BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA JULY 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR July 2010
This is a continuation of a three year study of Bank Owned home sales for Folsom, CA. This report covers REO homes sold in July 2010.
There were only 9 REO homes sold in July, the lowest number for some time and a continuation in the trend of reduced number of REO homes sold in Folsom. That trend paralleled the reduction in the number of REO homes available for sale.
The average days-on-market for the month was 54, back within the normal range after a statistical anomaly of 84 days the previous month–due to the sale of one home that had been on the market for 525 days. There were no homes that sold that had been on the market for over 100 days this month. In July only two of the bank owned homes sold in two weeks or less, an unusually small number.
The 9 homes sold represent only 20% of all homes sold in Folsom.
The overall home inventory in Folsom increased markedly to a 5.5 month supply, up from the 3.2 month supply reported for June and the highest reported level of inventory in Folsom for more than 14 months. A neutral market is considered a 6 month inventory. So, we are moving from a seller’s market to a neutral market. The inventory of bank owned homes has also increased. It is 4.7 months, more than double the 2.2 month inventory reported in June. Available inventory in Folsom has not reached the six month level in well over a year.
The cost per square foot of REO homes sold in July increased to $ 170, up from $ 165. It has been running in a narrow range of $ 176 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January was $ 174, unchanged from the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented only a 2% savings for REO buyers. This is the smallest margin since we started reporting these figures.
The overall sales price for REO homes was 94.2% of the final asking price, and 23% of the buyers paid more than the asking price for their bank owned home in July. There was only a $ 5 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 12,500 savings, something worth considering when selecting a home.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA -JUNE 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR June 2010
This is a continuation of a three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in June 2010.
There were 16 REO homes sold in June, one less than sold in May. The days-on-market increased significantly to 84, up from 45 the previous month. This increase is due to the fact that one home sold after being on the market for 525 days! (It was in very rough condition.) Two others had been on the market well over 100 days. In June only 19% of the bank owned homes sold in two weeks or less. This is an unusually small segment of the sold REO homes.
The 16 homes sold represent 22% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom increased to a 3.2 month supply, up from the 2.6 month supply reported for May. A neutral market is considered a 6 month inventory. So, we are still looking at a strong seller’s market. Available inventory in Folsom has not reached the six month level in well over a year. It may be a seller’s market in some areas, but that has NOT been so In Folsom.
The cost per square foot of REO homes in June increased by two dollars to$ 165. It has been running in a narrow range of $ 176 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January decreased to $ 174, down from $ 176 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers.
The overall sales price for REO homes was 96.2% of the final asking price. Only 13% of the buyers paid more than the asking price for their bank owned home in June, an unusually small percentage. The banks are still pricing these homes well and in June there was a $ 9 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 22,500 savings, something worth considering when selecting a home.
The data follows:
BANK OWNED (REO) SALES DATA FOR FOLOSOM, CA MAY 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR May 2010
This is a continuation of a three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in May 2010.
There were 17 REO homes sold in March, up from 13 in April. The days-on-market decreased to 45, down from 53 the previous month. Only one of these homes had been on the market for over 100 days. In May 30% of the bank owned homes sold in two weeks or less.
The 17 homes sold represent 20% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom dropped back down to a 2.7 month supply after s spike in a February and April to a 4.2 month supply. A neutral market is considered a 6 month inventory. So, we are still looking at a strong or stronger seller’s market. Available inventory in Folsom has not reached the six month level in well over a year. It may be a seller’s market in some areas, but that has NOT been so In Folsom.
The cost per square foot of REO homes in May dropped back down to $ 163 from the April $ 175 number. It has been running in a narrow range of $ 180 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January decreased to $ 181, up from $ 176 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 7% savings for REO buyers.
The overall sales price for REO homes was 97.5% of the final asking price. A full 30% of the buyers paid more than the asking price for their bank owned home. The banks are still pricing these homes well and in March there was a $ 13 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 32,500 savings, something worth considering when selecting a home.
The data follows:
REO (BANK OWNED) REAL ESTATE SALES DATA FOR FOLSOM, CA -APRIL 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR April 2010
This is a continuation nearly three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in April 2010.
There were 13 REO homes sold in March, one less than in February. The days-on-market decreased to 54, up from 53 the previous month. Only one of these homes had been on the market for over 100 days. In April only 16% of the bank owned homes sold in less than two weeks, this is an unusually small percentage.
The 13 homes sold represent 26% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom increased significantly in April to 4.3 months, up from 2.7 months in March. 
That is close to the 4 month inventory in April of 2009. A neutral market is considered a 6 month inventory. So, we are still looking at a seller’s market.
The cost per square foot of REO homes in April jumped back up to $ 175. It had been $ 162 in March. The April number is the highest since March of 2009. The cost per square foot of all homes sold in January increased to $ 181, up from $ 177 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 3% savings for REO buyers, a little less than normal.
The overall sales price for REO homes was 96.8% of the final asking price. A full 47% of the buyers paid more than the asking price for their bank owned home. The banks are still pricing these homes well and in March there was a $ 6 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 15,000 savings, something worth considering when selecting a home.
The data follows:
REO (BANK OWNED) HOME SALES DATA FOR FOLSOM, CA –MARCH 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR March 2010
This is a continuation two plus year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in March 2010.
There were 14 REO homes sold in February, up from the in February. The days-on-market increased to 54, up from 53 the previous month, the third monthly increase in a row. Three of the 14 were on the market for wall over 100 days, indicating that there were condition problems with those homes. In March, 36% of the bank owned homes sold in less than two weeks, this despite the low inventory. Bank owned homes in good condition and priced well sell very quickly.
The 14 homes sold represent 20% of all homes sold in Folsom, slightly lower than normal. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom continues to remain very low. We have only a 2.8 month inventory at present. There has only been one month with more than a four month inventory since March of 2009. There is only a 1.8 month inventory of REO homes available. A neutral market is considered a 6 month inventory. So, we are looking at a seller’s market.
The cost per square foot of REO homes in January dropped to $ 162, down from $ 175 the previous month. The cost 
per square foot of all homes sold in January decreased to $ 177, down from $ 180 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers, a little less than normal.
The overall sales price for REO homes was 101.5% of the final asking price. A full 58% of the buyers paid more than the asking price for their bank owned home. The banks are still pricing these homes well and in March there was a $ 15 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 37,500 savings, something worth considering when selecting a home.
The data follows:
