BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – AUGUST 2012

BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – AUGUST 2012

This is the latest monthly report of our five-year study of bank owned (Foreclosure) home sales in Folsom, CA.  This report covers August of 2012.

There were four Bank Owned (Foreclosure) homes sold in Folsom this month, three less than in the previous month and the fewest since we started our monthly reporting.

The average days on market increased significantly from 18 the previous month to 58 in August. With such a small sample, the Z score indicates that this data is suspect.

Only one, or 25%, of the homes that sold were on the market for two weeks or less. 

The four Bank Owned (Foreclosure) homes that sold represent only 4.8% of all homes sold in Folsom this month.  That is also the smallest segment we have reported since we started the study.  The very low bank owned home inventory continues to influence this statistic.

The available inventory of bank owned (Foreclosure) homes in Folsom dropped from a 1.0-month supply last month to a 0.7-month supply this month.  That inventory level has not exceeded a two-month supply in the past fifteen months.  

The inventory for ALL homes available decreased slightly from a 1.2-month supply last month to a 0.9-month supply in August. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.  

The Folsom market reflects what is happening in the rest of California and throughout much of the country.  Inventory levels are very low.  This factor is starting to have an impact on housing prices.

The average cost-per-square-foot for bank owned (Foreclosure) homes was $163 in August, the same as it was in July.  The average cost-per-square-foot for ALL homes sold in Folsom in August was $164, down one dollar from the previous month and tied for the second highest number in past fifteen-months.  

The overall sales price for REO homes was 99.1% of the final asking price and 92% of the original asking price.  In addition, 75% of the buyers paid the asking price, or more, for their Folsom bank owned (Foreclosure) home in August. 

When based on the cost-per-square-foot for ALL homes sold, buyers of bank owned (foreclosure) homes paid 0.6% less in August.  That is a one-dollar per-square-foot savings.  When applied to a 2500 square foot home, that represents a savings of $ 2,500, much less than normal.

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.  To find the foreclosure homes available in your part of the greater Sacramento area got to www.BuyYourVilla.com

The data follows: