BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2013
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2013
This is the latest monthly report of our over five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers January of 2013. In order to simplify the post for the reader, we will only use the term Foreclosure when referring to this category of home.
If you would like to see all of the foreclosure homes available for sale in Folsom, select this link. To view the available foreclosure homes you will have to select the box next to “are REO/Bank Owned” under the “Including the above criteria, only show me properties that:” section. Then scroll down to the Folsom box half way down on the left side of the page and finally select the Search Now button at the bottom of the page.
There were two foreclosure homes sold in Folsom, the same number that sold the previous month. With such a small sample statistical analysis is of questionable value.
The average days-on-market jumped up to 41 days. It was down to three days in December. One of the two homes that sold was on the market for much longer than usual, skewing this statistic.
The two foreclosure homes that sold represent only 3.5% of all homes sold. That is the smaller segment than usual. The very low foreclosure home inventory continues to influence this statistic.
The available inventory of foreclosure homes in Folsom increased to a 2.5-month supply, up from a 2.0-month supply the previous month. That inventory level had not exceeded a 1.2-month supply for over a year until December.
(Note that the absorption rate is calculated by dividing the number of available homes by the number of homes that sold in the most recent month. So, with only two homes sold a 2.5-month supply means that there are a total of five foreclosure homes available: not exactly a glut on the market.)
The inventory for ALL homes available increased to a 1.0-month supply, it was at a 0.6-month supply the previous month. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both foreclosure homes and all other homes on the market.
The Folsom market continues to reflect the shortage of inventory available in the rest of California.
The average cost-per-square-foot for foreclosure homes was $ 143 in January, down from $ 180 the previous month, a large drop. Here too the small sample does not allow for meaningful statistical analysis.
The average cost-per-square-foot for ALL homes sold in Folsom in January was $ 172, the highest it has been in over fifteen months.
The overall sales price for REO homes was 102.3% of the final asking price. One sold for 111.3% of the final asking price and the other sold for only 93.4% of the final asking price.
When based on the cost-per-square-foot for ALL homes sold, buyers of foreclosure homes paid 17.0% less in January. That is only the second time that has happened during our study. That is a $ 29 per-square-foot more that buyers paid for all homes sold. When applied to a 2500 square foot home, that represents an additional expense of $ 72,500, a substantial sum. Those buyers must really have liked these homes!
If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call (916) 337-0658.
See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2012
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2012
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2012
This is the latest monthly report of our over five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers December of 2012. In order to simplify the post for the reader, we will only use the term Foreclosure when referring to this category of home.
If you would like to see all of the foreclosure homes available for sale in Folsom , select this link. To view the available foreclosure homes you will have to select the box next to “are REO/Bank Owned” under the “Including the above criteria, only show me properties that:” section. Then scroll down to the Folsom box half way down on the left side of the page and finally select the Search Now button at the bottom of the page.
There were four foreclosure homes sold in Folsom, two less than sold the previous month. With such a small sample statistical analysis is of questionable value.
The average days-on-market dropped from 16 the previous month to 3 in December, the shortest period in our study.
One of the homes was on the market for 6 days, the other sold on the day it came on the market. This is the first time in our study that all of the foreclosure homes that sold were on the market for two weeks or less.
The two foreclosure homes that sold represent only 2.8% of all homes sold. That too is the smallest segment in our five-year study. The very low foreclosure home inventory continues to influence this statistic.
The available inventory of foreclosure homes in Folsom spiked to a 2.0-month supply, up from a 1.0-month supply the previous month. That inventory level has not exceeded a 1.2-month supply for over a year.
(Note that the absorption rate is calculated by dividing the number of available homes by the number of homes that sold in the most recent month. So, with only two homes sold a 2.0-month supply means that there are a total of four foreclosure homes available: not exactly a glut on the market.)
The inventory for ALL homes available remained at a 0.7-month supply for the second month in a row. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both foreclosure homes and all other homes on the market.
The Folsom market continues to reflect the shortage of inventory available in the rest of California.
The average cost-per-square-foot for foreclosure homes was $ 180 in December, up from $ 161 the previous month and the highest it has been for over five years. We consider this a statistical anomaly.
The average cost-per-square-foot for ALL homes sold in Folsom in December was $ 168, down one dollar from November, the highest it has been in the past fifteen months.
The overall sales price for REO homes was 105.9% of the final asking price. Once again, both homes sold for more than the asking price, one for $ 37,100 above the asking price. Not something most buyers would pay.
When based on the cost-per-square-foot for ALL homes sold, buyers of foreclosure homes paid 7.1% MORE in December. That is only the second time that has happened during our study. That is a $ 12 per-square-foot more that buyers paid for all homes sold. When applied to a 2500 square foot home, that represents an additional expense of $ 30,000, a substantial sum. Those buyers must really have liked these homes!
If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call (916) 337-0658.
See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2012
The data follows:
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – NOVEMBER 2012
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – NOVEMBER 2012
This is the latest monthly report of our five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers November of 2012. In order to simplify the post for the reader, we will only use the term Foreclosure when referring to this category of home.
If you would like to see all of the foreclosure homes available for sale in Folsom, select this link. To view the available foreclosure homes in Folsom you will have to select the box next to “are REO/Bank Owned” under the “Including the above criteria, only show me properties that:” section. Then scroll down to the Folsom box half way down on the left side of the page and finally select the Search Now button at the bottom of the page.
There were four foreclosure homes sold in Folsom, two less than sold the previous month.
The average days-on-market dropped from 27 the previous month to 16 in November, the shortest period in our five-year study.
One of the homes was on the market for 35 days, the others for a shorter time, and 75% of the homes sold were on the market for two weeks or less.
The four foreclosure homes that sold represent only 4.9% of all homes sold. That too is the smallest segment in our five-year study. The very low foreclosure home inventory continues to influence this statistic.
The available inventory of foreclosure homes in Folsom increased to a 1.0-month supply, up from a 0.7-month supply the previous two months. That inventory level has not exceeded a 1.2-month supply for over a year.
The inventory for ALL homes available dropped slightly from a 1.1-month supply last month to a 0.8-month supply in November. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both foreclosure homes and all other homes on the market.
The Folsom market reflects what is happening in the rest of California and throughout the country. Inventory levels are very low. This factor is starting to have an impact on housing prices.
The average cost-per-square-foot for foreclosure homes was $ 161 in November, up from $ 152 the previous month and the third highest in the past fifteen months. It was $ 173 in May and $ 163.
The average cost-per-square-foot for ALL homes sold in Folsom in November was $ 169, up from $ 167 in October and the highest in the past fifteen months.
The overall sales price for REO homes was 99.1% of the final asking price. In addition, 50% of the buyers paid the asking price, or more, for their Folsom foreclosure home in November.
When based on the cost-per-square-foot for ALL homes sold, buyers of foreclosure homes paid 4.6% less in November. That is an $ 8 per-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 20,000, a substantial sum
If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call (916) 337-0658.
See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – NOVEMBER 201.
The data follows:
FOLSOM, CA HOME SALES DATA – OCTOBER 2012
FOLSOM, CA HOME SALES DATA – OCTOBER 2012
The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The data presented covers October 2012, and the preceding fourteen months.
If you would like to view all homes available for sale in Folsom at this time, select this link. You will have to take two additional steps. Scroll down and check the Folsom box on the left side of the page and select either the Search Now button over List Your results or Map Your results at the bottom of the page.
The first chart lists the cost-per-square-foot for all homes sold in Folsom by month.
Although there is a very slight fluctuation from month to month, the reader can see that there has been is an upward trend over the past year. The change started in May. The October number is one dollar below that posted for September; the highest, it has been in fifteen months. The pundits advise that we hit the bottom of the market in California in March of 2012. The lowest cost–per-square-foot in Folsom in the past fifteen months was in February.
Those potential buyers who decided to remain on the fence, “until prices hit bottom” missed the boat. The housing shortage is going to result in price increases. The new challenge will be to find any home that they can buy. Select this link if you wish to view all homes for sale in Folsom right now.
The second chart shows the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). The inventory level varies from month to month but the long-term trend is obviously downward. The 0.7-month supply in May was the lowest on record and the 1.1-month supply in October is the third small increase in a row. Sellers who have been waiting for the market to turn are starting to return to the market once more.
As prices start to increase, more sellers will enter the market. Let’s hope that this trend continues. Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market has been a seller’s market during the entire period covered by these charts.
Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were correct. All you have to do is ask those actively looking for a home.
The demand will result in price increases and with those increases; more homeowners may put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
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The third chart shows the average days on market, the length of time it takes the average house to sell. Note that although this number bounces around, the trend is for faster sales. The August number bucks the trend but September and October are back in line. Also, note that the average home sold for 99% of the asking price in October.
If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
To view additional information about FOLSOM, CA HOME SALES DATA – OCTOBER 2012, or any other month, visit www.BuyYourVilla.com
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2012
BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2012
This is the latest monthly report of our five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers October of 2012. In order to simplify the post for the reader, we will only use the term Foreclosure when referring to this category of home.
If you would like to see all of the foreclosure homes available for sale in Folsom, select this link. To view the available foreclosure homes you will have to select the “are REO/BankOwned” box under the “Including the above criteria, only show me properties that: section. Then scroll down to the Folsom box half way down on the left side of the page and finally select the Search Now button at the bottom of the page.
There were six foreclosure homes sold in Folsom for the second month in a row.
The average days-on-market increased from 22 the previous month to 27 in October. Foreclosure homes are selling quickly.
One of the homes was on the market for 81 days, the others for a shorter time, and 33% of the homes sold were on the market for two weeks or less.
The six foreclosure homes that sold represent only 8.5% of all homes sold in Folsom this month. That is a smaller segment than normal. The very low bank owned home inventory continues to influence this statistic.
The available inventory of foreclosure homes in Folsom remained at a 0.7-month supply for the second month in a row. That inventory level has not exceeded a two-month supply for over a year.
The inventory for ALL homes available increased slightly from a 1.0-month supply last month to a 1.1-month supply in October. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.
The Folsom market reflects what is happening in the rest of California and throughout the country. Inventory levels are very low. This factor is starting to have an impact on housing prices.
The average cost-per-square-foot for foreclosure homes was $ 152 in October, up from $ 145 the previous month. It was $173 in May, which was well above what it has been in years.
The average cost-per-square-foot for ALL homes sold in Folsom in October was $ 167, down one dollar from September.
We have to point out two of the sales that closed in October that are well outside of the normal range. The first, with an asking price of $359,900, actually sold for $ 402,000, $ 42,100 above asking price! The second, with an asking price of $420,000, actually sold for $ 485,000, $ 65,000 above asking price! In both instances, the MLS reports that the selling banks provided no concessions. While there are occasional sales well above asking price, they are the exception and with such a small sample to work with tend to skew the monthly statistics.
The overall sales price for REO homes was 104.5% of the final asking price and 101.6% of the original asking price. (Many homes were not on the market long enough for price reductions.) In addition, 50% of the buyers paid the asking price, or more, for their Folsom foreclosure home in October.
When based on the cost-per-square-foot for ALL homes sold, buyers of foreclosure homes paid 9% less in October. That is a $ 15 per-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 37,500, a substantial sum.
If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call (916) 337-0658.
See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2012
The data follows:
