BANK OWNED (REO)HOME SALES DATA FOR EL DORADO HILLS,CA– JUNE 2011
This is the latest monthly report of a nearly four-year study of bank owned home sales inEl Dorado Hills,CA. This report covers June 2011.
There were 19 REO homes sold in El Dorado Hills in June, two more than sold the previous month.
The average days on market increased from 66 in May to 72 in June. Three of the homes had been on the market for over 100 days, one for 367 days. However, 32% 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 19 REO homes that sold represent 24% of ALL homes sold this month.
The available inventory of REO homes in El Dorado Hills decreased from a 1.2-month supply the previous month to a .9-month supply in June. The available inventory for ALL homes decreased from a 4.0-month supply the previous month to a 3.1-month supply in June, the lowest level in fourteen months. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market for ALL homes in El Dorado Hills.
The average cost-per-square-foot for REO homes was $ 128 in June, down from $ 130 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in June dropped to $ 149, down from $ 155 the previous month.
The overall sales price for REO homes was 99.1% of the final asking price and 94.6% of the original asking price. Yet 53% of the buyers paid the full asking price or more for their REO homes in June. Apparently, these homes were well priced and buyers decided to take advantage of low prices and excellent mortgage interest rates.
REO buyers paid 86% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for all homes sold in June. That is a $ 21 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 52,500, a considerable sum. Most buyers would consider that sufficient reason to accept the fact that REO buyers must relinquish some of the rights the have when buying a home in a normal sale.
If you have any questions about purchasing an El Dorado Hills REO, or an REO anywhere in the area, feel free to give us a call (916) 337-065
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