Seller's Market or Buyer's Market Varies by Price Range
Inventory of single family homes in El Dorado Hills has jumped 145% since January 2013 but looking at the overall picture we are still in a Seller's market with 3.9 months of inventory. If only things were that simple. As you will see by the following charts, whether it's a seller's market where sellers have the advantage or a buyer's market where buyers tend to have the advantage, varies depending on the price range. A couple things to remember: below 6 months of inventory is considered a seller's market, above 6 months of inventory is considered a buyer's market. The months of inventory mean that if no other homes came on the market, it would take that long to deplete the current number for sale. It is calculated by dividing the sales into the listings.
All Price Ranges
Homes Up to $650K
Homes in the price range up to $650K accounted for roughly 58% of the total homes for sale last month and 80% of the total sales for the month. That equated to 2.9 months of inventory - clearly a seller's market.
Homes $650K up to $900K
Homes in the price range from $650K up to $900K accounted for 20% of the total homes for sale and 16% of the total sales for the month. That equated to 5 months of inventory - still a seller's market but very close to a neutral market.
Homes $900K and over
Homes at $900K and over accounted for 22% of the total homes for sale but only 4% of the total homes sold. This equates to 22 months of inventory - clearly a buyer's market.
So what does all this mean for you. If you are selling you must take this into consideration when setting your listing price as this is your competition. If you have a home to sell in El Dorado Hills in the lower price ranges there is more demand (more buyers) and the chances of getting your list price are much higher. If you are buying a home in the lower price ranges again there is more demand so you may run up against multiple offers and may even have to offer over the list price. Either way, make sure your agent is showing you where you stand based on your price range.
I am a REALTOR® in El Dorado Hills with Lyon Real Estate. I love living in El Dorado Hills, where homes with views have become my passion. Working with both buyers and sellers, my concentration on homes for sale includes not only El Dorado Hills, but also Folsom and the Cameron Park vicinity. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.com or email me at firstname.lastname@example.org. When you're ready to sell or buy a home – I would love to help! To read what my clients have to say about me and my service, visit my Client Testimonial page.
By DeeDee Riley 2013 *All Rights Reserved*Seller's Market or Buyer's Market Varies by Price Range
DeeDee Riley - El Dorado Hills Realtor - Lyon Real Estate - CABRE#01499004
When you're ready to sell or buy a home; I would love to help! To read what my clients have to say about me and my service, visit my Client Testimonial page.