This is the fifth in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be. The subject data is for REO properties in Folsom and El Dorado Hills, CA during December 2007.
The number of REO properties sold during December 2007 was the highest in the five month period that I have reviewed. The 22 homes sold represent 27.2 % of all homes sold in the area for that month. That trend seems to be on the increase.
Those homes that were on the market longest tended to sell for a smaller percentage of the original asking price, but not consistently any lower than the final asking price than any of the other homes.
There was a marked change in the cost per square foot of REO homes sold in December, at 91.5%. That number has remained in the 85%- 86% range until December.
Home Number five in the list below sold for 73.4 of the original asking price in five days. That is the lowest percentage of any home in the five month period. One would expect that the condition of the home was a major factor.
Are REO properties the bargain perceived by the public? You must decide.
Folsom/El Dorado Hills Sold REO Properties December 2007
Original Listing Price SP as % SP as %
DOM Listing Price at Time of Offer Sold Price Original Price Final Price
1 EDH 133 $405,000.00 $325,000.00 $295,000.00 72.84% 90.77%
2 Fol 22 $360,000.00 $360,000.00 $325,000.00 90.28% 90.28%
3 EDH 108 $369,900.00 $339,500.00 $330,000.00 89.21% 97.20%
4 Fol 18 $348,900.00 $348,900.00 $355,000.00 101.75% 101.75%
5 Fol 5 $365,000.00 $365,000.00 $266,650.00 73.05% 73.05%
6 EDH 82 $371,900.00 $371,900.00 $372,000.00 100.03% 100.03%
7 EDH 97 $454,900.00 $428,500.00 $386,925.00 85.06% 90.30%
8 EDH 116 $464,900.00 $419,500.00 $395,000.00 84.96% 94.16%
9 EDH 35 $429,000.00 $419,900.00 $400,000.00 93.24% 95.26%
10 Fol 152 $504,900.00 $454,900.00 $409,000.00 81.01% 89.91%
11 Fol 42 $459,900.00 $429,900.00 $420,000.00 91.32% 97.70%
12 EDH 16 $454,900.00 $454,900.00 $435,000.00 95.63% 95.63%
13 EDH 54 $494,900.00 $484,900.00 $480,000.00 96.99% 98.99%
14 EDH 118 $600,000.00 $505,000.00 $490,000.00 81.67% 97.03%
15 Fol 9 $559,900.00 $559,900.00 $535,000.00 95.55% 95.55%
16 EDH 8 $549,900.00 $549,000.00 $539,000.00 98.02% 98.18%
17 Fol 37 $605,900.00 $605,900.00 $550,000.00 90.77% 90.77%
18 EDH 3 $554,900.00 $554,900.00 $555,000.00 100.02% 100.02%
19 EDH 126 $719,900.00 $579,900.00 $579,900.00 80.55% 100.00%
20 EDH 28 $723,900.00 $712,900.00 $700,000.00 96.70% 98.19%
21 EDH 43 $949,900.00 $935,900.00 $930,000.00 97.91% 99.37%
22 EDH 41 $964,900.00 $959,900.00 $940,000.00 97.42% 97.93%
Averages 59 90.6% 95.1%
REO Sold Cost Per Square Foot: $194.00
Total Sold Cost Per Square Foot: $212.00
Total Number of REO Homes Sold in November for area: 22 (27.2% of Total)
Total Number of Homes Sold in November for the same area: 81
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