El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR July 2010
This is a continuation of our three year monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in July 2010.
There were 12 Bank Owned homes sold in July, the same number that were sold the previous month. REO inventory in El Dorado Hills has actually increased over the past four months from a one month supply in April, a 1.5 month supply in May, a 1.7 month supply in June and a 2.5 month supply in July. The inventory of all homes available on the market also increased to a six month supply in July. Six months is considered a neutral market, so we are in a neutral market at this writing.
The average days-on-market increased from 51 to 55 days. Two of the REO homes that sold had been on the market over 100 days. Only 25% of the REO homes sold were on the market two weeks or less. This is a smaller percentage than usual.
The 12 REO homes that sold represent 23% of all homes sold in El Dorado Hills in July.
The cost per square foot of REO homes in July was $ 144, down one dollar from the previous month. The cost per square foot of all homes sold in July increased $5 to $ 167.
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 only a 3% savings for REO buyers in June, a much smaller difference than normal.
The overall sales price for REO homes was 99.9% of the final asking price, and 95.9% of the original asking price, and 34% of the buyers paid more than the asking price for REO homes in July. There is obviously not much room for negotiation in these transactions.
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 July, $ 13 per square foot. That is a $ 32,500 savings on a 2500 square foot home, not a small sum.
The data follows:
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