BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – APRIL 2012
This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers April 2012.
There were 11 bank owned (foreclosure/REO) homes sold in El Dorado Hills in April, three less than in the previous month.
The average days on market increased from 47 in March to 49 in April, yet only one of the homes had been on the market for over 100 days. Only one the homes that sold had been on the market for two weeks or less, a much smaller segment than normal.
The 11 bank owned (Foreclosure/REO) homes that sold represent only 17% of ALL homes sold in El Dorado Hills this month. The lower inventory level of bank owned homes is the reason.
The available inventory of bank owned (Foreclosure/REO) homes in El Dorado Hills dropped to a .6-month supply in April, down from a 1.0-month supply in March. There have been two spikes in bank owned home inventory in El Dorado Hills in the past fifteen months. The inventory level exceeded a two-month supply in February of 2011 (a 2.7-Month supply) and December of 2011 (a 2.4-month supply).
The inventory for ALL homes available edged up to a 2.1-month supply in April, up from a 2.0-month supply the previous month. Pundits tell us 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, both bank owned and non-bank owned.
The average cost-per-square-foot for Bank Owned (Foreclosure/REO) homes dropped to $ 131 in April, down from $ 137 the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in April was $ 154, up four dollars from March. In fact, that is the highest cost per square foot for any month since May of 2011, when it was $ 155.
The overall sales price for bank owned homes was 98.6% of the final asking price and 93.1% of the original asking price. Forty-six Percent of the buyers paid the full asking price or more in April for their bank owned home, a slightly larger segment than normal.
Note that there was one home sold, line item four in the chart below, which sold for 115.2% of the final asking price. Although it is not unusual for buyers to pay more than the asking price on a bank owned (Foreclosure/REO) home, it is unusual for them to pay over $ 50,000 more. That one sale has skewed the figures for April.
When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 15% less in April. That is a $ 23 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 57,500, a substantial sum.
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.
The data follows:
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