And for the local weather update. Tomorrow’s forecast: Rain. But as we get into May, the weather should be getting warmer. This time of year, it’s always like this. You can see the tourists at the Space Needle, on the Ferris wheel, waiting in line at the original Starbucks on the way to Pike Place Market. Wait, what? This isn’t Seattle. Could’ve fooled me. As a lifelong resident of Northern California, 27 years in El Dorado Hills, I think this weather is quite unusual. Apparently, I’m not alone as others have commented to me that our weather is so much more like Seattle; for me, a nice place to visit.
It’s already May! And I’m not yet wearing my favorite casual attire of t-shirts and flip flops. I still have the rain jacket handy. I’d put away my sweaters only to get them back out again. Can’t wait to turn the thermostat from Heater to Air Conditioner. Yes, I like the sun, long days and warm (not ridiculously hot) weather.
While the calendar says it’s almost Mother’s Day, Mother Nature says Seattle.
May is a fun month. So much happens in May. Memorial Day weekend unofficially kicks off the summer season. The school year ends which officially starts the summer season. Especially if you’re a kid! And of course it’s Mother’s Day. Mother’s Day just may be the biggest Sunday holiday of the year in residential real estate outside of Christmas and Thanksgiving. And rightfully so. Lots of moms work in residential real estate. And for many, residential real estate is a seven-days-per-week, all-hours-of-the-day career. Realtor moms are expert at constantly juggling between work, family and client needs. Driving kids to soccer or swim practice? Dropping off keys to a new homeowner? Showing homes to a prospective buyer? Arranging dinner plans? Getting a purchase agreement signed? It’s exhausting. These moms are super-heroes.
So my unofficial observation over the years is that Mother’s Day Sunday is a quiet day in residential real estate. On that day, open house numbers tend to be way down and brunch reservations are way up!
It’s a great day to celebrate Mom. It’s fun to treat her to a wonderful day so she can just enjoy what makes her happy. Family get-togethers, breakfast in bed, an outdoor adventure, spa treatment or a shopping spree! And Folsom and El Dorado Hills are just the place to do any and all of those activities. But don’t expect to be able to hop on the Great Wheel, no matter how much it rains.
The local residential real estate market continues to evolve as we’re in the middle of the 2nd quarter of 2023 and headed into the summer season. As always, this column takes a deep dive into the real estate activity for the Folsom and El Dorado Hills area. At the time of this writing, sure it’s 60 degrees and overcast outside, but more importantly, the number of homes for sale on the market is still very low. In Folsom, there are only 69 homes for sale; El Dorado Hills (EDH) has just 95 homes available. For the 3rd year in a row, the inventory at this time of year is similarly low in both markets.
To put in in perspective, in May 2020, there were 228 homes for sale in Folsom and 288 properties for sale in EDH. How has that affected sales? The number of homes sold Year-To-Date through April in Folsom is 179, down from 308 in same period of 2022. EDH is similar with 151 homes sold compared to 244 through same period of 2022. And overall, 2022 saw less homes sold than in 2021. Prices of homes sold Year-To-Date through April are surprisingly down in 2023. In Folsom, the average sales price is just over $727,000 but down about 13% from 2022’s average of over $835,000. EDH fairs much better with an average sold price of just over $1,076,000 compared to average sold price through April 2022 of almost $1,102,000.
I love where I live. I’m excited about 2023. I’m excited to continue to help more families in 2023 with their real estate needs. With proper planning and a good Realtor (Luckily, I know a really good one….), you can smoothly get to your next stage in life. For more tips on how to successfully navigate the real estate purchase or sale, or suggestions on Folsom topics, please contact me at Coldwell Banker, 916.812.4341, pquan@cbnorcal.com, www.PatQuan.com. CA DRE #01918240