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BANK OWNED (REO) HOME SALES DATA FOR FOLSOM,CA AUG. 2010
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Posted On :
Oct-04-2010
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Article Word Count :
494
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This is a continuation of a three year study of Bank Owned home sales for Folsom, CA. This report covers REO homes sold in August 2010.
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This is a continuation of a three year study of Bank Owned home sales for Folsom, CA. This report covers REO homes sold in August 2010.
There were 12 REO homes sold in August, up from nine in July. A small number compared to a year or two ago. Lenders are releasing these homes for sale at a very slow pace in order to avoid causing major problems in the housing market.
The average days-on-market for the month was 59, up slightly from the 54 days reported for the previous month. Two of the homes sold had been on the market over 100 days and one had been on the market for 259 days. Despite these few “stale” listings, 42% of the homes that sold this month had been on the market for less than two weeks. The clean, presentable homes sell quickly and those with problems take a long time to sell.
The 12 homes sold represent 24% of all homes sold in Folsom.
The overall home inventory in Folsom dropped slightly from a 5.5 month supply last month to a 5.1 month supply in August. These two months reflect the highest supply in over a year. The total bank owned inventory reported for August was a 3.3 month supply, down from the 4.7 month supply reported for the previous month. Although the supply trend for REOs is increasing over the past year the July number was double the average for the past year.
The cost per square foot of REO homes sold in August dropped significantly to $ 150 per square foot, down from $ 170 in July and $ 165 in June. It has been running in a narrow range of $ 176 to $ 150 over the past fourteen months, so August was a new low. The cost per square foot of all homes sold in August was $ 173, down one dollar from July. REOs were a much better buy in August.
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 13% savings for REO buyers. This is the largest margin in some time.
The overall sales price for REO homes was 97.9% of the final asking price, and 50% of the buyers paid more than the asking price for their bank owned home in August. There was a $ 23 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents .
$ 57,500 savings, something worth considering when selecting a home: not a small sum.
If you have any questions about purchasing a Folsom REO, an REO anywhere in the area or are just looking for the best buys available feel free to call us at (916) 337-0658.
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Article Source :
http://www.articleseen.com/Article_BANK OWNED (REO) HOME SALES DATA FOR FOLSOM,CA AUG. 2010_35904.aspx
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Author Resource :
Mike West is the Real Estate marketing director whose informative website covers Cameron Park Real Estate where you can find more information on El Dorado Hills Bank Owned and El Dorado Hills REO.
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Keywords :
El Dorado Hills real estate, El Dorado Hills CA real estate, Cameron Park homes for sale, Cameron Park real estate listings, ,
Category :
Business
:
Marketing
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