FOLSOM, CA HOME SALES DATA – MAY 2014
The purpose of this post is to provide market data those interested in the Folsom, CA housing market. The data presented covers May 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. Indications are that the red hot Folsom, CA market is heating up again. The $213 cost per square foot number reported for May is the second highest it has been in fifteen months.
We expect to see a trend of increasing prices through the summer selling season. May is the first month of that season. This might be an excellent time to make a purchase, before those prices start climbing again.
Also note that the May number represents an increase of 8.9% over the May 2012 number. It also represents an 18.6% increase in the past fifteen months.
The real 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 each day and the best source of accurate market data).
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 May inventory level was at a 1.6-month supply, a drop from the previous month. Note that 90 homes sold in Folsom this month. 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 32 days in May. There has not been much of a change for several months. It is taking longer to sell this year than it did last year. However, 32 days is not a long time when compared to the selling times of a few years ago.
The average home sold for 98% of the asking price in May. 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 – MAY 2014, or any other month, visit www.BuyYourVilla.com
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