FOLSOM, CA REO (BANK OWNED) SALES DATA FOR JUNE 2009
This is a continuation of my monthly report on Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in June of 2009.
There were fourteen REO homes sold in June, exactly the same number that were sold in May. The average days-on-market dropped from 42 in May to 30 in June, so REO homes sold even more quickly. Of the REO homes sold, 57.2% were on the marker for less than two weeks, confirming that well priced homes sell quickly.
The fourteen homes sold represent only 24.6% of all homes sold in Folsom in June, down from 30.5% in April and 50.0% in March.
The cost per square foot in May decreased to $ 159, down from $ 175 in May. However, the average cost per square foot of all homes sold in June INCREASED to $ 185, up one dollar from the May. This is the first increase we have observed since we started tracking this number almost two years ago. Could we be at the bottom of the market in Folsom? The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 14% savings for REO buyers. A bigger savings than we have seen before.
The overall sales price for REO homes was 99.7% of the final asking price, and 97.2% of the original asking price, proving once again that an expectation of buying a Bank Owned home for fifty cents on the dollar remains a pipe dream. Unfortunately, some self-proclaimed experts may still be preaching about 50% savings to the gullible. The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in June May, $26 per square foot. That is a $ 65,000 savings on a 2500 square foot home, not a small sum.
