BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – JULY 2011
This is the latest monthly report of a nearly four-year study of bank owned home sales in El Dorado Hills, CA. This report covers July 2011.
There were 16 REO homes sold in El Dorado Hills in July, three less than sold the previous month.
The average days on market dropped from 72 in June to 67 in July. Three of the homes had been on the market for over 100 days, one for 270 days. However, 25% 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 16 Bank Owned homes that sold represent 25% of ALL homes sold in El Dorado Hills this month.
The available inventory of REO homes in El Dorado Hills increased slightly from a .9-month supply the previous month to a 1.0-month supply in July. The available inventory for ALL homes increased from a 2.9-month supply the previous month to a 3.5-month supply in July. 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 Bank Owned homes was $ 124 in July, down from $ 128 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in July dropped to $ 146, down from $ 149 the previous month.
The overall sales price for REO homes was 98.3% of the final asking price and 92.5% of the original asking price. Yet 57% of the buyers paid the full asking price or more for their REO homes in July. Apparently, these homes were well priced and buyers decided to take advantage of low prices and excellent mortgage interest rates.
REO buyers paid 85% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for all homes sold in July. That is a $ 22 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 55,000, a considerable sum. Most buyers would consider that sufficient reason to accept the fact that REO buyers must relinquish some of the rights they have when buying a home in a normal sale.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
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