El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR November 2010
This is a continuation of our three year long monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in November 2010.
There were 14 Bank Owned homes sold in November, one more than sold in October.
REO inventory in El Dorado Hills that spiked in September at a 6.4 month supply dropped to a 2 month supply in October and a 1.9 month supply in November. These October and November numbers bring the statistic back into the normal range. The inventory for all available homes dropped from a 4.6 month supply last month to a 3.8 month supply in November. A 3.8 month supply is the lowest level of inventory of available homes reported for any month in 2010. A six month supply is considered a neutral market.
The average days-on-market shot up to 81 in November from 38 days in October. This is the longest average days-on-market number reported in over fourteen months. Five of the REO homes that sold had been on the market for over 100 days and NONE of the REO homes sold were on the market two weeks or less. This is the first time since we started reporting these figures that no REO home sold in the less than a 14 day period.
The 14 REO homes that sold represent only 24% of all homes sold in El Dorado Hills in November, the 
same as the previous month.
The average cost per square foot of REO homes in November was $ 128, down from $ 134 the previous month, and the lowest reported in over a year. The cost per square foot of all El Dorado Hills Homes sold in November dropped eight dollars, to $ 151. This statistic is also the lowest reported in over a year.
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 15% savings for REO buyers in November, the same as reported for October.
The overall sales price for REO homes was 89% of the final asking price, and 80.2% of the original asking price. These numbers are also the lowest reported since we started these reports. It looks like some older inventory has been cleaned out in November. One could guess that the condition of the homes sold was not up to normal standards. Only 22% of the buyers paid more than the asking price for REO homes in November.
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, $ 23 per square foot. That is a $ 57,500 savings on a 2500 square foot home, A much larger difference than normal.
If you have any questions about the data provided on Bank Owned Homes sold in El Dorado Hills, feel free to give us a call at (916) 337-0658. If you need assistance in finding the best bank owned deal we are the El Dorado Hills Realtor you should contact.
The data follows:
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