BANK OWNED (REO) HOME SALES DATA FIR EL DORADO HILLS,CA–JULY 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR July 2010
This is a continuation of our three year monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in July 2010.
There were 12 Bank Owned homes sold in July, the same number that were sold the previous month. REO inventory in El Dorado Hills has actually increased over the past four months from a one month supply in April, a 1.5 month supply in May, a 1.7 month supply in June and a 2.5 month supply in July. The inventory of all homes available on the market also increased to a six month supply in July. Six months is considered a neutral market, so we are in a neutral market at this writing.
The average days-on-market increased from 51 to 55 days. Two of the REO homes that sold had been on the market over 100 days. Only 25% of the REO homes sold were on the market two weeks or less. This is a smaller percentage than usual.
The 12 REO homes that sold represent 23% of all homes sold in El Dorado Hills in July.
The cost per square foot of REO homes in July was $ 144, down one dollar from the previous month. The cost per square foot of all homes sold in July increased $5 to $ 167.
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 only a 3% savings for REO buyers in June, a much smaller difference than normal.
The overall sales price for REO homes was 99.9% of the final asking price, and 95.9% of the original asking price, and 34% of the buyers paid more than the asking price for REO homes in July. There is obviously not much room for negotiation in these transactions.
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 July, $ 13 per square foot. That is a $ 32,500 savings on a 2500 square foot home, not a small sum.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA -JUNE 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR June 2010
This is a continuation of my three year monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in June 2010.
There were 12 Bank Owned homes sold in June, down 20% from May. This reflects a very low inventory of 1.7 months supply in June. Inventory was a one month supply in April and a 1.5 month supply in May. The inventory of all available homes in El Dorado Hills is presently only a 4.1 month supply. It had been 7.4 month supply in August of 2009. Six months is considered a neutral market, so we are still in a seller’s market irrespective of what the media reports..
The average days-on-market jumped to 51 days, up from 33 days in May. Only two of the REO homes that sold had been on the market for over 100 days. Only 25% of the REO homes sold were on the market two weeks or less. The well priced homes are selling quickly as usual. Those that were not well priced took longer to sell—Real estate 101.
The 12 REO homes that sold represent only 18% of all homes sold in El Dorado Hills in June.
The cost per square foot of REO homes in June was $ 145, down from $ 150 in May. The cost per square foot of all homes sold in January increased $ 2 to $160.
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 10% savings for REO buyers in June.
The overall sales price for REO homes was 99.8% of the final asking price, and 93.6% of the original asking price, and 25% of the buyers paid more than the asking price for REO homes in June.
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 March, $ 10 per square foot. That is a $ 25,000 savings on a 2500 square foot home, not a small sum.
The data follows:
BANK OWNED (REO) HOME SALES INFO FOR EL DORADO HILLS, CA May 2010
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR May 2010
This is a continuation of my three year monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in May 2010.
There were 15 Bank Owned homes sold in May, down 29% from April. This depleted the available inventory which presently stands at 1.35 months. The inventory of all available homes in El Dorado Hills is presently only 3.4 months. It had been 8.9 months in March of 2009. Six months is considered a neutral market, so we are still in a seller’s market irrespective of what the media reports..
The average days-on-market dropped to 33, down from 57 in April. None of the REO homes that sold had been on the market for over 100 days. A full 34% of the REO homes sold were on the market two weeks of less. The well priced homes are selling quickly as usual. Those that were not well priced took longer to sell—Real estate 101.
The 15 REO homes that sold represent 24% of all homes sold in El Dorado Hills in May.
The cost per square foot of REO homes in Mayl was $ 150, down $4 from April. The cost per square foot of all homes sold in January also decreased $ 7 from $167 in April.
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 6% savings for REO buyers.
The overall sales price for REO homes was 97.1% of the final asking price, and 96.2% of the original asking price, and 40% of the buyers paid more than the asking price for REO homes in April.
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 March, $ 10 per square foot. That is a $ 25,000 savings on a 2500 square foot home, not a small sum.
The data follows:
PROPOSITION 8 — PROPERTY TAX RELIEF FOR HOMES THAT HAVE DROPPED IN VALUE
Proposition 8 –Property Tax Relief
California homeowners may or may not be aware of Proposition 8.
In 1978 California voters passed this constitutional amendment that allows a temporary reduction in the assessed value of their property when that property suffers a decline in current market value.
When, on January 1 of each year, the market value of a property falls below the assessed value, the assessor is obligated to review the property and enroll the lesser of the two values. If it is determined that the market value of the property at that time is less than the assessed value your property’s assessed value will be adjusted to the level of its current market value. This will result in a reduction of your property tax for that year.
To apply, contact your county assessor’s office. Some counties require the tax payer to complete a form requesting participation in the Proposition 8 outlined process, others will include you in the program based on information that you provide on the telephone.
Some counties have programs in place that review properties based on the purchase date. It is wise to contact them and ensure that your home is in the program. For more data go to:
http://www.boe.ca.gov/proptaxes/assessors/htm .
SCAM ALERT—NO FEE NECESSARY FOR THE VALUE REDUCTION
There is no reason to pay for a review that is required by law and will be performed FREE! Various private companies send mailings to property owners offering their services to pursue a reduction in the owner’s property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies even impose late fees if the application is received after an arbitrary deadline. Homeowners do not need the services of a private firm to seek a property tax reduction. State law requires county assessors to review all requests for property value reduction for FREE! |
Note that the reduction is not permanent. Each year on January 1 participating properties will be reviewed until their values return to the former Proposition 13 values.
If you do not agree with the assessor’s findings you may file a formal appeal with the County Assessment Appeals Board or the County Board of Equalization. These boards are independent bodies established to resolve differences in property value opinions between the county assessor and property owners.
For more information go to:
http://www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf
REAL ESTATE SALES DATA FOR THE PAST 15 MONTHS–EL DORADO HILLS, CA
This post will list the real estate sales data for all homes in El Dorado Hills, CA for the past fifteen months. Each month the data will be updated as soon as it becomes available. The data is provided in detail.
Unfortunately it takes some time to load. You will find the detailed data worth your wait.
This chart shows the number of homes available, the number of homes pending sale and the number of homes sold by month. THe trends are obvious.
This graph shows the average cost per square foot for all homes sold in El Dorado Hills by month.
This graph shows the average cumulative days on market and the reatio of asking price to selling price for all home sold by month.
This graph shows the average asking price and the average sold price for all homes in El Dorado Hills by month.
This graph shows the available inventory of all homes in El Dorado Hills by month. A neutral inventory is considered six months. Inventories of larger than six months indicate a buyer’s market and inventories of less than six month are considered a seller’s market.
Feel free to call if you have any questions.