El Dorado Hills, CA Sold Bank Owned Home Sales Data August 2009

El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR AUGUST 2009

This is a continuation of my monthly report on Bank Owned home sales data for El Dorado Hills, CA.  This report covers REO homes sold in August of 2009, the latest in my study of more than two years.

There were 10 REO homes sold in August, down from 22 in July.  The average days-on-market increased to 36, up from 33 in July, largely because one sold home was on the market for 169 days and represented 10% of the sales.  However, a full 50% of the REO homes that sold were on the market for less than two weeks.  REO homes are still selling quickly.

The 10 homes sold represent 26.4% of all homes sold in El Dorado Hills, down from 31.5% in July.  There are fewer REO homes on the market.

The overall number of homes sold in El Dorado Hills in August dropped considerably from 70 in July to 38 in August.

The cost per square foot of REO homes in June decreased to $ 144, down one dollar from July.  The cost per square foot of all homes sold in June decreased to $ 161, also down one dollar from July.

The overall sales price for REO homes was 103.2% of the final asking price, and 99.9% of the original asking price.  The banks are pricing these homes well and they are selling fast.  The bargains that were once available no longer exist.

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 August, $10.50 per square foot.  That is a $ 26.250 savings on a 2500 square foot home, not a small sum.

The data follows:

Folsom, CA Sold BANK OWNED Home Data August 2009

Folsom, CA REO (BANK OWNED) SALES DATA FOR AUGUST 2009

This is a continuation of my study of more than two years of Bank Owned home sales data for Folsom, CA.  This report covers REO homes sold in August of 2009.

There were 10 REO homes sold in August, exactly half of the number that sold in July.  This is the smallest number of REO homes sold in Folsom during any month for over a year and a reflection of the fact that there are less REO homes on the market.  The average days-on-market dropped from 32 in July to 22 in August.  A full 70% of the REO homes that sold were on the market less than two weeks.  None of the REO homes that sold in August were on the market for more than 90 days.  Most are well priced when they hit the market and they are not lasting long.

The 10 homes sold represent only 19.6% of all homes sold in Folsom, down considerably from June and July.  The total number of homes that sold in Folsom in August was 51, also down from 65 in July.

The overall home inventory in Folsom is presently 269, a 5.3 month inventory, indicating a seller’s market.

The cost per square foot of REO homes in August increased to $ 179, up from $ 170 in July and $ 159 in June.  The cost per square foot of all homes sold in June decreased to $ 187, up five dollars from July.

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 only a 4.2% savings for REO buyers.  This number has been trending down for several months.  Short sales are having an impact here.  So REO sales are not the savings for buyers that they once were.

The overall sales price for REO homes was 107.4% of the final asking price, and 105.8% of the original asking price.  In August only 20% of the REO homes that sold did so for less than the asking price! The market has changed once again.

However, the banks are still pricing these homes well and in August there was an eight dollar per square foot savings, compared to the cost of all homes sold.  That is still a $ 20,000 savings on a 2500 square foot home.

The data follows: