El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR December 2009
This is a continuation of my two-plus year monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers REO homes sold in December of 2009.
There were 20 REO homes sold in December, twice the number sold the previous month. This despite the normal seasonal drop in activity and a reduction in the number of REO homes on the market.
The average days-on-market doubled to 50. There was on REO home that had been on the market for 381 days and a full 30% of the REO homes sold were on the market for more than 60 days. Despite this fact, 45% of the REO homes sold in less two weeks or less. The well priced homes are selling quickly as usual. Those that were not well priced took much longer to sell-Real estate 101.
The 20 REO homes that sold represent 35.1% of all homes sold in El Dorado Hills in December, up from 23.3% last month. REO inventory is declining.
The cost per square foot of REO homes in December decreased to $ 151, down from $ 156 last month. The cost per square foot of all homes sold in December increased $ 166, up five dollars from November.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 9% savings for REO buyers.
The overall sales price for REO homes was 101.2% of the final asking price, and 98% of the original asking price. This proves once again that an expectation of buying a Bank Owned home for bargain prices is unrealistic. There are good values available but the banks are not giving them away.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in December, $ 15 per square foot. That is a $ 37,500 savings on a 2500 square foot home, not a small sum.
The data follows:
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