BANK OWNED (REO) HOME SALED DATA FOR FOLSOM, CA -OCT 2011
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – OCTOBER 2011
This is the latest monthly report of a four-year study of bank owned (REO) home sales in Folsom, CA. This report covers October 2011.
There were 13 REO homes sold in Folsom this month, one less than sold the previous month.
The average days-on-market decreased markedly from 70 the previous month to 45 in October. That September statistic appears to be an anomaly in the normal trend. Only one of the homes had been on the market for more than 100 days, in fact it had been on the market for 231 days, skewing the reported days-on-market figure. However, 23% of the homes that sold were on the market for two weeks or less, proving that well priced homes in good condition are still selling quickly.
The 13 REO homes that sold represent only 21% of all homes sold in Folsom this month, a smaller segment than normal. The very low bank owned home inventory is a primary reason for this statistic.
The available inventory of REO homes in Folsom dipped to a .9-month supply. The inventory for bank owned homes in Folsom has not exceeded a one-month supply for four consecutive months and has not exceeded a two- month since February of this year. The available inventory for ALL homes available increased to a 2.5-month supply, up from a 1.8-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 REO homes was $ 151 in October, down one dollar from the previous month. The average cost-per-square-foot for ALL homes sold in Folsom in October was $ 156, also down one dollar from the previous month.
The overall sales price for REO homes was 98.63% of the final asking price. In addition, a full 47% of the buyers paid the asking price, or more, for their REO homes in October.
REO buyers paid 97% (or five dollars per square foot) of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in October. When applied to a 2500 square foot home, that represents a savings of $ 12,500: 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:
BANK OWNED(REO) HOME SALES FOR EL DORADO HILLS, CA-SEPT. 2011
BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – SEPTEMBER 2011
This is the latest monthly report of a nearly four-year study of bank owned home sales in El Dorado Hills, CA. This report covers September 2011.
There were 15 REO homes sold in El Dorado Hills in September, three more than sold the previous month.
The average days on market dropped from 36 in August to 36 in September. Only one of the homes had been on the market for over 100 days. A full 60% of the homes that sold were on the market for two weeks or less. Well-priced homes in good condition are still selling quickly.
The 15 Bank Owned homes that sold represent only 26% of ALL homes sold in El Dorado Hills this month.
The available inventory of bank owned homes in El Dorado Hills increased from a 1.5-month supply the previous month to a 1.6-month supply in September. That inventory level has not been over a 2-month supply any month this year, with the exception of February, when it was at a 2.7-month supply. The available inventory for ALL homes increased from a 3.5-month supply the previous month to a 4.2-month supply in September. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market for ALL homes in El Dorado Hills.
The average cost-per-square-foot for Bank Owned homes was $ 136 in September, up from $ 133 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in September increased to $ 152, up from $ 148 the previous month.
The overall sales price for REO homes was 101.1% of the final asking price and 98.6% of the original asking price. Yet 60% of the buyers paid the full asking price or more for their REO homes in September. Apparently, these homes were well priced and buyers decided to take advantage of low prices and excellent mortgage interest rates.
REO buyers paid 90% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in September. That is a $ 16 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 40,000, a considerable sum. Most buyers would consider that sufficient reason to accept the fact that REO buyers must relinquish some of the rights they have when buying a home in a normal sale.
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:
RENTAL PRICES SKYROCKET!
RENTAL PRICES SKYROCKET!
The cost of renting a home or apartment is going up fast. The many homeowners who are losing their homes to foreclosure need a place to live, so they are filling rental vacancies all around the country. The laws of supply and demand come in to play. As demand increases, rental costs go up.
Select this link for the full Smart Money story:
http://blogs.smartmoney.com/paydirt/2011/07/05/renters-see-prices-skyrocket/
This is just another reason for savvy buyers to take advantage of the low home prices and rock bottom mortgage interest rates.
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA -JANUARY 2011
Folsom, CA REO (BANK OWNED) SALES DATA FOR January 2011
This is a continuation of a three plus year study of Bank Owned home sales in Folsom, CA. This report covers REO homes sold in January 2011.
There were 14 REO homes sold in January, down from 19 in December.
The average days-on-market statistic for the month was 46, down sharply from 64 the previous month. Only two of the REO homes sold had been on the market over 100 days. Three or 22% of the REO homes sold had been on the market for two weeks or less.
The 14 REO homes sold represent 31% of all homes sold in Folsom this month.
The overall home inventory in Folsom increased to a 5.1 month supply, up markedly from the 3.4 month supply reported for the previous month. The inventory for REO homes in January was a 3 month supply, up for the third month in a row and on the higher end of the range set over the past year. This is still a seller’s market. A six month supply is considered a neutral market.
The average cost per square foot of REO homes sold in January increased to $ 170, up from $ 154 while the cost per square foot for ALL homes sold increased only three dollars to $ 167. This is the first time since we have been reporting this data that the average cost per square foot of REO homes sold in Folsom exceeded the average cost per square foot of ALL homes sold. Although this has only happened in January of 2011 it indicates that there was NO SAVINGS to buyers who purchased a bank owned home in Folsom in January!
The overall sales price for REO homes was 98.5% of the final asking price, within the normal range. And six or 43% the buyers paid the asking price or more for their bank owned home in January.
Statisticians may point out that the sample is not large enough to be statistically significant and, therefore, conclusions may not be drawn. The fact remains that in this one month REO buyers did not get a better deal than non REO buyers, showing how important it is to obtain an accurate market evaluation before submitting an offer on any property.
If you have any questions about purchasing a Folsom REO or an REO anywhere in the area, or are just looking for the best buys available feel free to call us at (916) 337-0658.
The data follows:
BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – NOVEMBER 2010
Folsom, CA REO (BANK OWNED) SALES DATA FOR November 2010
This is a continuation of a three year study of Bank Owned home sales in Folsom, CA. This report covers REO homes sold in November 2010.
There were 15 REO homes sold in November, down from 19 in October. Lenders continue to release these homes for sale at a very slow pace in order to avoid causing major problems in the housing market. A glut of low priced homes would be catastrophic to an already shaky market.
The average days-on-market statistic for the month was 46, down sharply from 78 the previous month. Only one of the homes sold had been on the market over 100 days. Five, or one third of the REO homes sold, had been on the market for two weeks or less.
The 15 REO homes sold represent 28% of all homes sold in Folsom this month.
The overall home inventory in Folsom decreased to a 4.4 month supply, down from the 5.8 month supply reported 
for the previous two months. This is the lowest available supply since June. The inventory for REO homes in November was 2.4 months, up from a 1.7 month supply in October and well within the normal range. A six month supply is considered a neutral market.
The average cost per square foot of REO homes sold in October decreased one dollar to $ 153 while the cost per square foot for ALL homes sold increased to $ 166. These numbers have been moving in a narrow range for well over a year with no marked upward or downward trend.
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 7% savings for REO buyers. That is a slight increase from 5% reported for the previous month.
The overall sales price for REO homes was 94.5% of the final asking price, much lower than normal. And 33.3% of the buyers paid more than the asking price for their bank owned home in November. There was a $ 13 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 32,500 savings, something worth considering when selecting a home: not a small sum.
If you have any questions about purchasing a Folsom REO or an REO anywhere in the area, or are just looking for the best buys available feel free to call us at (916) 337-0658.
The data follows:
