BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JANUARY 2013

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JANUARY 2013

This is the latest monthly report of our more than five-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA.  This report covers January 2013. For the purposes of simplification, we will use the term foreclosure for all homes in this category from this point forward.

If you would like to see all of the foreclosure homes available for sale in El Dorado Hills, select this link.  To view the available foreclosure homes you will have check the box marked “are REO/Bank Owned,” in the “Including the above criteria, only show me properties that:” section.  Then scroll down and check the “El dorado Hills Area” box on the left side of the page and finally select the Search Now (List Your Results or Map Your Results) button at the bottom of the page. EVERY available property will come up. The site refreshes the data daily.

There were FIVE foreclosure homes that sold in El Dorado Hills in January, one more than sold in December.  Since our sample is so small, any statistical analysis is of questionable value.      

The subject homes were on the market for an average of 31 days.  This is longer than normal.  The fact that four of the five homes were more than ten years old may have had an impact on this issue.  Newer homes are more popular and tend to sell faster.

The foreclosure homes that sold represent only 11.1% of ALL homes that sold in El Dorado Hills this month. The scarcity of available foreclosure homes is the main reason that foreclosure homes are such a small segment of the total market.   

The available inventory of foreclosure homes in El Dorado Hills was at a 0.4-month supply, down from a 1.0-month supply the previous month. This is well within the normal range.  There was a spike to an 8-month supply in October which we attribute as a statistical anomaly.

The inventory for ALL homes available in El Dorado Hills was at a1.9-month supply in January, up from a 1.8-month supply in December.  We had a spike in January and February of 2012 but have not been over the level of a 2.1-month supply since. Pundits tell us that a 6-month supply is a neutral market, so we continue to have a strong seller’s market for ALL homes in El Dorado Hills, both foreclosure and non-foreclosure. 

The average cost-per-square-foot for foreclosure homes was $170, up markedly from $ 117 in December and the highest it has been in well over fifteen months. 

The average cost-per-square-foot for ALL homes sold in El Dorado Hills in January increased to $177, up from $163 in December and also the highest that has been in over fifteen months. 

Home prices are going up.  When comparing the cost-per-square foot for foreclosure homes sold in January of 2012 and January of 2013 we see a 15.7% increase.  That increase was 18.8% for ALL homes that sold in the same periods.

The average sales price for foreclosure homes was only 99.3% of the final asking price.  A full 80% of the foreclosure home buyers paid the asking price or more for their homes.

In essence we can see that the number of foreclosure homes available is very small and they are selling quickly.  The overall shortage of inventory makes ours a strong seller’s market and prices in general are increasing.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills foreclosure, or a foreclosure Home anywhere in the area, feel free to give us a call (916) 337-0658.  If you would like to search for foreclosure homes in your section of the greater Sacramento area, go to www.BuyYourVilla.com

To view the data for BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – JANUARY 2013 see the chart below.

The data follows: