The town of Placerville
in California is perfectly located in the foothills of the Sierra Nevada
Mountains, between Lake Tahoe and the beach. The county seat of El Dorado
County, Placerville is listed as one of Niche’s 2019
Best Places to Live in El Dorado County. Residents love the sense of
community, the small town atmosphere, the friendly people, the thriving small
business scene, and the relatively lower cost of living in Placerville compared
to the rest of California. One more reason why a lot of homebuyers with
families, as well as those who have plans of starting their own family in the
near future, decide to move to this region is the excellent quality of
education that the school districts provide to the youth. Placerville is known
to have reputable public schools from Placerville Union Elementary and Mother
Lode Union Elementary, with students achieving a higher total score than the
statewide and national average for all grade levels tested.
If you are a homebuyer who is interested in investing in a
Placerville, CA property, here are a few relevant information about the real estate
scene in this lovely town.
Types of Homes in Placerville, California
The most common type of housing
in Placerville, CA are single family detached homes. In fact, 67.92% of the
town’s housing units are single family homes, while 14.75% are large apartment
complexes or high rise apartments, 10% are duplexes, homes converted to
apartments, or other small apartment buildings, and 4.45% are mobile homes or
trailers. Approximately 58% of Placerville’s residents are homeowners, while
the remaining 42% are renting.
Most residents in Placerville live in small single family
detached homes with one to two bedrooms. Most of these single family homes were
built from 1970 to 1999, giving off an old school feel to the neighborhood. There
are still a lot of older housing that were built between 1940 to 1969,
accounting for 31.73% of these homes. Approximately 11.52% of the houses were
built before 1939. More recently built houses that were constructed from the
year 2000 onwards comprise 14.69% of the town’s homes.
Median Home Value of Residential Properties in Placerville, CA
The homes in Placerville, CA and surrounding residential
areas are comparatively affordable, at a median home value of $428,000, while
the median home value in the rest of the state of California is $547,700. The
median price of homes listed is $475,000, while the median price of homes sold
is $411,200. The median list price per square foot in Placerville is $257. This
is higher than the Sacramento–Roseville–Arden-Arcade Metro average of $247. Home
values have gone up 6.7% over the past year and predicted to rise 2.7% within
the next year.
Market Conditions in Placerville, CA
The average days on the market (DOM) for Placerville homes during
the first three months of 2019 is 56, with a list to sale price ratio of 98.4%.
The term days on the market refers to the number of days from the date on which
the property is listed for sale on the local brokers’ multiple-listing services
(MLS) to the date when the seller has signed a contract for the sale of the
property. A high average DOM indicates a weak market which is in favor of
buyers, but this may also be influenced by seasonality. Days on the market are generally
higher during the winter. While the past months’ average DOM seem to be high,
it is also important to note that the average days on the
market for Placerville for 2018 was 29.
The list price to sale price ratio (LP:SP), sometimes referred to as sale price ratio, is the ratio of the final sale price of a home to its list, or asking, price. This is computed by dividing the sale price by the list price. If the ratio is greater than 100%, that means that the buyer paid more than the list price. Conversely, if the ratio is lower than 100%, this means that the property was sold for less than its list price. A 98.4% list price to sale price ratio indicates that homebuyers are able to negotiate with the sellers to lower their final sale price.
Home Appreciation Rates in Placerville, CA
Over the last twelve months, the home appreciation rate in
Placerville, CA has been 3.52%. This is lower compared to the home appreciation
rates in most communities in the nation. And over the latest quarter, reports
show that house appreciation rates in this town were at -0.09%, which equates
to an annual appreciation rate of -0.34%. Moreover, Placerville’s latest annual
appreciation rate is lower than 50% of the other cities and towns in
What does this mean for homebuyers? Declining home
appreciation rates are actually advantageous for homebuyers, affecting home affordability
in a positive way. The monthly payment required to purchase an average priced
home with a 20% down payment has gone down by 6% in the past six months. Now, only
$1,173 is required per month to purchase an average priced home. This is the
lowest amount in over a year. With regards to income, only 22% of the median
income is now required to purchase an average priced home.
Whether you’re a young couple looking to settle down in a
nice, peaceful community where you can raise your kids, a young professional
who would like to invest in a home property, or a retiree searching for the perfect
sanctuary, Placerville is definitely a wonderful place to live in. Our team can
help you find your dream home and show you all the best options available for you
that matches your lifestyle, preferences, and budget. Please feel free to give
us a call at 530-647-0865 if you have any questions or if you would like to schedule
an appointment. You may also send us your inquiry through email at Team@PlacervilleHomes.com and we
will get back to you the soonest possible time.