Judging from the August MLS numbers, Folsom’s real estate is putting in a very strong showing this year. August residential home sales in Folsom comprised 104 units, down from last year’s 137. However, homes are still selling in a relatively short time. The average home sold in August in Folsom spent 24 days on the market, up only slightly from August 2004′s average of 21 days. The average sale price in August was $581,979, based on an average list price of $587,580, making the sale price to list price ratio 99.0%. The median home sale price was $549,900.

Most impressively, homes sold in Folsom in August showed a 27.3% increase from the $457,296 sale price of last year. However, when adjusted for the larger square footage of the homes offered this year, the increase is in reality a more modest — though still impressive — 116.3%. Last year the median sale price figure was at $429,500.

As of September 19th, we had 3 1/3 months of homes in inventory, which seems somewhat high given our other strong numbers. This probably reflects some seasonal slowing as well as the fact that in a strong market, many sellers will push prices well beyond anything the comparables will sustain. It’s for this reason that even in the strongest markets, only 75% of homes listed in the MLS actually sell during the listing period.

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