Continuing on my quest to learn more about REO property sales in the El Dorado Hills and Folsom, CA area, I present the following data. The number of REO properties sold in May increased by one over the number sold in April.
The number of REO properties that were on the market for two weeks or less in May reached 48.1% of the total, while the number of properties that were on the market for over 60 days represented nly 14.8%. However, three properties had been on the market for a very long time, skewing the DOM (Days on Market) average.
Another interesting factor revealed is that 18.5% of the homes sold in May were sold for the asking price and 40.7% sold for more than the asking price. Could the financial institutions be pricing these properties for a quick sale? One woukdl suspect that some buyers are negotiating credits for repairs and improvements as part of the sale.
REO properties continue to sell in the range of 11% – 14% per square foot under the price per square foot of all homes sold in the area in May. The reported number was 11.8 % even though a large portion sold for the asking price, or more.
The data follows.
Folsom/El Dorado Hills Sold REO Properties May 2008
Original Listing Price SP as % SP as %
DOM Listing Price at Time of Offer Sold Price Original Price Final Price
1 Fol 216 $267,900.00 $229,800.00 $229,800.00 85.78% 100.00%
2 Fol 12 $280,900.00 $280,900.00 $290,000.00 103.24% 103.24%
3 Fol 18 $339,900.00 $339,900.00 $305,000.00 89.73% 89.73%
4 Fol 3 $299,000.00 $299,000.00 $310,000.00 103.68% 103.68%
5 Fol 3 $339,900.00 $339,900.00 $320,000.00 94.15% 94.15%
6 Fol 45 $374,900.00 $369,900.00 $327,000.00 87.22% 88.40%
7 Fol 15 $324,900.00 $324,900.00 $334,000.00 102.80% 102.80%
8 Fol 4 $354,900.00 $354,000.00 $349,000.00 98.34% 98.59%
9 Fol 6 $319,900.00 $319,900.00 $350,000.00 109.41% 109.41%
10 EDH 6 $379,900.00 $379,900.00 $379,900.00 100.00% 100.00%
11 Fol 40 $375,900.00 $375,900.00 $380,500.00 101.22% 101.22%
12 Fol 28 $449,000.00 $429,000.00 $395,000.00 87.97% 92.07%
13 Fol 8 $395,000.00 $395,000.00 $400,000.00 101.27% 101.27%
14 Fol 191 $403,900.00 $403,900.00 $400,000.00 99.03% 99.03%
15 Fol 4 $409,900.00 $409,900.00 $420,050.00 102.48% 102.48%
16 EDH 60 $459,900.00 $424,900.00 $425,000.00 92.41% 100.02%
17 EDH 0 $420,000.00 $420,000.00 $440,000.00 104.76% 104.76%
18 Fol 72 $499,900.00 $424,900.00 $441,000.00 88.22% 103.79%
19 EDH 28 $495,000.00 $489,000.00 $462,000.00 93.33% 94.48%
20 EDH 9 $444,900.00 $444,900.00 $471,000.00 105.87% 105.87%
21 EDH 26 $524,900.00 $524,900.00 $507,000.00 96.59% 96.59%
22 Fol 4 $494,000.00 $494,000.00 $525,000.00 106.28% 106.28%
23 Fol 46 $625,000.00 $625,000.00 $575,000.00 92.00% 92.00%
24 EDH 358 $674,500.00 $607,050.00 $590,000.00 87.47% 97.19%
25 EDH 34 $619,900.00 $619,900.00 $619,900.00 100.00% 100.00%
26 EDH 10 $671,900.00 $671,900.00 $650,000.00 96.74% 96.74%
27 EDH 10 $924,900.00 $924,900.00 $924,900.00 100.00% 100.00% AVERAGES47 97.4% 99.4%
REO Sold Cost Per Sq. Ft. $ 179 Total sold properties cost per Sq. Ft. $ 203 (88.2%)
Total number of REOs sold on May: 27
Total properties Sold: 125
