This is the eighth in a series of Blogs in my quest to determine if REO properties are the great bargain that the public perceives them to be. The subject data is for SOLD REO properties in Folsom and El Dorado Hills, CA during March of 2008.
The number of REO properties sold in March increased to 22 from 16 in February, an increase of 37.5%. However the total number of properties sold increased 79.6% due to the seasonal adjustment in volume. THerefore, REO properties represented only 22.6% of total sales.
The number of REO properties remaining on the market for 14 days or less is on the increase. There still remain a number of REOs that have been on the market a long time. Therefore, the average days on market has only dropped slightly.
There has been a increase in the number of REO properties that have sold for 100% of the asking price, leading the observer to believe that buyers are finding the listing prices more acceptable. Multiple offers on REOs are becoming more common.
Again, the average REO property cost per square foot remains in the range of 11% - 14% below the cost per square foot of all properties sold during the period.
Folsom/El Dorado Hills Sold REO Properties March 2008
Original Listing Price at SP as % SP as %
DOM Listing Price Time of Offer Sold Price Original Price Final Price
1 EDH 125 $359,900.00 $334,500.00 $303,100.00 84.22% 90.61%
2 Fol 93 $389,900.00 $349,900.00 $310,000.00 79.51% 88.60%
3 Fol 7 $355,000.00 $355,000.00 $355,000.00 100.00% 100.00%
4 Fol 5 $360,000.00 $360,000.00 $340,000.00 94.44% 94.44%
5 Fol 31 $369,900.00 $369,900.00 $341,500.00 92.32% 92.32%
6 Fol 9 $345,000.00 $345,000.00 $349,000.00 101.16% 101.16%
7 Fol 13 $354,500.00 $354,500.00 $353,000.00 99.58% 99.58%
8 EDH 2 $369,900.00 $369,900.00 $369,900.00 100.00% 100.00%
9 EDH 174 $446,900.00 $399,900.00 $373,000.00 83.46% 93.27%
10 Fol 19 $399,900.00 $399,900.00 $415,000.00 103.78% 103.78%
11 Fol 5 $411,900.00 $411,900.00 $423,500.00 102.82% 102.82%
12 EDH 27 $474,900.00 $449,900.00 $440,500.00 92.76% 97.91%
13 Fol 114 $528,900.00 $478,875.00 $465,000.00 87.92% 97.10%
14 EDH 206 $595,950.00 $497,900.00 $485,000.00 81.38% 97.41%
15 Fol 1 $549,000.00 $549,000.00 $535,000.00 97.45% 97.45%
16 EDH 21 $574,900.00 $574,900.00 $574,900.00 100.00% 100.00%
17 EDH 44 $605,000.00 $595,000.00 $585,000.00 96.69% 98.32%
18 EDH 12 $624,900.00 $624,900.00 $600,000.00 96.02% 96.02%
19 Fol 1 $613,900.00 $613,900.00 $613,000.00 99.85% 99.85%
20 EDH 30 $661,000.00 $661,000.00 $661,000.00 100.00% 100.00%
21 Fol 61 $770,000.00 $770,000.00 $690,000.00 89.61% 89.61%
22 Fol 9 $875,000.00 $875,000.00 $875,000.00 100.00% 100.00%
Average 46 94.7% 97.3%
REO Sold Cost Per Square Foot: $180.00 86%
Total Sold Cost Per Square Foot: $209.00
Total Number of REO Homes Sold in November for area: 22 (22.6% of Total)
Total Number of Homes Sold in November for the same area: 97
Apologies for the alignment problem. I do not posses the skills to make a more polished presentation.
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