FOLSOM, CA HOME SALES DATA – JUNE 2012
The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The data presented covers June 2012, and the preceding fourteen months.
The first chart lists the cost-per-square-foot for all homes sold in Folsom by month.
Although there is a very slight fluctuation from month to month, the viewer can see that there is little change in over the period covered. The June number is the highest it has been in fifteen months. The pundits advise that we hit the bottom of the market in Folsom in March of 2012. The lowest cost –per-square-foot in Folsom was in February.
Those potential buyers who decided to remain on the fence, “until prices hit bottom” missed the boat, but only by a few months. The housing shortage is going to result in price increases. The new challenge will be to find any home that they can buy.
The second chart shows the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). The inventory level dropped to a 0.7-month supply in May, the lowest in the past fifteen months and edged up slightly to a 1.1-month supply in June. Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market has been a seller’s market during the entire period this report covers. There has been a shortage if inventory for many months and the trend is for an even smaller number of homes to be available.
The media is finally starting to realize that the housing market has changed.
Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were correct. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners may put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
If you would like to see this data for other cities and towns in our area feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
Rainmaker
125,574
125,574
Heritage Oak PropertiesP.O. Box 5571El Dorado Hills,CA95762
local_phone(916) 337-0658
smartphone(916) 337-0658
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