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FOLSOM, CA HOME SALES DATA – SEPTEMBER 2012

By Mike West

Real Estate Agent with Heritage Oak Properties 01367027

October 19, 2012 08:40 AM

FOLSOM, CA HOME SALES DATA – SEPTEMBER 2012

The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The data presented covers September 2012, and the preceding fourteen months.

If you would like to view all homes available for sale in Folsom at this time, select this link. You will have to take two additional steps. Scroll down and check the Folsom box on the left side of the page and select either the Search Now button over List Your results or Map Your results at the bottom of the page.

The first chart lists the cost-per-square-foot for all homes sold in Folsom by month.

Although there is a very slight fluctuation from month to month, the reader can see that there has been is an upward trend over the past year. The September number is the highest it has been in fifteen months. The pundits advise that we hit the bottom of the market in California in March of 2012. The lowest cost–per-square-foot in Folsom in the past fifteen months was in February.

Those potential buyers who decided to remain on the fence, until prices hit bottom missed the boat. The housing shortage is going to result in price increases. The new challenge will be to find any home that they can buy. Select this link if you wish to view all homes for sale in Folsom right now.
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The second chart shows the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). The inventory level varies from month to month but the overall trend is obviously downward. The 0.7-month supply in May was the lowest on record and the .9-month supply in September is the second lowest on record.

As prices start to increase, more sellers are entering the market. Let’s hope that this trend continues. Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market has been a seller’s market during the entire period covered by these charts.

Over a year ago, we posted an article warning about the pending housing shortage. Obviously, we were correct. All you have to do is ask those actively looking for a home.

The demand will result in price increases and with those increases; more homeowners may put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.

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The third chart shows the average days on market, the length of time it takes the average house to sell. Note that although this number bounces around, the trend is for faster sales. Also, note that the average home sold for 98% of the asking price in September.

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If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com. To use the very best Internet property search tool go to www.BuyYourVilla.com.