El DORADO HILLS, CA REO SALES DATA FOR AUGUST 2009

El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR AUGUST 2009

This is a continuation of my monthly report on Bank Owned home sales data for El Dorado Hills, CA. This report covers REO homes sold in August of 2009, the latest in my study of more than two years.

There were 10 REO homes sold in August, down from 22 in July. The average days-on-market increased to 36, up from 33 in July, largely because one sold home was on the market for 169 days and represented 10% of the sales. However, a full 50% of the REO homes that sold were on the market for less than two weeks. REO homes are still selling quickly.

The 10 homes sold represent 26.4% of all homes sold in El Dorado Hills, down from 31.5% in July. There are fewer REO homes on the market.

The overall number of homes sold in El Dorado Hills in August dropped considerably from 70 in July to 38 in August.

The cost per square foot of REO homes in June decreased to $ 144, down one dollar from July. The cost per square foot of all homes sold in June decreased to $ 161, also down one dollar from July.

The overall sales price for REO homes was 103.2% of the final asking price, and 99.9% of the original asking price. The banks are pricing these homes well and they are selling fast. The bargains that were once available no longer exist.

The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in August, $10.50 per square foot. That is a $ 26.250 savings on a 2500 square foot home, not a small sum.

The data follows: