Folsom Real Estate Market
Our cavalcade of October market data continues now as we look at the real estate market for Folsom for October 2007. The big story for Folsom in October was the huge difference in unit volume from October 2006 to October 2007. Last year 84 units sold in Folsom, while this year the number was only 46, a 45.2% drop in volume.
The average home sold in Folsom in October for $448,433, down 13.9% from last year’s average of $520,638. On average, however, this year’s home was somewhat smaller than last year. As a result, sold price per square foot dropped less dramatically. Last October it was $241.60, whereas this October it’s $217.16, a 10.1% drop. The median selling price of a home in Folsom fell 8.8% during this period, from $465,424 last October to $424,500 this October.
The number of foreclosures is fairly low in Folsom compared to other areas in Sacramento County, with five bank owned properties selling in October and making up 10.9% of the sales. In active inventory, there are 28 bank owned properties out of a total of 422 homes, or 6.6%.
If unit volume was down in October (and yes, it was), you can’t prove this by looking at inventory numbers. Inventory is 6.2 months in Folsom, which in the seller’s market side of the ledger, but only barely.
