El Dorado Hills REO (Bank owned) Properties - November 2011 Market Report
It's been five years since the first REO (bank owned) listing hit the El Dorado Hills Real Estate Market - October 2006. Though the inventory has never been a big percentage as far as our overall listings they comprised a big percentage of our sales for much of that time. In October of 2008, REOs were 12.2% of our total listings and 44.6% of our total sales. October of 2011 statistics, show they were 10.3% of our total listings and 17.8% of our total sales.
REOs (bank owned) listings in El Dorado Hills last month sold for $40 per square foot less than Regular Sales and $6 per square foot less than Short Sales making them a great deal for the most part. Because they are priced so well, they also tend to sell very close to list price and sometimes even over the list price.
Following are two charts showing REO activity in the El Dorado Hills Market. The first from Trendgraphix shows the listings verses the sales for the past 5 years since their emergence in our market. And the second shows you the comparison of REOs to Short Sales and Regular Sales.
As you can see in this chart, our proportion of REOs in comparison to total market share has stayed basically the same. We keep hearing that there are many more foreclosures out there in the shadows but for now they are fairly steady in El Dorado Hills and a great deal if you happen to get one!
If you are considering purchasing an El Dorado Hills REO property, it is really important to have your Realtor pull comparables for you on that property. Listings that are under priced will often times have multiple offers. If you are considering purchasing a REO property, let's talk!
More El Dorado Hills Market Reports
El Dorado Hills Market Report - November 2011
El Dorado Hills Short Sales Market Report and History
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I am a REALTOR® in El Dorado Hills with Lyon Real Estate. Though living in El Dorado Hills is my passion, I am happy to help you with your real estate needs throughout the Sacramento Valley. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.com or email me at driley@golyon.com.
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By DeeDee Riley 2011 *All Rights Reserved*El Dorado Hills REO (Bank owned) Properties - November 2011 Market Report
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