FOLSOM, CA HOME SALES DATA – AUGUST 2014
The purpose of this post is to provide market data those interested in the Folsom, CA housing market. The data presented covers August 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 has cooled off a bit. The $213 cost per square foot number reported for August, up from $ 207 in July is tied with April and May for the second highest in past years.
We had expected to see a trend of increasing prices through the summer selling season. However, prices seem to be leveling out. Affordability and difficulty in obtaining financing are having an impact.
Also note that the August number represents an increase of 4.2% over the August 2012 number. It also represents a 5.9% 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 August inventory level was at a 2.0-month supply, down from the record high of a 2.5-month supply reported in three of the past eight months. Note that 94 homes sold in Folsom this month. Sellers are reentering the market as prices climb back into their comfort zone.
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 39 days in August. Although homes are not selling as quickly as they did last year the pace is still rapid.
The average home sold for 97% of the asking price in August. Not as high as it was last year, but not far behind. Sellers have been getting very close to their asking price for some time and the market seems to be softening up a bit. 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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