One thing we know about all markets is that they are continually changing. The El Dorado Hills real estate market is no exception.
The difference between March and November is glaring. There can be no question that we’ve entered a new El Dorado Hills real estate market.
The chart below shows sales data from last March when the market was as hot as could be. Year-over-year sales were up 43% for the month and pending sales were up 25%. Homes were selling as quickly as they came on the market. Lower priced homes were often seeing multiple offers, sometimes over asking price.
November 2018 sales data show we’ve entered a new El Dorado Hills real estate market. The November numbers below couldn’t be any more different than last March’s numbers.
For the El Dorado Hills market as a whole, November sales were down 37% and pending sales down 22% in comparison with November 2017.
The lower price point, which had been the hottest segment last Spring, is now the coolest. Sales of El Dorado Hills homes under $700,000 were off 45% in November compared to a year earlier. Pending sales in this segment were off even further, 61% down.
Its certainly not all doom and gloom, though. As we climb in price we see increasing strength in the market. Home sales from $700,000-$ 1 million were off just slightly. Pending sales were up 41% showing there are legs left in this price point.
Home sales at $1 million+ are always relatively small in volume and November was no exception, dropping from 9 in 2017 to 7 in 2018. Pending sales at the high end are very strong, up double from 2017. Homes prepared and priced well in this range are still attracting attention!
For those of you considering buying or selling in 2019, now is the time to start planning. We’d be honored to consult with you regarding your plans! Drop us a line and let’s chat!
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