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Folsom, CA Sold REO (Bank Owned) Home Sales Data--March 2009

04-07-09
Mike West

This is a continuation of my posts reporting on the REO sales for Folsom, CA. This post covers March 2009. There were 9 REO homes sold in March, down from 11 in February. That was only 18% of the total homes sold in Folsom for the month (50). This may be a reflection of the moratorium on foreclosures mentioned by some of the larger banks last month. The total number of available REO homes in Folsom has declined significantly. There are only 9 presently available.

The average days-on-market increased to 47, compared to 34 last month. Two of the REO homes that sold had been on the market for over one hundred days. The average cost per square foot dropped to $ 185, down two dollars from February. More significant is the drop in the cost per square foot for all properties sold in March. That number dropped from $ 195 to $ 187, almost totally negating the savings gained from purchasing an REO home. One would suspect that the number of short sale properties has had an impact on this statistic.

One additional item of import. At present there is less than a FOUR month inventory of single family homes in Folsom. It is no longer a buyer's market, or a neutral market; Folsom is now a seller's market!!

The data follows:

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BUYER INCENTIVE INFORMATION THAT EVERY BUYER SHOULD KNOW ABOUT!

04-07-09
Mike West

The only thing that is constant in our lives is change. We are experiencing many changes as we try to rebound from our present economic situation. There are many very bright people trying to make improvements. As soon a new programs become available to the buyers, sellers and those interested in refinancing, I will endeavor to make the details of those programs public knowledge. We all need to work together to dig ourselves out. I am committed to doing my part.

Mike

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Folsom, CA REO (Bank Onwed) Home Sales Data--February 2009

03-03-09
Mike West
Folsom, CA REO (Bank Owned Home) Sales Data For February 2009

For the past eighteen months I have reported REO sales data monthly for both El Dorado Hills and Folsom, CA. in the same report. It has become obvious that the El Dorado Hills and Folsom markets are different enough that each warrants a separate report. This is the first month that I will report the two markets separately.

In February of 2009, there were 11 REO homes sold in Folsom, down from 17 in January. The 11 homes represent only 26.2% of all Folsom homes sold in February. The 17 sold in January represented 47.3% of all homes sold.

The average Days-On-Market for sold REO properties in February was 34, down from 64 in January. The longest time on the market for any sold REO property was 90 in February. In January one was on the market for 280 days and two others were on the market for over 100 days before they sold. REO properties are selling faster as time passes.
The average cost per square foot for sold REO properties in February was $ 187, up from $ 173 in January. This represents a savings to buyers of only $ 8 per square foot compared to all properties sold in February. When compared to February of 2008 we see a significant reduction. In 2008 REO properties averaged $ 188 per square foot-- only one dollar per square foot lower in the past year. Are prices bottoming out? The cost per square foot for all properties sold was $ 195 in 2009. In 2008 the cost per square foot of all properties sold in Folsom was $207.

Specific data follows:


Folsom REO 2 9
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EL DORADO HILLS REO (BANK OWNED) HOME SALES DATA--FEBRUARY 2009

03-02-09
Mike West
El Dorado Hills REO (Bank Owned Home) Sales Data For February 2009

For the past eighteen months I have reported REO sales data monthly for both El Dorado Hills and Folsom, CA. in the same report. It has become obvious that the El Dorado Hills and Folsom markets are different enough that each warrants a separate report. This is the first month that I will report the two markets separately.

In February of 2009, there were 13 REO homes sold, up from 10 in January. The 13 homes represent 52% of all El Dorado Hills homes sold in February. The ten in January represented only 35.8% of all homes sold.

The average Days-On-Market for sold REO properties in February was 38, down from 95 in January. The longest time on the market for any sold REO property was 90 in February. In January one was on the market for 458 days and four others were on the market for over 100 days before they sold. REO properties are selling faster as time passes.
The average cost per square foot for sold REO properties in February was $ 156, down from $ 160 in January. This represents a savings to buyers of $ 15 per square foot compared to all properties sold in February. When compared to February of 2008 we see a significant reduction. In 2008 REO properties averaged $ 187 per square foot-- down to 16.6%. The cost per square foot for all properties sold was $ 210. In 2009 the cost per square foot of all properties sold in El Dorado Hills was $171, down 18.6%.

Specific data follows:


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TODAY'S SNAPSHOT OF THE EL DORADO HILLS MARKET

02-12-09
Mike West
For those of you who may have an interest, I have attached a snapshot of today's Real Estate market in El Dorado Hills, Ca. This data pertains to single family homes only.

Of the 331 active homes--those available for sale--26.9% are active short sales. Short Sales are homes that are being offered for less than the seller owes their bank(s) with the hope of getting approval from the bank or banks by accepting the highest offer generated. This is a long, difficult process and not for the faint at heart. There are some buyers who have purchased a property for a great price. Most, however, give up because the process is so slow and frustrating.

There are only seven REO properties (bank owned) available right now. Most of those have been available for some time.

The data is broken into three categories, homes under 2500 square feet, homes between 2501 and 3500 square feet and homes over 3501 square feet.

Interestingly, more homes are selling the the middle category than in the other two. In all cases the asking price per square foot is lower because of the short sale properties and, for the majority of homes the average days-on-market us longer on the short sales--the banks move very slowly.

Absorption rates (the number of months inventory available) has been included in all cases.

Feel free to contact me if you have any questions.

The data follows:


EDH Market Feb 12
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