BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA-NOVEMBER - 2011

BANK OWNED (REO) HOME SALES DATA FOR EL DORADO HILLS, CA – NOVEMBER 2011

This is the latest monthly report of a four-year study of bank owned home sales in El Dorado Hills, CA. This report covers November 2011.

There were seven bank owned homes sold in El Dorado Hills in November, down from 10 the previous month. A low inventory is the primary reason.

The average days-on-market decreased from 56 in October to 29 in November. None of the homes had been on the market for over 100 days. Twenty-nine percent of the homes that sold were on the market for two weeks or less.

The seven bank owned homes that sold represent only 16% of ALL homes sold in El Dorado Hills this month. This is a much smaller segment than normal, largely due to the low available inventory.

The available inventory of bank owned homes in El Dorado Hills decreased from a 1.7-month supply the previous month to a 1.5-month supply in November. That inventory level has not been over a 2-month supply since March of this year. The available inventory for ALL homes available dropped from a 4.2-month supply the previous month to a 2.9-month supply in November. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a seller’s market for ALL homes in El Dorado Hills.

The average cost-per-square-foot for Bank Owned homes was $ 126 in November, down one dollar from the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in November increased to $ 153, up from $ 146 the previous month.

The overall sales price for bank owned homes was 101% of the final asking price and 97.1% of the original asking price. Yet 86% of the buyers paid the full asking price or more for their bank owned homes in November. Apparently, these homes were well priced and buyers decided to take advantage of those prices along with excellent mortgage interest rates.

Bank owned homebuyers paid 83% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in November. That is a $ 23 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 57,500, a considerable sum.

If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.

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