FOLSOM, CA HOME SALES DATA – JULY 2014
FOLSOM, CA HOME SALES DATA – JULY 2014 The purpose of this post is to provide market data those interested in the Folsom, CA housing market. The data presented covers July 2014, and the preceding fourteen months.
The first chart lists the cost-per-square-foot for all homes sold in Folsom by month. Indications are that the red hot Folsom, CA market has cooled off a bit. The $206 cost per square foot number reported for July, seven dollars lower than that reported in June. We had expected to see a trend of increasing prices through the summer selling season. However, prices seem to be leveling out. Affordability and difficulty in obtaining financing are having an impact.
Also note that the July number represents an increase of 5.4% over the July 2012 number. It also represents a 5.5% increase in the past fifteen months.
The real challenge for buyers is to find any home that they can buy. Select the link above if you wish to view all homes for sale in Folsom right now (this data is updated several times each day and the best source of accurate market data). … 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 July inventory level was at a 2.4-month supply, down from the record high 2.5-month supply reported in three of the past six months. Note that 84 homes sold in Folsom this month. Sellers are reentering the market as prices climb back into their comfort zone.
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 fifteen-month period covered by these charts. … The third chart shows the average days on market, the length of time it takes the average house to sell. The average home sold in 38 days in July. Although homes are not selling as quickly as they did last year the pace is still rapid.
The average home sold for 97% of the asking price in July. Not as high as it was last year, but not far behind. Sellers have been getting very close to their asking price for some time and the market seems to be softening up a bit. Folsom real estate remains an excellent investment.
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.SellYourVilla.com. To view additional information about FOLSOM, CA HOME SALES DATA – JULY 2014, or any other month, visit www.SellYourVilla.com.
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