EL DORADO HILLS MARKET REPORT

For those of you who may have an interest, I have attached a snap shot 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 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:

THE TRUTH ABOUT TODAY’S MARKET

Image by Fishbowl Collective via Flickr

The truth about today’s market…what the media is not telling you about the real estate market because it won’t help increase their ratings/circulation and revenue!

This data is available to the public. Unfortunately, the media selects what they report in order to maintain the gloom and doom atmosphere and increase their ratings!

The Facts:

• 76 Million Americans own their own homes
• 24 Million of them own their homes free and clear
• 52 Million American’s have a mortgage on their homes
• 97.2% of these homes are NOT IN FORECLOSURE
• 93.8% of these home owners are current on their payments
• 20% of these home owners owe more than their homes are worth
Those who can stay the course will see their values return over the next several years. Many speculators will walk away.

• 2005 was a record year for home sales, far above any other year
• Over 7.5 Million homes were sold in 2005, 7.1 resale and .4 new homes
• Over 40% of the homes purchased in 2005 were non-owner occupied (second homes, investments, fix & flip)
• Over 40% of the homes in foreclosure today are non-owner occupied. Those buyers walk away because they still have a place to live!

Today there is 11.7 TRILLION dollars in savings (money markets, CDs and other investment vehicles) in this country. That is more than the total debt (mortgages, credit card balances, consumer loans…etc.) of the total population.

There is no doubt that we have serious economic issues to resolve. However, the picture is not as bleak as the media would like everyone to believe.

REO SALES FOR EL DORADO HILLS & FOLSOM,CA JAN ‘09

REO Sales Data for El Dorado Hills & Folsom, CA January 2009

This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA. for January 2009.

The number of REO properties sold in the subject area in January was 26, down from 32 in December.

The average days-on-market increased significantly to 70, up from 29 the previous month. One home in El Dorado Hills sold after being on the market for 458 days. There were four others that sold in January that had been on the market for over 100 days. These homes added significantly to the overall days-on-market average.

Only 19.3% of the REO homes that sold in January sold in less than 14 days, a big drop from December. Also 11.6% of the REO homes sold in less than 7 days. That was also a drop from December.

Of the 60 homes that sold in the area in January, 26, or 43.4% were REO properties. This percentage is up from 36% in December and the first time that REO dales have exceeded 40% of the total number of homes sold in the area.

Of all REO properties sold, 27% sold for the asking price or more, a small decrease from December. One sold for 103.45% of the final asking price. The best deal was a home on the market for 79 days that sold for 88.88% of the final asking price. The banks are not dropping their prices on most of these REO properties.

The average cost per square foot for all homes in the area sold in January dropped slightly to $ 178.00. The average cost per square foot for REO properties decreased to $ 160.00, down nine dollars from December. That still equates to a 10% reduction in cost for those who purchased REO properties. Note that these figures are considerably lower than they were in January of 2007, when the cost per square foot for all properties sold was $ 206 and for REO properties at $ 188. This represents an overall drop in cost of almost 14% in the past year.

REO properties continue to be a good buy. However, one must still factor in condition issues and the associated repair costs before making an offer.

Specific Data follows:

REO SALES DATA FOR EL DORADO HILLS & FOLSOM, CA – Dec. 2008

REO Sales Data for El Dorado Hills & Folsom,CA December 2008

This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA. for December 2008.

The number of REO properties sold in the subject area in December was 32, one less than in November.

The average days on market dropped significantly to 29, down from 49 the previous month. One home in El Dorado Hills sold after being on the market for 219 days. That was the only property sold that had been on the market for more than 100 days. The old inventory is being cleared out and there are less REO properties on the market for a long time, even when the condition as an important issue.

A full 46.9% of the REO homes that sold in December sold in less than 14 days, up from previous months. Also 24.3% of the REO homes sold in less than 7 days. The REO market has really heated up.

Of the 89 homes that sold in the area in December, 32, or 36% were REO properties. This percentage is up from 35.50% in November.

Of the REO properties sold, 28.2% sold for the asking price or more, one for 150.71% of the final asking price. This is the largest premium we have seen since we have been monitoring these REO sales. The best deal was a home on the market for 19 days that sold for 85.3% of the final asking price. The banks are not dropping their prices on most of these REO properties.

The average cost per square foot for all homes in the area sold in December dropped slightly to $ 182.00. The average cost per square foot for REO properties increased to $ 169.00, up two dollars from December. That still equates to nearly an 8% reduction in cost for those who purchased REO properties. Note that these figures are considerably lower than they were in December of 2007, when the cost per square foot for all properties sold was $ 212 and for REO properties at $ 194. This represents an overall drop of almost 14%.

REO properties continue to be a good buy. However, one must still factor in condition issues and the associated repair costs before making an offer.

Specific Data follows:

REO Sales Data for El Dorado Hills & Folsom, CA November 2008

This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA. This blog covers November 2008.

The number of REO properties sold in the subject area in November was 33, three less than in September.

The average days on market dropped to 49, down from 55. One home in El Dorado Hills sold after being on the market for 217 days. There were also five other homes on the market for longer than 100 days. However, the old inventory is being cleared out and there are less REO propertied on the market for a long time, even when the condition as an important issue.

Only 42.5% of the REO homes that sold in November sold in less than 14 days, UP considerably from previous months. Also 21/3% of the REO homes sold in less than 7 days.

Of the 93 homes that sold in the area in November, 33, or 35.5% were REO properties. This percentage is up from 30% in October.

Of the REO properties sold, 60.6% sold for the asking price or more, one for 108.4% of the final asking price. The best deal was a home on the market for 77 days that sold for 69.23% of the final asking price. That property was unique and does not appeal to most buyers. It is the only property that has sold for less than 75% of the asking price in the past 18 months.

The average cost per square foot for all homes in the area sold in November dropped slightly to $ 186.00. The average cost per square foot for REO properties also dropped to $ 167.00. That still equates to nearly a 10% reduction in cost for those who purchased REO properties. Note that these figures are considerably lower than they were in November of 2007, when the cost per square foot for all properties sold was $ 219 and for REO properties at $ 188. This represents an overall drop of 15%.

REO properties continue to be a good buy. However, one must still factor in condition issues and the associated repair costs before making an offer.

Specific Data follows:

<a href=”http://“>

REO SALES DATA FOR EL DORADO HILLS & FOLSOM, CA OCTOBER 2009

This post continues my study of REO (Bank Owned) home sales in El Dorado Hills and Folsom, CA.  This blog covers October 2008.

 

The number of REO properties sold in the subject area in October was 39, one less than in September.

 

The average days on market increased slightly to 55.  One home in El Dorado Hills sold after being on the market after 429 days.  That sale obviously had an impact on the average days on market for the month.  Four others sold after having been on the market for over 100 days.

 

Only 26% of the REO homes sold in October sold in less than 14 days, down from 35% in September.  Also 12.9% of the REO homes sold in less than 7 days in October.

 

Of the 130 homes that sold in the area in October, 39, or 30% were REO properties.  This percentage is down slightly from September.

 

Of the REO properties sold, 53.9% sold for the asking price or more, one for 107.18% of the final asking price.  The best deal was a home on the market for 184 days that sold for 86.25% of the final asking price.

 

The average cost per square foot for all homes in the area sold in October increased slightly to $ 194.00.  The average cost per square foot for REO properties also increased to $ 175.00.  That still equates to nearly a 10% reduction in cost for those who purchased REO properties.

 

REO properties continue to be a good buy.  However, one must still factor in condition issues and the associated repair costs before making an offer.

 

Specific Data follows.

                               Original                 Listing Price                                            SP as %          SP as %     
              DOM     Listing Price       at Time of Offer          Sold Price   % Orig.Price  Final Price
1   Fol      9       $184,900.00      $184,900.00       $185,000.00       100.05%      100.05%
2  Fol     89       $234,900.00      $219,900.00       $207,000.00        88.12%          94.13%
3  Fol     32       $209,900.00      $209,900.00      $209,900.00      100.00%      100.00%
4  Fol     12       $263,900.00       $263,900.00      $263,000.00          99.66%        99.66%
5  Fol     25       $276,000.00      $276,000.00     $278,000.00       100.72%      100.72%
6  EDH   16       $274,900.00      $274,900.00      $279,000.00       101.49%       101.49%
7  Fol     10       $289,900.00       $289,900.00      $288,200.00         99.41%          99.41%
8  Fol     10       $289,900.00        $289,900.00      $289,000.00        99.69%          99.69%
9  Fol       8        $279,900.00       $279,900.00      $300,000.00      107.18%      107.18%
10 EDH  82      $359,900.00        $330,297.00      $325,000.00          90.30%        98.40%
11 EDH   10     $315,000.00        $315,000.00       $325,300.00        103.27%      103.27%
12 Fol       6      $325,000.00       $325,000.00       $327,000.00        100.62%      100.62%
13 Fol     12      $332,800.00       $332,800.00       $336,220.00          101.03%      101.03%
14 Fol    68       $335,000.00      $349,000.00       $340,000.00         101.49%       97.42%
15 Fol    18       $340,000.00      $359,900.00       $365,000.00         107.35%      101.42%
16 FOl    54      $340,000.00       $340,000.00      $340,000.00        100.00%      100.00%
17 EDH 184     $409,900.00       $399,900.00       $344,900.00            84.14%       86.25%
18 Fol      19      $345,900.00       $345,900.00       $345,000.00           99.74%       99.74%
19 Fol      78      $370,000.00     $370,000.00      $350,000.00           94.59%       94.59%
20 EDH 429      $455,000.00      $432,250.00       $403,000.00          88.57%       93.23%
21 EDH    50       $419,900.00      $419,900.00       $408,850.00          97.37%       97.37%
22 EDH    39       $424,900.00      $409,900.00       $409,900.00         96.47%     100.00%
23 Fol      14        $399,900.00     $399,900.00       $412,000.00        103.03%     103.03%
24 EDH    39        $441,100.00      $441,100.00       $438,000.00         99.30%       99.30%
25 EDH      5         $440,000.00     $440,000.00     $440,000.00     100.00%      100.00%
26 EDH    91         $529,000.00     $469,900.00      $464,000.00         87.71%        98.74%
27 EDH    15         $455,900.00      $455,900.00     $467,000.00      102.43%      102.43%
28 Fol         8         $470,000.00      $470,000.00   $500,000.00      106.38%      106.38%
29 EDH     31        $526,900.00        $526,900.00    $505,000.00        95.84%         95.84%
30 EDH  170       $689,900.00        $564,900.00     $564,900.00        81.88 %      100.00%
31 Fol       27        $489,900.00        $489,900.00     $516,000.00      105.33%      105.33%
32 Fol      16          $599,999.00        $599,777.00     $525,000.00        87.50%       87.53%
33 Fol      24          $549,900.00       $549,900.00     $525,000.00         95.47%       95.47%
34 EDH  179         $594,000.00       $560,000.00   $530,000.00          89.23%       94.64%
35 EDH     56         $609,900.00       $567,200.00   $560,000.00          91.82%       98.73%
36 EDH  114          $646,000.00       $569,900.00   $569,900.00           88.22%     100.00%
37 EDH   76          $604,900.00        $564,900.00   $575,000.00          95.06%     101.79%
38 Fol         1          $599,000.00        $599,000.00   $627,750.00        104.80%     104.80%
39 Fol       14         $699,000.00        $699,000.00   $725,000.00        103.72%      103.72%
AVE.         55                                                                                                                     97.4%            99.3%
       
REO Sold Cost Per Square Foot:     $175.00  90.20%  
Total Sold Cost Per Square Foot:    $194.00    
       
Total Number of REO Homes Sold in October     39     30.0% 
Total Number of Homes Sold in October            130

I’M BACK–Less 40 Pounds!!

Medical issues have taken me away from the Real Estate Business for the past few months.   I had open heart surgery in November and it has taken me longer than I would have liked to recover.   In the process I did manage to drop 40 pounds.  The doctors tell me that I will come back over time.  My response is that I don’t want it back!

In any event, I am starting to get back into the swing of things and will be catching up on my monthly posts about REO properties among other things.