REO (BANK OWNED) HOME SALES FOR EL DORADO HILLS,CA MARCH 2010

El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR March 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 March2010.

There were only seven Bank Owned homes sold in March, down from twelve the previous month.  This reflects the level of inventory.  At this writing there is only a four month inventory of REO homes available in El Dorado Hills.

The average days-on-market decreased to 18, down from 26 the previous month.  A full 58% 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 seven REO homes that sold represent only 15% of all homes sold in El Dorado Hills, down from 31.6% last month. 

The cost per square foot of REO homes in March was $ 156, up $ 20 from last month; a considerable increase.  The cost per square foot of all homes sold in January decreased to $ 169, up from $ 157 in February. 

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 7% savings for REO buyers.  

The overall sales price for REO homes was 100% of the final asking price, and 99% of the original asking price.  This proves once again that bank owned homes are selling for the asking price or a little more.  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 December, $ 13 per square foot.  That is a $ 32,500 savings on a 2500 square foot home, not a small sum.  

The data follows: