July 2008 - El Dorado Hills, CA - Residential Real Estate Update ( includes REO's & Short Sales )
As of today's date, as I write this update, according to the Metrolist MLS system, in El Dorado Hills, CA, there are currently 431 single-family homes listed for sale (this excludes condos, duplexes, apartments, etc.). During the month of July, 2008, there were 43 homes that sold (closed escrow). At this rate of home sales, it would suggest there is about a 10 month supply of homes available. It is commonly agreed that when inventory of homes for sale is above a 6 month supply of homes, it is a "buyer's market." For the month of July, 2008, the buyers continued to hold the upper hand over home sellers.
Of the 431 homes Actively for Sale on the market in El Dorado Hills, CA, 36 are REO's (Real Estate Owned by banks) that were obtained by the banks through foreclosure. This equates to 8.35% of the homes being REO's. 91 of the listings are Short-Sales (these are homes that are being offered for sale at an amount that is less than what is owed on the home and the seller wants the bank to allow the lower priced sale to close escrow and satisfy the total debt owed by the seller to the bank.). This equates to 21.11% of the homes being Short-Sales.
Of the 43 homes that closed escrow and sold in July, 2008, 14 were bank owned homes (32.55%) and 2 were Short-Sales (5%). The combined total of REO's and Short-Sales, when compared to homes that closed escrow and sold in July, 2008 was 37.55%. During this time period, 27 home sales were of the standard resale variety.
If you are interested in reading about the Residential Real Estate Market and the impact of Bank Owned Homes in Sacramento County and Folsom, CA please read the following series of articles: Pulling Back the Curtain on REO's in Sacramento County and Folsom, CA.
If you are a home buyer and looking to buy a home in El Dorado Hills, now is a great time to buy your next home. If you are a home seller, navigating these waters successfully can be done, but I suggest you have a seasoned Realtor along for the ride to guide you and implement the proper pricing and marketing strategies to make your chances of success as high as possible.
Looking for a BANK OWNED HOME? Updated daily: Bank Repos in El Dorado Hills, CA
Comments(0)