BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – OCTOBER 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 October 2012. For the purposes of simplification, we will use the term foreclosure for all homes in this category from this point forward.
If you would like to see all of the foreclosure homes available for sale in El Dorado Hills, select this link. To view the available foreclosure homes you will have check the box marked “are REO/Bank Owned,” in the “Including the above criteria, only show me properties that:” section. Then scroll down and check the “El dorado Hills Area” box on the left side of the page and finally select the Search Now (List Your Results or Map Your Results) button at the bottom of the page. EVERY available property will come up. The site refreshes the data daily.
There was only ONE foreclosure home sold in El Dorado Hills in October, the first time in our five-year study that this has happened. Since our sample is so small, any statistical analysis will be of little value.
The subject home was on the market for 60 days. That is longer than most foreclosure homes are usually on the market unless there are condition issues. We also note that the buyer paid 101.8% of the final asking price.
The one foreclosure home that sold represents only 1.7% of ALL homes that sold in El Dorado Hills this month. The scarcity of available foreclosure homes is the main reason that foreclosure homes are such a small segment of the total.
The available inventory of foreclosure homes in El Dorado Hills increased to a 4.0-month supply in October. The inventory level was at a 0.5-month supply level in September. However, we determine inventory level with a formula that includes the number of homes sold that month. We have four homes available and only one sold in October, so we have a four-month supply. We submit that this is not statistically significant. 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 increased to a
2.3-month supply in October. We had a 2.0-month supply in September. 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 cost-per-square-foot for this foreclosure home was $138, up six dollars from the September average. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in October jumped up to $173, the second highest figure in the past fifteen months.
The sales price for this foreclosure home was 101.8% of the final asking price and 96.3% of the original asking price.
When based on the cost-per-square-foot for ALL homes sold, this foreclosure homebuyer paid $ 35 less per square foot. When applied to the purchase of a 2,500 square foot home, that represents a savings of
$ 87.500: 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
To view the data for BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR El Dorado Hills, CA – OCTOBER 2012 see the chart below.
The data follows:
Post originally published at www.BuyYourVilla.com/blog
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