BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA - May 2011
This is the latest monthly report of a nearly four-year study of bank owned (REO) home sales in Folsom, CA. This report covers May 2011.
There were 17 REO homes sold in Folsom in May, four more than sold the previous month.
The average days on market remained at 53 for the second month in a row. One of the homes had been on the market for over 100 days and one had been on the market for over 300 days, skewing this statistic slightly. However, 30% of the homes that sold were on the market for two weeks or less. Well-priced homes in good condition are still selling quickly.
The 17 REO homes that sold represent only 23% of all homes sold this month, on the lower end of the normal range. REO inventory is very low.
The available inventory of REO homes in Folsom crept up to a 1.8-month supply, up from the 1.5-month supply the previous month. The available inventory for ALL homes available declined from a 3-month supply the previous month to a 2.6-month supply in May. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller's market in Folsom.
The average cost-per-square-foot for REO homes was $ 142 in May, down markedly from $ 175 the previous month. This is the lowest sold cost-per-square-foot in the past fourteen months. The average cost-per-square-foot for all homes sold in Folsom in May dropped to $ 159, down from $ 178 the previous month.
The overall sales price for REO homes was 99.27 % of the final asking price. In addition, a full 47% of the buyers paid the asking price, or more, for their REO homes in May.
REO buyers paid 90% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in May. When applied to a 2500 square foot home, that represents a savings of $ 42,500: a considerable savings.
If you have any questions about purchasing a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
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