EL DORADO HILLS, CA HOME SALES DATA – JULY 2012
EL DORADO HILLS, CA HOME SALES DATA – JULY 2012
The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. This report covers July 2012, and the fourteen previous months.
The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month. There is only a slight fluctuation from month to month but the last two months have shown large increases. When we look at year-over-year prices, May 2012 is slightly lower than the same month in 2011, June 2012 is up sharply over the same month in 2011 and July of 2012 is much higher than July 2011. Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait. We understand that the bottom of the market occurred in March of 2012.
The second chart shows the level of inventory, (the number of homes for sale divided by the number of homes sold each month). The July inventory level remained at a 1.7-month supply. However, the level of inventory in the past 15-months is much lower that than historical numbers. Pundits tell us that a six-month inventory is a neutral market.
We can see that the El Dorado Hills market is, and has been for some time, a seller’s market. We have been bumping along in the two to four month range for the past year and are now trending to a level under a 2-month supply.
The media is finally starting to realize that the market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
The third chart shows the average days on market and the selling price as a percentage of asking price. As you can see, homes are selling faster and for a price very close to asking price. This is good news for home sellers.
If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JULY 2012
BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JULY 2012
This is the latest monthly report of our five-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers July 2012. For the purposes of simplification, we will use the term foreclosure from this point forward.
There were six foreclosure homes sold in El Dorado Hills in July, down from ten the previous month. One foreclosure home that sold in July will skew the statistics. That home sold for $1,140,000, $ 100,000 above the asking price. While it is common for foreclosure homes to sell above the asking price, occasionally buyers will pay much more. That has happened in El Dorado Hills two months in a row. The MLS data indicates that there were no seller concessions in either instance. We can only assume that there were several buyers bidding up the sales price, a situation that is good for the seller and bad for buyers.
The average days on market increased slightly from a 33 the previous month to 36 in July. Only one of the foreclosure homes sold in two weeks or less in July. That is a smaller segment than usual.
The ten foreclosure homes that sold represent only 8.6% of ALL homes that sold in El Dorado Hills this month, also a smaller segment than normal.
The available inventory of foreclosure homes in El Dorado Hills crept up to a 0.8-month supply in July; it was at a 0.5.-month supply in June. This inventory level has only been above a two-month supply one month in the past fifteen.
The inventory for ALL homes available in El Dorado Hills remained at a 1.7-month supply in July. Pundits tell us that a 6-month supply is a neutral market, so we continue to have a strong seller’s market for ALL homes in El Dorado Hills, both foreclosure and non-foreclosure.
The average cost-per-square-foot for foreclosure homes spiked at $ 160 in July, up from $ 143 the previous month and the highest in fifteen months, much higher than any month on the chart. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in July dropped to $ 159, down from $167 in June, which was the highest in the past fifteen months by twelve dollars.
The overall sales price for foreclosure homes was 102.5% of the final asking price and 101% of the original asking price. The one home mentioned above had an impact on this statistic. Sixty-seven percent of the buyers paid the full asking price or more in July for their foreclosure home, a larger segment than normal.
When based on the cost-per-square-foot for ALL homes sold, foreclosure homebuyers say no savings in July. This rarely happens. It is the second month in the past five years that it did.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills foreclosure, or a foreclosure Home anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JULY 2012
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JULY 2012
This is the latest monthly report of our five-year study of bank owned (Foreclosure) home sales in Folsom, CA. This report covers July of 2012.
There were seven Bank Owned (Foreclosure) homes sold in Folsom this month, two more than sold the previous two month.
The average days-on-market dropped from 28 the previous month to 18 in July.
None of the homes was on the market for longer than 35 days, and 42.9% of the homes sold were on the market for two weeks or less.
The seven Bank Owned (Foreclosure) homes that sold represent only 10.6% of all homes sold in Folsom this month. That is a smaller segment than normal. The very low bank owned home inventory continues to influence this statistic.
The available inventory of bank owned (Foreclosure) homes in Folsom increased from a 0.8-month supply last month to a 1.2-month supply this month. That inventory level has not exceeded a two-month supply for over a year.
The inventory for ALL homes available increased slightly from a 1.0-month supply last month to a 1.3-month supply in July. 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 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 $ 158 in July, the same as it was in June. It was $173 in May, which was well above what it has been in years. The average cost-per-square-foot for ALL homes sold in Folsom in July was $ 165, up from $164 in June and the highest it has been in the past fifteen-months.
The overall sales price for REO homes was 101.2% of the final asking price and 101.2% of the original asking price. (Homes were not on the market long enough for price reductions.) In addition, 71.5% of the buyers paid the asking price, or more, for their Folsom bank owned (Foreclosure) home in July.
When based on the cost-per-square-foot for ALL homes sold, buyers of bank owned (foreclosure) homes paid 4.2% less in March. That is a $ 7 per-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 17,500, it little less than normal but, still a substantial sum
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.
The data follows:
EL DORADO HILLS, CA HOME SALES DATA – JUNE 2012
EL DORADO HILLS, CA HOME SALES DATA – JUNE 2012
The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. This report covers June 2012, and the fourteen previous months.
The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month. There is only a slight fluctuation from month to month. When we look at year-over-year prices, April 2012 is slightly lower than the same month in 2011, May 2012 is only one dollar lower and June of 2012 is TEN dollars higher. In fact, it is more then ten dollars higher than any month on the chart. Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait. We understand that the bottom of the market occurred in March of 2012.
The second chart shows the level of inventory, (the number of homes for sale divided by the number of homes sold each month). The June inventory level increased slightly to a 1.7-month supply, up from a 1.6-month supply in May. Pundits tell us that a six-month inventory is a neutral market.
We can see that the El Dorado Hills market is, and has been for some time, a seller’s market. We have been bumping along in the two to four month range for the past year and are trending lower.
The media is finally starting to realize that the market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
.
If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
FOLSOM, CA HOME SALES DATA – JUNE 2012
FOLSOM, CA HOME SALES DATA – JUNE 2012
The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The data presented covers June 2012, and the preceding fourteen months.
The first chart lists the cost-per-square-foot for all homes sold in Folsom by month.
Although there is a very slight fluctuation from month to month, the viewer can see that there is little change in over the period covered. The June number is the highest it has been in fifteen months. The pundits advise that we hit the bottom of the market in Folsom in March of 2012. The lowest cost –per-square-foot in Folsom was in February.
Those potential buyers who decided to remain on the fence, “until prices hit bottom” missed the boat, but only by a few months. The housing shortage is going to result in price increases. The new challenge will be to find any home that they can buy.
.
.
The second chart shows the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). The inventory level dropped to a 0.7-month supply in May, the lowest in the past fifteen months and edged up slightly to a 1.1-month supply in June. Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market has been a seller’s market during the entire period this report covers. There has been a shortage if inventory for many months and the trend is for an even smaller number of homes to be available.
The media is finally starting to realize that the housing market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were correct. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners may put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
.
.
If you would like to see this data for other cities and towns in our area feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.