BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – July 2011
This is the latest monthly report of a nearly four-year study of bank owned (REO) home sales in Folsom, CA. This report covers July 2011.
There were 23 REO homes sold in Folsom in July, The same number that sold the previous month.
The average days on market dropped from 49 in June to 41 in July. Two of the homes had been on the market for over one hundred days; however, 26% of these homes that sold were on the market for two weeks or less. Well-priced homes in good condition are still selling quickly.
The 23 REO homes that sold represent only 24% of all homes sold this month, on the lower end of the normal range. REO inventory is very low.
The available inventory of REO homes in Folsom dropped to a 1-month supply, the lowest inventory level in the past fourteen months. The available inventory for ALL homes available increased slightly from a 1.8-month supply the previous month to a 2-month supply in July, the two months with the lowest inventory level in the past 14 months. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market in Folsom.
The average cost-per-square-foot for REO homes was $ 156 in July, up markedly from $ 142 the previous month. The average cost-per-square-foot for all homes sold in Folsom in July increased to $ 162, up from $ 154 the previous month.
The overall sales price for REO homes was 103.36 % of the final asking price. In addition, a full 61% of the buyers paid the asking price, or more, for their REO homes in July.
REO buyers paid 96% (of seven dollars per square foot) of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in July. When applied to a 2500 square foot home, that represents a savings of $ 17,500: a considerable savings.
If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
- BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – APRIL 2011
- BANKED OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – MAY 2011
- BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – June 2011
- BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – MARCH 2011
- BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – APRIL 2011
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