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: