You may be hearing that it's a buyer's market. Since real estate is a local business, to know the market, you must dig deeper than national or even regional statistics. Folsom, CA is a highly desirable, family oriented community which is located in the Greater Sacramento Region.
In Folsom in December 2009, there were 64 single family homes sold at 94% of the list price. The average days on market for the same month was 76 and the average price per square foot was $169. There was only 2.4 months of inventory. Because inventory defines the "market", when the inventory is less than 5 months, it is considered a seller's market.
Now, let's look at the condo statistics for properties built since 1995 in Folsom. There were 13 sold at 97% of the list price. The average days on market was 136 days and the average price per square foot was $146. There was only .7 months of inventory in December 2009. Clearly, the seller's market for Folsom condos is even stronger than for single family homes.
Consider the Rivage community in Folsom. This is a condo community in Empire Ranch, a golf oriented community in Folsom. 1502 Rivage Circle is listed for $245,900 and boasts 3 BR and 3 BA plus a bonus room. That is just $140.76 psf.
This means you can live in this highly desirable area, near the Empire Ranch Golf Course and realize the value at less than $141 psf. Yes, even in this seller's market, values can be found when you work with Folsom market experts.
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