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:
