REO (BANK OWNED) REAL ESTATE SALES DATA FOR EL DORADO HILLS, CA -APRIL 2010

El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR April 2010

This is a continuation of my nearly three year monthly report on Bank Owned home sales data for El Dorado Hills, CA.  This report covers Bank Owned homes sold in April 2010.

There were 21 Bank Owned homes sold in April, three times the number sold the previous month.  This depleted the available inventory which presently stands at 1.5 months.  The inventory of all available homes in El Dorado Hills is presently 5.6 months.  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 up to 57.  It had been 18 in March.  Three REO homes that sold had been on the market for over 100 days and one had been on the market for 287 days.  A full 48% 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 21 REO homes that sold represent 33% of all homes sold in El Dorado Hills, within the normal range. 

The cost per square foot of REO homes in April was $ 155, down $2 from March.  The cost per square foot of all homes sold in January also decreased $ 2 from $169 in March. 

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, exactly the same as in the previous month.

The overall sales price for REO homes was 101.6% of the final asking price, and 97.2% of the original asking price, and 48% 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, $ 7 per square foot.  That is a $ 17,500 savings on a 2500 square foot home, not a small sum.  

The data follows: