FOLSOM, CA HOME SALES DATA – JANUARY 2014
The purpose of this post is to provide market data those interested in the Folsom, CA housing market. The data presented covers January 2014, and the preceding fourteen months.
If you would like to view all homes for sale in Folsom CA 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 through October of 2013. The last three months have seen a slight drop. We attribute this phenomenon to the seasonal drop that we usually see over the holidays and during the winter months. We expect to see the increases start again in the March/April period. Note that the January number represents an increase of 13.1% over the January 2012 number. It also represents a 14.3% 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 January inventory level was a 2.8-month supply. This is the largest inventory we have had in the past fifteen months and double that of the oldest ten months charted. 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.
The third chart shows the average days on market, the length of time it takes the average house to sell. The average home sold in 51 days in January, the longest the average home has been on the market in the past fifteen months. Here too we attribute that to the seasonal market.
The average home sold for 97% of the asking price in January, a number that has remained in the 96% – 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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