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:

 

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:

Folsom, CA REO (Bank Owned) Home Sales Data –July 2009

Folsom, CA REO (BANK OWNED) SALES DATA FOR JULY 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 July of 2009, the latest in my two year long study.

There were 20 REO homes sold in July, six more than sold in June.  The average days-on-market increased to 32, up from 30 in June.  REO homes are still selling quickly.  Of the REO homes sold, 40% were on the market for less than two weeks.  Some of the older inventory has been cleaned out.  Only one of the homes sold was on the market for over 100 days. 

The 20 homes sold represent 30.8% of all homes sold in Folsom, up from 24.6 in June. 

The cost per square foot of REO homes in June increased to $ 170, up from $ 159 in June.  The cost per square foot of all homes sold in June decreased to $ 182, down three dollars from June. 

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 6.6% savings for REO buyers.  

The overall sales price for REO homes was 99.5% of the final asking price, and 96.3% of the original asking price.  This proves once again that an expectation of buying a Bank Owned home for fifty cents on the dollar is a pipe dream. Unfortunately, some self-proclaimed experts may still be preaching about 50% savings to the uninformed and 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, $12 per square foot.  That is a $ 30,000 savings on a 2500 square foot home, not a small sum.  

 

El Dorado Hills, CA SOLD Home Cost Pe Square Foot 2008 – June 2009

El Dorado Hills, Ca SOLD home cost per square foot.

There are many ways to measure property values in the housing market.  One that Realtors frequently use is the sold property cost per square foot.  This is one of the more valid measurements at our disposal.

I have been measuring the sold REO (Bank Owned) property statistics for El Dorado Hills, Ca for two years and post a monthly report of our activity.

I have decided to compare the sold cost per square foot of REO homes and the sold cost per square foot of ALL homes sold.  The chart below reports those numbers for the past year and one half.  Although there are a few blips, the trends are clear.  Housing prices have fallen consistently during the measurement period.

One fact worthy of note is that the sold cost for ALL homes sold has increased in June over May, the first month over month increase in some time. 

 

Folsom, CA SOLD Home Cost Per Square Foot 2008 – June 2009

Folsom, CA SOLD home cost per square foot.

There are many ways to measure property values in the housing market.  One that Realtors frequently use is the sold property cost per square foot.  This is one of the more valid measurements at our disposal.

I have been measuring the sold REO (Bank Owned) property statistics for Folsom, Ca for two years and post a monthly report of our activity.

I have decided to compare the sold cost per square foot of REO homes and the sold cost per square foot of ALL homes sold.  The chart below reports those numbers for the past year and one half.  Although there are a few blips, the trends are clear.  Housing prices have fallen consistently during the measurement period.

Note that buyers who purchased Bank Owned Homes saved a considerable sum. 

 

REO (Bank Owned) Home Sales Data For El Dorado Hills, Ca–June 2009

EL DORADO HILLS, CA REO (BANK OWNED) SALES DATA FOR JUNE 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 June of 2009.

 

There were seventeen REO homes sold in June, exactly the same number that were sold in May.  The average days-on-market dropped from 119 in May to 93 in June, so REO homes sold even more quickly.  Of the REO homes sold, only 17.7% were on the market for less than two weeks.  This is a much smaller percentage than normal.  Some of the older inventory has been cleaned out.  Of the seventeen REO homes sold, six were on the market over 100 days; four of those have been on the market for over 200 days. 

 

The seventeen homes sold represent only 33.4% of all homes sold in El Dorado Hills in June, up from 30.4% in May, and 50.0% in March. 

 

The cost per square foot of REO homes in June increased to $ 144, up from $ 133 in May.  Worthy of note, the average cost per square foot of all homes sold in June INCREASED to $ 160, up one dollar from the May.  This is the first increase we have observed since we started tracking this data almost two years ago.  Could we be at the bottom of the market in El Dorado Hills?   

 

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 10% savings for REO buyers.   A bigger savings than we have seen before.

 

The overall sales price for REO homes was 98.7% of the final asking price, and 92.9% of the original asking price.  This indicates two things.  First, the asking price of older inventory REO properties were reduced significantly in order to reach the correct market level and, second, proving once again that an expectation of buying a Bank Owned home for fifty cents on the dollar is a pipe dream. Unfortunately, some self-proclaimed experts may still be preaching about 50% savings to the uninformed and 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, $10 per square foot.  That is a $ 25,000 savings on a 2500 square foot home, not a small sum.

Data follows:

 

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:

THREE BUYER INCENTIVES EVERYONE SHOULD KNOW ABOUT!