A little over 25 percent of all county home sales last month were in El Dorado Hills where the average selling price of $489,000 was 4 percent less than the average selling price at this time last year. The area has 200 homes currently for sale with a median listed price of $561,000.
Cameron Park was the second most active area for sales with 26 homes closing escrow. The average selling price was $257,500; a decline of $47,600 from September of 2009.
The Greater Placerville area reported 14 sales with an average selling price of $226,500. Sales were off a third and the average selling price declined $47,500 from a year ago same month.
Last month the more rural areas in the county experienced increasing prices and sales. What’s up with that?
Diamond Springs/El Dorado for example, reported the same number of sales this September as last but their average selling price of $260,000 was a $60,000 jump from last year. Somerset/South County reported 25 percent more sales and a $50,000 price increase. Pleasant Valley/Placerville South reported their averages selling price of $258,600 which was a $42,000 bump in price from last year. The $247,000 average selling price for a home last month in Mosquito/Swansboro was a $65,500 increase and prices in Cool/Pilot Hill were up $24,500 for the month.
On the inventory side we have too many short sales and REO listings competing with individual sellers for the attention of too few buyers. The MLS is currently showing 244 active short sale listings without offers and another 196 listings with offers but waiting for an approval from the mortgage holder. Then there are 173 active REO listings. That adds up to half of our current listings that are financially distressed properties.
Information provided by: Ken Calhoon, Pacerville, California