BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – AUGUST 2014
This is the latest monthly report of our over five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA. This report covers August of 2014. In order to simplify the post for the reader, we will only use the term “foreclosure” when referring to this category of home.
Note that no foreclosure homes sold in Folsom in July of 2014. Therefore, no report was published.
If you would like to see all of the foreclosure homes available for sale in Folsom, select this link. To view the available foreclosure homes you will have to select the box next to “are REO/Bank Owned” under the “Including the above criteria, only show me properties that:” section. Then scroll down and select the Folsom box half way down on the left side of the page and finally select the Search Now button at the bottom of the page.
There were only two foreclosure homes that sold in Folsom this month. There were only three foreclosure homes available in Folsom this month. With such a small sample any statistical evaluation is of questionable value. We make this report available for readers interested in monitoring the market trends.
The days-on-market number for this foreclosure home was 27. The average days-on-market in June was 21.
The available inventory of foreclosure homes in Folsom decreased to a 0.5-month supply, indicating that the available supply is very small. It was at a 3.0-month supply the previous in June. We do not expect to see much action in the foreclosure home market for a while. The spike of a 7.0-month supply in December seems to have been a statistical anomaly. That inventory level has been under a 3.0-month supply for most months in the past fifteen covered by this report.
(Note that the absorption rate is calculated by dividing the number of available homes by the number of homes that sold in the most recent month. So, with only one home sold a 0.5-month supply means that there is a total of one foreclosure home available.)
The inventory for ALL homes available decreased to a 2.0-month supply this month. That inventory level has remained in the 1.4-month supply to a 2.5-month supply for most of the past year. Correctly priced homes in good condition still sell quickly.
Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both foreclosure homes and all other homes on the market.
The cost-per-square-foot for the foreclosure home that sold was $ 219 in August. We do not attach much importance to this figure due to the small sample. The average cost-per-square-foot for ALL homes sold in Folsom in August was $ 213, tied forthe second highest in the fifteen months covered by our data source.
When we compare the cost-per-square-foot for ALL homes that sold in Folsom year-over-year, the cost-per-square-foot in August of 2013 was $ 205. This month’s figure of $ 213 represents a 4.2% increase. The increase for the fifteen month period covered by our data source reveals an increase of 8.6%. This much larger statistical sample makes this number significant.Folsom real estate remains a good investment.
There were no concessions given to buyers of foreclosure homes this month.
If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call (916) 337-0658.
See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – AUGUST 2014.