El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR SEPTEMBER 2009
This is a continuation of my monthly report on Bank Owned home sales for El Dorado Hills, CA. This report covers REO homes sold in September of 2009, the latest in my study of over two years.
There were 14 REO homes sold in September, four more than sold in August. The average days-on-market dropped drastically to eleven, down from 36 days in August. REO homes are selling like hot cakes. Of the REO homes sold, 35.8% were on the market for less than two weeks. The longest one on the market was 23 days.
The 14 homes sold represent 34.2% of all homes sold in El Dorado Hills, up from 26.4 in August.
The cost per square foot of REO homes in June increased to $ 158, up from $ 144 in August. The cost per square foot of all homes sold in September increased seven dollars, to $ 168.
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 5.9% savings for REO buyers.
The overall sales price for REO homes was 102.7% of the final asking price. Worthy of note is the fact that only one of the REO homes sold did so for less than the asking price. The limited inventory and aggressive pricing result in offers at or above the asking price; the only way for buyers to get their offers accepted over competing buyers.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all homes sold: in September, $10 per square foot. That is a $ 25,000 savings on a 2500 square foot home, a tidy sum.
The data follows:
Comments(0)