Folsom, CA REO (BANK OWNED) SALES DATA FOR June 2010
This is a continuation of a three year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in June 2010.
There were 16 REO homes sold in June, one less than sold in May. The days-on-market increased significantly to 84, up from 45 the previous month. This increase is due to the fact that one home sold after being on the market for 525 days! (It was in very rough condition.) Two others had been on the market well over 100 days. In June only 19% of the bank owned homes sold in two weeks or less. This is an unusually small segment of the sold REO homes.
The 16 homes sold represent 22% of all homes sold in Folsom, on the low end of the normal range. There are far fewer Bank Owned homes available on the market and short sale homes continue to have an impact.
The overall home inventory in Folsom increased to a 3.2 month supply, up from the 2.6 month supply reported for May. A neutral market is considered a 6 month inventory. So, we are still looking at a strong seller's market. Available inventory in Folsom has not reached the six month level in well over a year. It may be a seller's market in some areas, but that has NOT been so In Folsom.
The cost per square foot of REO homes in June increased by two dollars to $ 165. It has been running in a narrow range of $ 176 to $ 156 over the past fourteen months. The cost per square foot of all homes sold in January decreased to $ 174, down from $ 176 the previous month.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers.
The overall sales price for REO homes was 96.2% of the final asking price. Only 13% of the buyers paid more than the asking price for their bank owned home in June, an unusually small percentage. The banks are still pricing these homes well and in June there was a $ 9 dollar per square foot savings, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 22,500 savings, something worth considering when selecting a home.
The data follows:
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