us know! We’d be happy to help you dig deeper into the data to answer your questions!)
What This Update Means For You!
SELLERS: If you’re thinking of selling your home, don’t listen to your Uncle Fred at dinner who says it is a seller’s market and buyers will pay anything. Buyers are well educated and the majority in El Dorado Hills are working with very experienced and savvy agents who know correct values. Keep an eye on some of the trends we are seeing — that while inventories remain tight, sellers are having a hard time pushing pricing much higher than last year. Bottom line: price your home for this market, not for the market in early 2016 or 2015. BUYERS: For home buyers, the good news is that more balance is coming to the El Dorado Hills real estate market even though inventory is tight. Look for homes that are well-priced and be prepared to move quickly. Chances are you are looking for the same things many other buyers want (see my list below.) Set up property alerts on my website so you can immediately see new homes on the market, and make sure you are pre-qualified with your lender so you present the strongest possible offer. (You may wish to read my guide to Buying a Home in El Dorado Hills for more tips and advice.) Another buyer tip: Ask your agent to run aged inventory reports in and above your price range. Sometimes there are some real gems that have been sitting on the market overlooked because of pricing or other factors.
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