El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR OCTOBER 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 October of 2009, the latest in my study of over two years.
There were 22 REO homes sold in October, up from 14 in September. The average days-on-market jumped to 43, up from the record low of eleven days in September. There were three homes that sold in October that had been on the market for 249, 127 and 108 days respectively, which had an effect on this statistic. Of the REO homes sold, 31.9% were on the market for two weeks or less.
The 22 homes sold represent 40% of all homes sold in El Dorado Hills.
Bank owned and Short Sales represent a majority of the home sales in today's market.
The cost per square foot of REO homes in October decreased to $ 149, down from $ 158 in September. The cost per square foot of all homes sold in October dropped twelve dollars, to $ 156.
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 4.4% savings for REO buyers.
The overall sales price for REO homes was 101.9% of the final asking price. Only 36.4% of the REO homes that sold did so for less than the asking price.
At this writing there are 321 homes on the market in El Dorado hills, representing a 5.8 month inventory. We have edged into a seller's market.
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 October, seven dollars per square foot. That is a $ 17,500 savings on a 2500 square foot home, still a tidy sum.
THe data follows:
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