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BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2012

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Real Estate Agent with Heritage Oak Properties 01367027

BANK OWNED (Foreclosure/REO) HOME SALES DATA FOR FOLSOM, CA – FEBRUARY 2012

 

This is the latest monthly report of our more than four-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA.  This report covers February 2012.

 

There were 12 Bank Owned homes sold in Folsom this month, two more than in the previous month.

 

The average days-on-market decreased from 47 the previous month to 42 in February. Only one of the homes had been on the market for over 100 days, and 41.7% of the homes that sold were on the market for two weeks or less.  Well prices homes in good condition are selling quickly.

 

The 12 Bank Owned homes that sold represent 20% of all homes sold in Folsom this month.  The very low bank owned home inventory is the reason this segment or market is so low.

 

The available inventory of bank owned homes in Folsom decreased to a .8-month supply, down from a one month supply the previous month.  That inventory level has not exceeded a two-month supply since February of 2011. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available edged up to a 1.7-month supply, up from a 1.6-month supply the previous month.  We have not had an inventory of more than a three-month supply since February of 2011.  Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.

 

The average cost-per-square-foot for bank owned homes was $ 147 in February, down from $ 155 in January. The average cost-per-square-foot for ALL homes sold in Folsom in February was $ 153, down one dollar from the previous month.  It has been moving within a narrow range for the past year. Last month the cost-per-square-foot for bank owned homes was higher than the cost for all homes sold is statistical anomaly. 

 

The overall sales price for REO homes was 97.2% of the final asking price and 94% of the original asking price.  In addition, 33% of the buyers paid the asking price, or more, for their Folsom bank owned home in February. 

 

Based on the cost-per-square-foot, bank owned homebuyers saved six dollars per foot on their bank owned home compared to the cost for all homes sold in Folsom this month.  When applied to a 2,500 square foot home, that represents a savings of $ 15,000: a tidy sum

 

Given the overall data, it is obvious that homeowners who do not have to sell are keeping their homes, rather than accepting current market value offers.    

 

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or an REO anywhere in the area, feel free to give us a call

(916) 337-0658.

 

The data follows:

 

 

 

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