In the first quarter of 2008, the average home that sold through the MetroList MLS in Folsom sold for $419,955, down 16.9% from last year’s average of $505,263.  The size of this year’s average home was somewhat smaller than last year’s average, however, so sold price per square foot dropped much less dramatically, 11.7%, from $231.14 in the first quarter of 2007 to $204.16 in the first quarter of 2008.  The median sale price fell 10.9% from year to year, from $460,000 in Q1 2007 to $410,000 in Q1 of 2008.

The drop in value in Folsom was much less than it was for Sacramento County as a whole, which posted a loss in Average sold price per square foot of 29.1% versus Folsom’s 11.7%. 

If Sacramento’s numbers are turn out to be anything like those for Placer County, however, it may turn out that some of those “losses” are actually a result of lower priced areas being more heavily represented, with higher unit volume.  We’ll take a look at that possibility in a future article.

Meantime, back to Folsom.  In addition to having a relatively low drop in price, Folsom also enjoys a comparatively low inventory, at 5.53 months.  In active inventory, 9.7% of homes are bank foreclosures and 20.8% are short sales.  In contrast, among sold homes, short sales accounted for 9.5% of sales in the first quarter of 2008, and bank owned foreclosures made up 29.7% of sales.

If you’re interested in bank foreclosures in Folsom or elsewhere, you can search for them here.

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