BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – AUGUST 2012

BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – AUGUST 2012

This is the latest monthly report of our five-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA.  This report covers August 2012. For the purposes of simplification, we will use the term foreclosure from this point forward.

There were nine foreclosure homes sold in El Dorado Hills in August, up three from the previous month. All of these sales fall into the normal ranges.    

The average days on market decreased from a 24 the previous month to 18 in August.  Seven, or 78%, of the foreclosure homes sold in two weeks or less in August, a larger segment than normal.   

The nine foreclosure homes that sold represent only 9.9% of ALL homes that sold in El Dorado Hills this month, also a smaller segment than normal.  

The available inventory of foreclosure homes in El Dorado Hills dropped to a 0.2-month supply in August, an all time low for our study.  We had a .8-month supply in July.  This inventory level has only been above a two-month supply one month in the past fifteen.

The inventory for ALL homes available in El Dorado Hills dropped slightly to a 1.5-month supply in August.  We had a 1.6-month supply in July. Pundits tell us that a 6-month supply is a neutral market, so we continue to have a strong seller’s market for ALL homes in El Dorado Hills, both foreclosure and non-foreclosure. 

The average cost-per-square-foot for foreclosure homes dropped to $147, down from $ 160 in July, but still the third highest number for the past fifteen months  The average cost-per-square-foot for ALL homes sold in El Dorado Hills in August edged up one dollar to $ 159, the second highest figure in the past fifteen months.    

The overall sales price for foreclosure homes was 99.2% of the final asking price and 97.5% of the original asking price. Fifty-six percent of the buyers paid the full asking price or more in August for their foreclosure home.

When based on the cost-per-square-foot for ALL homes sold, foreclosure homebuyers paid $12 less per square foot in August. When applied to the purchase of a 2,500 square foot home, that represents a savings of $ 30,000: a tidy sum.    

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills foreclosure, or a foreclosure Home anywhere in the area, feel free to give us a call (916) 337-0658.  If you would like to search for foreclosure homes in your section of the greater Sacramento area, go to www.BuyYourVilla.com

The data follows:

 Originally posted at www.BuyYourVilla.com/blog