BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – DECEMBER 2011
This is the latest monthly report of a four-year study of bank owned home sales in El Dorado Hills, CA. This report covers December 2011.
There were six bank owned homes sold in El Dorado Hills in December, down one from the previous month. A low inventory is the primary reason.
The average days-on-market increased from 29 in November to 79 in December. One of the homes had been on the market for over 100 days. Some old inventory was cleared out. None of the homes that sold had been on the market for two weeks or less, which is very unusual.
The six bank owned homes that sold represent only 8% of ALL homes sold in El Dorado Hills this month. This is a much smaller segment than normal, despite the increase in inventory.
The available inventory of bank owned homes in El Dorado Hills spiked at a 2.4-month supply in December, the second highest inventory level in 2011... The available inventory for ALL homes available dropped from a 2.9-month supply the previous month to a 2.2-month supply in December, the lowest inventory level in 2011. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills.
The average cost-per-square-foot for Bank Owned homes was $ 150 in December, up considerably from $ 126 in the previous month, and the highest in the past fifteen months. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in December remained $ 153 for the second month in a row.
The overall sales price for bank owned homes was 94.9% of the final asking price and 87% of the original asking price. Only one of the buyers paid the full asking price in December. The banks did not do a very good job of estimating the market value of their “toxic Assets” that sold in December.
Bank owned homebuyers paid 98% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in December. That is only $ 3 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 7,500, much less than usual.
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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