El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR June 2010
This is a continuation of my three year monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in June 2010.
There were 12 Bank Owned homes sold in June, down 20% from May. This reflects a very low inventory of 1.7 months supply in June. Inventory was a one month supply in April and a 1.5 month supply in May. The inventory of all available homes in El Dorado Hills is presently only a 4.1 month supply. It had been 7.4 month supply in August of 2009. Six months is considered a neutral market, so we are still in a seller's market irrespective of what the media reports..
The average days-on-market jumped to 51 days, up from 33 days in May. Only two of the REO homes that sold had been on the market for over 100 days. Only 25% of the REO homes sold were on the market two weeks or less. The well priced homes are selling quickly as usual. Those that were not well priced took longer to sell-Real estate 101.
The 12 REO homes that sold represent only 18% of all homes sold in El Dorado Hills in June.
The cost per square foot of REO homes in June was $ 145, down from $ 150 in May. The cost per square foot of all homes sold in January increased $ 2 to $160.
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 10% savings for REO buyers in June.
The overall sales price for REO homes was 99.8% of the final asking price, and 93.6% of the original asking price, and 25% of the buyers paid more than the asking price for REO homes in June.
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 March, $ 10 per square foot. That is a $ 25,000 savings on a 2500 square foot home, not a small sum.
The data follows:
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