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BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2013

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Real Estate Agent with Heritage Oak Properties 01367027

BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2013

 

This is the latest monthly report of our over five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA.  This report covers January of 2013.  In order to simplify the post for the reader, we will only use the term Foreclosure when referring to this category of home.

 

If you would like to see all of the foreclosure homes available for sale in Folsom, select this link.  To view the available foreclosure homes you will have to select the box next to “are REO/Bank Owned” under the “Including the above criteria, only show me properties that:” section.  Then scroll down to the Folsom box half way down on the left side of the page and finally select the Search Now button at the bottom of the page.

 

There were two foreclosure homes sold in Folsom, the same number that sold the previous month.  With such a small sample statistical analysis is of questionable value.

 

Photo of foreclosure homeThe average days-on-market jumped up to 41 days.  It was down to three days in December.  One of the two homes that sold was on the market for much longer than usual, skewing this statistic.

 

The two foreclosure homes that sold represent only 3.5% of all homes sold. That is the smaller segment than usual.  The very low foreclosure home inventory continues to influence this statistic.

 

The available inventory of foreclosure homes in Folsom increased to a

2.5-month supply, up from a 2.0-month supply the previous month.  That inventory level had not exceeded a 1.2-month supply for over a year until December.    

 

(Note that the absorption rate is calculated by dividing the number of available homes by the number of homes that sold in the most recent month. So, with only two homes sold a 2.5-month supply means that there are a total of five foreclosure homes available: not exactly a glut on the market.)  

 

The inventory for ALL homes available increased to a 1.0-month supply, it was at a 0.6-month supply the previous month. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both foreclosure homes and all other homes on the market.  

 

The Folsom market continues to reflect the shortage of inventory available in the rest of California.

 

The average cost-per-square-foot for foreclosure homes was $ 143 in January, down from $ 180 the previous month, a large drop.  Here too the small sample does not allow for meaningful statistical analysis.

 

The average cost-per-square-foot for ALL homes sold in Folsom in January was $ 172, the highest it has been in over fifteen months.     

 

The overall sales price for REO homes was 102.3% of the final asking price. One sold for 111.3% of the final asking price and the other sold for only 93.4% of the final asking price.    

 

When based on the cost-per-square-foot for ALL homes sold, buyers of foreclosure homes paid 17.0% less in January.  That is only the second time that has happened during our study.  That is a $ 29 per-square-foot more that buyers paid for all homes sold.  When applied to a 2500 square foot home, that represents an additional expense of $ 72,500, a substantial sum.  Those buyers must really have liked these homes!

 

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call

(916) 337-0658.

 

See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – JANUARY 2012

 

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olsom Ca foreclosure home sales data

 

 

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