EL Dorado Hills, CA BANK OWNED HOME SALES DATA, SEPT. 2009

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

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

There were 14 REO homes sold in September, four more than sold in August.  The average days-on-market dropped drastically to eleven, down from 36 days in August.  REO homes are selling like hot cakes.  Of the REO homes sold, 35.8% were on the market for less than two weeks.  The longest one on the market was 23 days.   

The 14 homes sold represent 34.2% of all homes sold in El Dorado Hills, up from 26.4 in August. 

The cost per square foot of REO homes in June increased to $ 158, up from $ 144 in August.  The cost per square foot of all homes sold in September increased seven dollars, to $ 168. 

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 5.9% savings for REO buyers.  

The overall sales price for REO homes was 102.7% of the final asking price. Worthy of note is the fact that only one of the REO homes sold did so for less than the asking price.   The limited inventory and aggressive pricing result in offers at or above the asking price; the only way for buyers to get their offers accepted over competing buyers.    

The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all homes sold:  in September, $10 per square foot.  That is a $ 25,000 savings on a 2500 square foot home, a tidy sum.  

The data follows:

 

REO (BANK OWNED) HOME SALES DATA< FOLSOM, CA SEPT. 2009

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

This is a continuation two year study of Bank Owned home sales data for Folsom, CA.  This report covers REO homes sold in September of 2009.

There were 11 REO homes sold in September, one more than sold in August.  The number of available REO homes has been drastically reduced.  The days-on-market dropped from 22 in August to 20 in September.  54.6% of the REO homes that sold were on the market less than two weeks.  One home had been on the market for 83 days.

For the second month in a row, none of the REO homes that sold 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 11 homes sold represent only 19.3% of all homes sold in Folsom, similar to the August number. 

The overall home inventory in Folsom is presently 265, a 4.7 month inventory, down from 5.3 in August, indicating a continuing seller’s market.  At this rate there will be a shortage of available homes very soon.

 The cost per square foot of REO homes in September decreased to $ 170, down from $ 179 in August.  The cost per square foot of all homes sold in September decreased to $ 182, down five dollars from August and the same as reported in 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 a 6.6% 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 103% of the final asking price.  In September only 27.3% 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 September there was a twelve dollar per square foot savings, compared to the cost of all homes sold.  That is still a $ 30,000 savings on a 2500 square foot home, something worth considering when selecting a home.

The data follows: