BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – MARCH 2012

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – MARCH 2012

This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA.  This report covers March 2012.

There were 14 bank owned (foreclosure/REO) homes sold in El Dorado Hills in March, up from eight the previous month. 

The average days on market increased from 42 in February to 47 in March.  Three of the homes had been on the market for over 100 days. In addition, 43% of the homes that sold had been on the market for two weeks or less, confirming that well priced homes in good condition sell quickly.

The 14 bank owned (Foreclosure/REO) homes that sold represent only 20% of ALL homes sold in El Dorado Hills this month.  The lower inventory level of bank owned homes is the reason.  

The available inventory of bank owned homes in El Dorado Hills dropped to a 1.1-month supply in March, down from a 1.6-month supply in February.  There have been two spikes in bank owned home inventory in the past fifteen months.  The inventory level exceeded a two-month supply in February of 2011 and January of 2012. The inventory for ALL homes available dropped to a 2.2-month supply in March, down from a 3.2-month supply the previous month.  Pundits advise us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned. 

The average cost-per-square-foot for Bank Owned homes jumped to $ 139 in March, up from $ 124 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in March was $ 153, up three dollars from February.   

The overall sales price for bank owned homes was 100.4% of the final asking price and 96.1% of the original asking price.  Sixty-Five Percent of the buyers paid the full asking price or more in March for their bank owned home, a slightly larger segment than normal. 

When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 9% less in March.  That is a $ 14 pre-square-foot savings.  When applied to a 2500 square foot home, that represents a savings of $ 35,000, a substantial sum. 

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

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