BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2012
This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers February 2012.
There were eight bank owned homes sold in El Dorado Hills in February, down one from the previous month.
The average days-on-market decreased from 65 in January to 42 in February. Only one of the homes had been on the market for over 100 days. In addition, 37.5% of the homes that sold had been on the market for two weeks or less, confirming that well priced homes in good condition sell quickly.
The eight bank owned homes that sold represent only 18% of ALL homes sold in El Dorado Hills this month. The lower inventory level of bank owned homes is the reason.
The available inventory of bank owned homes in El Dorado Hills dropped to a 1.6-month supply in February, down from a 2-month supply in January. The inventory level exceeded a two-month supply in only two months in 2011. The inventory for ALL homes available dropped to a 3.5-month supply in February, down from a 3.9-month supply the previous month. Pundits advise us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.
The average cost-per-square-foot for Bank Owned homes was $ 124 in February, down two dollars from the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in February was $ 149, exactly that same as the previous month.
The overall sales price for bank owned homes was 98.6% of the final asking price and 94.2% of the original asking price. Only one buyer paid the full asking price or more in February for their bank owned home. That is a smaller number than normal.
When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 17% less in February. That is a $ 25 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 62,500, a substantial sum.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
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