BANK OWNED(REO) HOME SALES DATA FOR FOLSOM, CA - AUGUST 2011

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Real Estate Agent with Heritage Oak Properties 01367027

BANK OWNED (REO) HOME SALES DATA FOR FOLSOM, CA – AUGUST 2011

 

This is the latest monthly report of a nearly four-year study of bank owned (REO) home sales in Folsom, CA.  This report covers August 2011.

 

There were 21 REO homes sold in Folsom in August, two less than sold the previous month.

 

The average days on market remained at 41 in August.  Only one of the homes sold had been on the market for over one hundred days; however, 24% of the REO homes that sold were on the market for two weeks or less.  Well-priced homes in good condition are still selling quickly.

 

The 21 REO homes that sold represent 24% of all homes sold this month, still on the lower end of the normal range.  REO inventory is very low.

 

The available inventory of REO homes in Folsom dropped to a  .9-month supply, down from a 1-month supply in July.  This is the lowest inventory level in the past fourteen months. The available inventory for ALL homes available increased slightly from a 1.9-month supply the previous month to a 2.3-month supply in August. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market in Folsom for both REO homes and all other homes on the market.

 

The average cost-per-square-foot for REO homes was $ 142 in August, down from $ 154 in July but the same as was reported in June. The average cost-per-square-foot for ALL homes sold in Folsom in August dropped to $155, down from $ 161 the previous month. 

 

The overall sales price for REO homes was 97.78% of the final asking price.  In addition, a full 34% of the buyers paid the asking price, or more, for their REO homes in August.

 

REO buyers paid 92% (or thirteen dollars per square foot) of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in August. When applied to a 2500 square foot home, that represents a savings of $ 32,500: a considerable savings.    

 

If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call

(916) 337-0658.

 

The data follows:

 

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