BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – June 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – June 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 June 2011.
There were 23 REO homes sold in Folsom in June, a 26% increase over the previous month.
The average days on market dropped from 53 for two months in a row to 49 in June. Two of the homes had been on the market for over 100 days and one had been on the market for 244 days, skewing this statistic slightly. However, 22% of the 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 25% 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 1.3-month supply, the lowest inventory level in the past fourteen months. The available inventory for ALL homes available declined from a 2.6-month supply the previous month to a 2-month supply in June, also 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 $ 142 in June, the same as in the previous month. The average cost-per-square-foot for all homes sold in Folsom in June dropped to $ 153, down from $ 156 the previous month.
The overall sales price for REO homes was 103.71 % of the final asking price. In addition, a full 31% of the buyers paid the asking price, or more, for their REO homes in June.
REO buyers paid 93% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in June. When applied to a 2500 square foot home, that represents a savings of $ 22,500: a considerable savings.
Note that the first home on the attached spreadsheet was a one bedroom, one bath home built in 1911 with a total of 653 square feet. The asking price was $ 31,500 and a buyer decided that the true value was $ 82,000! One would guess that an investor has major renovation plans in mind.
If you have any questions about purchasing a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The data Follows:
BANKED OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – MAY 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – May 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 May 2011.
There were 17 REO homes sold in Folsom in May, four more than sold the previous month.
The average days on market remained at 53 for the second month in a row. One of the homes had been on the market for over 100 days and one had been on the market for over 300 days, skewing this statistic slightly. However, 30% of the homes that sold were on the market for two weeks or less. Well-priced homes in good condition are still selling quickly.
The 17 REO homes that sold represent only 23% 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 crept up to a 1.8-month supply, up from the 1.5-month supply the previous month. The available inventory for ALL homes available declined from a 3-month supply the previous month to a 2.6-month supply in May. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market in Folsom.
The average cost-per-square-foot for REO homes was $ 142 in May, down markedly from $ 175 the previous month. This is the lowest sold cost-per-square-foot in the past fourteen months. The average cost-per-square-foot for all homes sold in Folsom in May dropped to $ 159, down from $ 178 the previous month.
The overall sales price for REO homes was 99.27 % of the final asking price. In addition, a full 47% of the buyers paid the asking price, or more, for their REO homes in May.
REO buyers paid 90% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in May. When applied to a 2500 square foot home, that represents a savings of $ 42,500: a considerable savings.
If you have any questions about purchasing a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – APRIL 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – APRIL 2011
This is the latest monthly report of a three-year study of bank owned home sales in Folsom, CA. This report covers April 2011.
There were 13 REO homes sold in Folsom in April, down from 18 the previous month.
The average days on market increased from 50 in March to 53 in April. Only one of the homes had been on the market for over 100 days, and only 16% of the homes that sold were on the market for two weeks or less, a smaller portion than usual.
The 13 REO homes that sold represent 24% of all homes sold this month.
The available inventory of REO homes in Folsom dropped from a 1.9-month supply the previous month to a 1.5-month supply in April. This is the smallest level of inventory in over fourteen months. The available inventory for all homes sold increased slightly from a 2.9-month supply the previous month to a 3.1-month supply in April. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market.
The average cost-per-square-foot for REO homes was $ 175 in April, up sharply from $ 161 the previous month. The average cost-per-square-foot for all homes sold in Folsom in April increased to $ 178, up from $ 164 the previous month.
The overall sales price for REO homes was 96.7 % of the final asking price, down from 99.1 in March. In addition, 39% of the buyers paid the final asking price or more for their REO homes in April.
REO buyers paid 99% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for all homes sold in April. When applied to a 2500 square foot home, that represents a savings of only $ 7500. This is identical to the previous months figure. When you consider that REO buyers must relinquish some of the rights the have when buying a home in a normal sale, one might question the prudence of a plan to purchase an REO. The savings is usually far greater in an REO purchase.
If you have any questions about purchasing 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 – MARCH 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – MARCH 2011
This is the latest monthly report of a three plus year study of bank owned home sales in Folsom, CA. This report covers March 2011.
There were 18 REO homes sold in Folsom in March, two more than sold the previous month.
The average days on market decreased from 57 in February to 50 in March. Only two of the homes had been on the market for over 100 days. And only 17% of the homes that sold were on the market for two weeks or less. This is a smaller segment of the total number of homes sold than usual.
The REO homes that sold represent 23% of all homes sold this month. This number is also smaller than usual. Short sales are having an impact.
The available inventory of REO homes in Folsom dropped again from a 2.4 month supply the previous month to a 2.1-month supply in March. The available inventory for ALL homes dropped sharply from a 4.6-month supply the previous month to a 3.1-month supply in March. Pundits advise that a 6-month supply is a neutral market, so we are looking at a strong seller’s market.
The average cost-per-square-foot for REO homes increased to $ 161 in March, up markedly from $ 152 the previous month. The average cost-per-square-foot for all homes sold in Folsom in March jumped to $ 164, up from $ 155 the previous month.
The overall sales price for REO homes was 93.2% of the original asking price and 99.1 % of the final asking price, indicating that REO homes were not a bargain in March. In addition a full 50% of the buyers paid the asking price, or more, for their REO homes in March.
REO buyers paid 99% of the cost-per-square-foot for their REO HOME when compared with the cost-per-square-foot for all homes sold in March. This savings is smaller than normal. When applied to a 2500 square foot home that represents a savings of only $ 7500. When you consider that REO buyers must relinquish some of the rights the have when buying a home in a normal sale, one might question the prudence of a plan to purchase an REO. The savings is usually far greater in an REO purchase.
If you have any questions about purchasing 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 – FEBRUARY 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2011
This is the latest monthly report of a three plus year study of bank owned home sales in Folsom, CA. This report covers February 2011.
There were 16 REO homes sold in Folsom in February, two more than sold the previous month.
The average days on market increased from 46 in January to 57 in February. Three of the homes had been on the market for over 100 days. However, 25% of the homes that sold were on the market for two weeks of less. Well-priced homes in good condition are still selling quickly.
The 16 REO homes that sold represent 32.7% of all homes sold this month.
The available inventory of REO homes in Folsom declined from a 2.8 Month supply the previous month to a 2.4-month supply in February. The available inventory for ALL homes declined from a 5-month supply the previous month to a 4.8-month supply in February. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market.
The average cost-per-square-foot for REO homes was $ 152 in February, down from $ 170 the previous month. That January number was unusually high, in fact the highest since March of 2010 and looks like a statistical anomaly at this writing. The average cost-per-square-foot for all homes sold in Folsom in February dropped to $ 155, down from $ 167 the previous month.
The overall sales price for REO homes was 96.8 percent of the final asking price, on the lower side of the normal range. In addition, 37.5% of the buyers paid more than the final asking price for their REO homes in February.
REO buyers paid 98.1% of the cost-per-square-foot for their when compared with the cost-per-square-foot for all homes sold in February. This savings is smaller than normal. When applied to a 2500 square foot home that represents a savings of only $ 7500. When you consider that REO buyers must relinquish some of the rights the have when buying a home in a normal sale, one might question the prudence of a plan to purchase an REO. However, the savings is usually far greater in an REO purchase.
If you have any questions about purchasing a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.