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

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Real Estate Agent with Heritage Oak Properties 01367027

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

 

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

 

There were 13 REO homes sold in Folsom this month, one less than sold the previous month.

 

The average days-on-market decreased markedly from 70 the previous month to 45 in October.  That September statistic appears to be an anomaly in the normal trend.  Only one of the homes had been on the market for more than 100 days, in fact it had been on the market for 231 days, skewing the reported days-on-market figure. However, 23% of the homes that sold were on the market for two weeks or less, proving that well priced homes in good condition are still selling quickly.

 

The 13 REO homes that sold represent only 21% of all homes sold in Folsom this month, a smaller segment than normal.  The very low bank owned home inventory is a primary reason for this statistic.

 

The available inventory of REO homes in Folsom dipped to a .9-month supply.  The inventory for bank owned homes in Folsom has not exceeded a one-month supply for four consecutive months and has not exceeded a two- month since February of this year. The available inventory for ALL homes available increased to a 2.5-month supply, up from a 1.8-month supply the previous month.  Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.

 

The average cost-per-square-foot for REO homes was $ 151 in October, down one dollar from the previous month. The average cost-per-square-foot for ALL homes sold in Folsom in October was $ 156, also down one dollar from the previous month. 

 

The overall sales price for REO homes was 98.63% of the final asking price.  In addition, a full 47% of the buyers paid the asking price, or more, for their REO homes in October.

 

REO buyers paid 97% (or five 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 October. When applied to a 2500 square foot home, that represents a savings of $ 12,500: 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:

Comments (1)

Kymberly Caldwell-Muniz
(909) 973-0410 - Fontana, CA
TCR Group Keller Williams Realty Rancho Cucamonga

Hello Mike, thanks for the statistical reports, they are always interesting to read the latest reports on other communities. This is a very good market report,  I hope your efforts bring you some business.

Nov 10, 2011 10:41 AM