FOLSOM, CA HOME SALES DATA – OCTOBER 2013

FOLSOM, CA HOME SALES DATA – OCTOBER 2013

The purpose of this post is to provide market data those interested in the Folsom, CA housing market.  The data presented covers October 2013, and the preceding fourteen months.

Link to homes for sale in Folsom CA, 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 October number, at $ 206 is the highest it has been in years. This represents an increase of 23.3% over the October 2012 number. It also represents a 26.8% increase in the past fifteen months.   

The new challenge for buyers is 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 (this data is updated several times a day).

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 October inventory level remained at a 1.9-month supply for the second month in a row and the highest in several years.   In the past year we were 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 fifteen-month period covered by these charts.  

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 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 slightly from month to month, the trend is for faster sales. The average home has not been on the market for longer than one month for eleven months, with the exception of January 2013. The average home sold for 98% of the asking price in October, a number that has remained in the 97% – 102% range for well over a year. Sellers have been getting very close to their asking price for some time. Folsom real estate remains an excellent investment.

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.

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To view additional information about FOLSOM, CA HOME SALES DATA – OCTOBER 2013, or any other month, visit www.BuyYourVilla.com

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