FORECLOSURE/REO) HOME SALES DATA FOR FOLSOM, CA – SEPTEMBER 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 September 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 was only one foreclosure home that sold in Folsom this month. There were only two 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 57. The average days-on-market in August was 26.
This foreclosure homes sold represents only 1.38% of all homes sold in Folsom. Foreclosures remain a very small segment of the market. A total of 72 homes sold in Folsom.
The available inventory of foreclosure homes in Folsom decreased to a 0.0-month supply. So, no foreclosure homes are available at present. This is the second month in the past fifteen months with no foreclosure homes available. We note that many of the HELOC (Home Equity Line of Credit) and adjustable rate mortgages used at the peak of the housing bubble are due for interest rate adjustments in the next several months. We suspect that many more homes will fall into the foreclosure process as a result, so inventory levels are likely to increase in the next year.)
The inventory for ALL homes available remained at a 1.9-month supply for the second month in a row. That inventory level has remained in the 1.4-month supply to a 2.5-month supply the past fifteen months. 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 $ 211 in September. 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 September was $ 211.
When we compare the cost-per-square-foot for ALL homes that sold in Folsom year-over-year, the cost-per-square-foot in September of 2013 was $ 204. This month’s figure of $ 211 represents a 3.4% increase. The increase for the fifteen month period covered by our data source reveals an increase of 4.6%. Home prices in Folsom seems to have leveled out. Recent interest rate reductions should have an impact over the next few months.
There was a $3000 concession given to buyers of the foreclosure home that sold this month. Concessions have become more common in the past year.
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 – SEPTEMBER 2014.
Original post published at www.BuyYourVilla.com