The Folsom real estate market steadily seems to digest its short sales. And that might well be what homeowners in Folsom want in this current real estate time. Consider that short sales are up 500% year over year. Numerically, it just means that while only 1 short sale sold last year at this time, this time 6 closed escrow. Unfortunately, there are 102 currently on the market.

The rest of the real estate sales continue as they did last month: heavily leaning toward the distress sales but not completely overtaking non-distressed sales like we see elsewhere in Sacramento county. Besides the 6 short sales, we see that 19 foreclosures and 12 non-distressed homes also sold in the city of Folsom last month. So now two of three homes sold are distressed, whereas last month we saw that 1 out of 2 homes were distress sales.

Average sold price per square foot is now at $180.23 – that’s a decline of 11.3% over last January’s $203.19. Average sales price has fallen 15.5% from $423,061 to $357,374. Median sales price has also suffered a decline of 19% from a high of $399,250 to currently $322,000.

The sluggish sales are beginning to show in the inventory numbers. Based on the last 12 months of sales, we see that there is 4.5 months of inventory, a number we saw last month. However, based on the last 6 months of sales, inventory is currently at 5.3 months. Foreclosure inventory is at 1.8 months.

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