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:
