BANK OWNED HOME SALES DATA FOR FOLSOM, CA – JAN 2012
BANK OWNED (Foreclosure) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2012
This is the latest monthly report of our more than four-year study of bank owned (REO) home sales in Folsom, CA. This report covers January 2012.
There were 10 REO homes sold in Folsom this month, down from 16 the previous month.
The average days-on-market decreased from 67 the previous month to 47 in January. Only one of the homes had been on the market for over 100 days, and only 20% of the homes that sold were on the market for two weeks or less. That is a smaller segment than usual.
The 10 REO homes that sold represent 17% of all homes sold in Folsom this month. The very low bank owned home inventory is the reason for this statistic.
The available inventory of bank owned homes in Folsom increased to a 1-month supply. That inventory level has not exceeded a two-month supply since February of 2011. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available edged up to a 1.6-month supply, up from a 1.5-month supply the previous month. Pundits tell us that a 6-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 average cost-per-square-foot for bank owned homes was $ 155 in January, up from $ 139 in December. The average cost-per-square-foot for ALL homes sold in Folsom in January was $ 154, down one dollar from the previous month. It has been moving within a narrow range for the past year.
This is the first time during our four-year study that the cost-per-square-foot for bank owned homes has exceeded that for all homes sold. At this point we consider that a statistical anomaly.
The overall sales price for REO homes was 99.50% of the final asking price and 95.1% of the original asking price. In addition, 50% of the buyers paid the asking price, or more, for their bank owned homes in January.
Based on the cost-per-square-foot statistic, bank owned homebuyers paid 1% more for their bank owned home than did buyers of non-bank owned homes in January. Once again, this is highly unusual, there is normally a considerable savings when one purchases a bank owned home.
Given the overall data, it is obvious that homeowners who do not have to sell are keeping their homes, rather than accepting current market value offers.
If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – Dec 2011
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – DECEMBER 2011
This is the latest monthly report of a four-year study of bank owned home sales in El Dorado Hills, CA. This report covers December 2011.
There were six bank owned homes sold in El Dorado Hills in December, down one from the
previous month. A low inventory is the primary reason.
The average days-on-market increased from 29 in November to 79 in December. One of the homes had been on the market for over 100 days. Some old inventory was cleared out. None of the homes that sold had been on the market for two weeks or less, which is very unusual.
The six bank owned homes that sold represent only 8% of ALL homes sold in El Dorado Hills this month. This is a much smaller segment than normal, despite the increase in inventory.
The available inventory of bank owned homes in El Dorado Hills spiked at a 2.4-month supply in December, the second highest inventory level in 2011… The available inventory for ALL homes available dropped from a 2.9-month supply the previous month to a 2.2-month supply in December, the lowest inventory level in 2011. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills.
The average cost-per-square-foot for Bank Owned homes was $ 150 in December, up considerably from $ 126 in the previous month, and the highest in the past fifteen months. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in December remained $ 153 for the second month in a row.
The overall sales price for bank owned homes was 94.9% of the final asking price and 87% of the original asking price. Only one of the buyers paid the full asking price in December. The banks did not do a very good job of estimating the market value of their “toxic Assets” that sold in December.
Bank owned homebuyers paid 98% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in December. That is only $ 3 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 7,500, much less than usual.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR FOLSOM, CA–DEC 2011
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2011
This is the latest monthly report of a four-year study of bank owned (REO) home sales in Folsom, CA. This report covers December 2011.
There were 16 REO homes sold in Folsom this month, up from 12 the previous month.
The average days-on-market increased from 49 the previous month to 67 in December. Two of the homes had been on the market for over 200 days and two others had been on the market for over 100 days. Obviously, some of the old inventory was cleared out. However, 38% of the homes that sold were on the market for two weeks or less, proving once again that well priced homes in good condition sell quickly.
The 16 REO homes that sold represent 23% of all homes sold in Folsom this month. The very low bank owned home inventory is one reason for this statistic.
The available inventory of bank owned homes in Folsom dropped to a 7-month supply, the lowest inventory level of bank owned homes in the past 15 months. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available decreased to a 1.6-month supply, down from a 2-month supply the previous month. Pundits tell us that a 6-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 average cost-per-square-foot for bank owned homes was $ 141 in December, unchanged from November. The average cost-per-square-foot for ALL homes sold in Folsom in December was $ 157, up one dollar from the previous month. It has been moving within a narrow range for the past year.
The overall sales price for REO homes was 96.50% of the final asking price and 89.38% of the original asking price. Both of these numbers are lower than usual. The 89.38% number is a reflection of the banks ability to judge the true market value of their “toxic assets.” They did not do well on those homes sold in December. In addition, only 32% of the buyers paid the asking price, or more, for their bank owned homes in December. That too is lower than usual.
Based on the cost-per-square-foot statistic, bank owned homebuyers paid 10% less for their home than did buyers of non-bank owned homes in December. When we apply that to a 2500 square foot home, it represents a savings of $ 40,000: a considerable savings.
If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The Data Follows:
Stunning Horse Property In The Foothills
We recently had the opportunity to create a slide show of this fantastic property. We included some of the many photos that are available on this web site. Feel free to view the slide show and view all of the other photos as well.
If you like the slide show, PLEASE select “LIKE” on the YouTube site. The more likes we get the more people are likely to see it. Enjoy!
THIS MONTH IN REAL ESTATE
THIS MONTH IN REAL ESTATE
Here is the latest This Month In Real Estate Video. This one, covering November, is designed to provide potential home buyers wil some information about the advantages of buying a home.