REAL ESTATE-EL DORADO HILLS, CA BANK OWNED (REO) SALES DATA -FEBRUARY 2010

El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR February 2010

This is a continuation of my two-plus year monthly report on Bank Owned home sales data for El Dorado Hills, CA.  This report covers Bank Owned homes sold in February 2010.

There were 12 Bank Owned homes sold in January, up from 9 the previous month.  This continues to reflect the normal seasonal drop in activity and a reduction in the number of REO homes on the market.

The average days-on-market increased to 26, one more than the previous month.  41.7% of the REO homes sold were on the market less than two weeks.  The well priced homes are selling quickly as usual.  Those that were not well priced took longer to sell—Real estate 101. 

The 9 REO homes that sold represent only 31.6% of all homes sold in El Dorado Hills, up from 20.5% last month.  REO inventory continues to decline. 

The cost per square foot of REO homes in January was $ 136, a large drop from the $ 151 the previous month.  The cost per square foot of all homes sold in January decreased to $ 157, down from $ 161 in January. 

The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 13.3% savings for REO buyers.  

The overall sales price for REO homes was 100.0% of the final asking price, and 99.0% of the original asking price.  Bank owned homes continue to sell for the asking price.  There are good values available but the banks are not giving them away.

The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold:  in February, $ 21 per square foot.   That is a $ 52,500 savings on a 2500 square foot home, a considerable sum.  

The data follows:

Select this link for archived posts that provide this data for more than two years.