El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR January 2010
This is a continuation of my two-plus year monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in January 2010.
There were 9 Bank Owned homes sold in January, down from 20 the previous month. This reflects the normal seasonal drop in activity and a reduction in the number of REO homes on the market.
The average days-on-market decreased to 25, half the time on the market of the previous month. A full 55.6% of the REO homes sold were on the market less than two weeks. The well priced homes are selling quickly as usual. Those that were not well priced took longer to sell-Real estate 101.
The 9 REO homes that sold represent only 20.5% of all homes sold in El Dorado Hills, down from 35.1% last month. REO inventory continues to decline.
The cost per square foot of REO homes in January was $ 151, exactly the same as last month. The cost per square foot of all homes sold in January decreased to $ 161, down from $ 166 in December.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 6.2% savings for REO buyers.
The overall sales price for REO homes was 100.2% of the final asking price, and 99.5% of the original asking price. This proves once again that bank owned homes are selling for the asking price or a little more. There are good values available but the banks are not giving them away.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in December, $ 10 per square foot. That is a $ 25,000 savings on a 2500 square foot home, not a small sum.
The data follows:
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