EL DORADO HILLS, CA REO (BANK OWNED) SALES DATA APRIL 2009

For more than eighteen months I have been reporting REO sales data for Folsom and El Dorado Hills, CA.  In 2009 I separated the two markets because they were becoming less similar with each passing month.

In April of 2009, there were seventeen REO properties sold in El Dorado Hills, two less than in March.  The average days-on-market statistic increased to 84, up from 47 in March.  There were five homes that took over 100 days to sell and one of them took 203 days. However, 23.6% of the REO homes sold in fourteen days or less, proving that well priced properties sell quickly in any market.

The seventeen REO homes sold represent 44.8% of all homes sold in El Dorado Hills in April, down from the 50.0% in March.  That March number was a high in that category since I started reporting the REO sales data.

Another decline in the cost per square foot is reflected in the April numbers.  The average cost per square foot of all REO homes sold was $ 148, down 3.9% from that in March.  The average cost per square foot for all homes sold in April was $ 164.  So, the REO home buyers paid 90.3% of that paid by the buyers of all homes sold in Folsom for the month.  Most buyers would like a 9.7% savings on most anything.

The overall sales price for REO homes sold in April was 98% of the final asking price.   This statistic remains fairly constant in the 90% – 100% range month after month.  The concept of making an offer for

$ .50 or $ .60 on the dollar remains a pipe dream that some self proclaimed experts preach to gullible seminar participants all over the country.  It simply does not work.

The specific data follows:

FOLSOM, CA REO(BANK OWNED) SALES DATA APRIL 2009

For more than eighteen months I have been reporting REO sales data for Folsom and El Dorado Hills, CA.  In 2009 I separated the two markets because they were becoming less similar with each passing month.

In April of 2009, there were eighteen REO properties sold in Folsom, exactly twice the number that sold in March.  The average days-on-market statistic increased to 63, up from 47 in March.  There were two properties that finally sold in April that had been on the market for 233 days and 254 days respectively.  These two properties skewed the days-on-market statistic.  However, 27.8% of the REO homes sold in fourteen days or less, proving that well priced properties sell quickly in any market.

The eighteen REO homes sold represent 30.5% of all homes sold in Folsom in April.  This percentage is more in line with the historical data than was the 18% in March.

A significant decline in the cost per square foot is reflected in the April numbers.  The average cost per square foot of all REO homes sold was $ 168, down 9.2% from that in March.  The average cost per square foot for all homes sold in April was $ 184.  So, the REO home buyers paid 91.3% of that paid by the buyers of all homes sold in Folsom for the month.  Most buyers would like an 8.3% savings on most anything.

The overall sales price for REO homes sold in April was 96.6% of the final asking price.   This statistic remains fairly constant month after month.  The concept of making an offer for $ .50 or $ .60 on the dollar remains a pipe dream that some self proclaimed experts preach to gullible seminar participants all over the country.  It simply does not work.

The specific data follows:

EL DORADO HILLS, CA REO (BANK OWNED) SALES DATA MARCH 2009

This post is a continuation of my monthly study of Bank Owned homes Sold in El Dorado Hills, CA.  The El Dorado Hills market continues to track with the historic numbers that I have been monitoring for the past eighteen months or longer.  Unlike the Folsom market. (For those of you unfamiliar with the area. Folsom is the next town down hill from El Dorado Hills.)

In March 19 REO home sold, a full 50% if the total of 38 homes sold, the largest percentage since I started this study.  The cost-per-square-foot for REO home sold was $ 154, down two dollars.  The cost-per-square-foot for all homes sold was $ 170, down one dollar from February.  The trend of saving about 10% of thecost-per-square-foot by buying an REO property continues in El Dorado Hills.

The average days on market increased to 47, up from 38 in February.  Five of the 19 properties sold were on the market for over 100 days. Note that 6 of the 19 REO homes that sold in March, sold for over $ 600,000.

The data follows:

Folsom, CA REO SALES DATA MARCH 2009

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: