FOLSOM, CA HOME SALES DATA – JUNE 2013
The purpose of this post is to provide market data those interested in the Folsom, CA housing market. The data presented covers June 2013, and the preceding fourteen months.
If you would like to view all homes available for sale in Folsom at this time, select this link. You will have to take two additional steps. Scroll down and check the Folsom box on the left side of the page and select either the Search Now button over either the List Your results button or Map Your results button at the bottom of the page.
The first chart lists the cost-per-square-foot for all homes sold in Folsom by month. Note the steady upward movement on the chart. The June number is the same as that reported in May. These are both higher than any in the past fifteen months and a 19.4% increase over June of 2012! The pundits advise that we hit the bottom of the market in this segment of California in March of 2012.
Those potential buyers who decided to remain on the fence, “until prices hit bottom” missed the boat. Interest rates have increased one full percentage point in the past few months as well. The housing shortage is going to result in continual price increases. The new challenge will be to find any home that they can buy. Select the link above if you wish to view all homes for sale in Folsom right now.
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 varies from month to month but remains low. The June inventory level spiked to a 1.1-month supply, coming close to the 1.2-month supply in July of 2012. In the past year we seem to be bouncing along at or close to a one-month supply. Sellers are reentering the market as prices climb back into their comfort zone.
As prices continue to increase, more sellers will enter the market. 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 covered by these charts.
Over a year ago, we posted an article warning about the pending housing shortage. All you have to do is ask those actively looking for a home for verification.
The third chart shows the average days on market, the length of time it takes the average house to sell. Note that although this number fluctuates from month to month, the trend is for faster sales. The average home has not been on the market for longer than 60 days for almost a year. The average home has sold in less than 30 days in six of the last seven months. Note that the average home sold for 100% of the asking price in June. Sellers have been getting very close to their asking price for some time.
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.
To view additional information about FOLSOM, CA HOME SALES DATA – JUNE 2013, or any other month, visit www.BuyYourVilla.com
Post originally published at www.BuyYourVilla.com/blog
Comments(1)