Folsom Market Update: November 2008
Either foreclosures are not looking as interesting to home buyers in Folsom or they are taking a break to buy things other than homes. With all the shopping around there, I wouldn’t doubt it.
In stark contrast to other areas in Sacramento county, we have seen non-distressed sales make up the majority of home sales in Folsom for a while now. 57% of all home sales in Folsom were non-distressed and the rest were foreclosures (24.5%) and short sales (18.4%). However, with non-distressed sales still suffering a decline of 47.2% over last November, overall unit volume is down 23.4% year over year.
Inventory is also down, although not sharply enough to make any predictions. Based on the last year of sales, it is at 5 months and based on the last 6 months of sales, inventory is at 4.6 months.
Sold price per square foot has fallen 10% over last November - from $215.32 to $193.34. Average sale price has fallen 18.6% for the same period. From its high of $474,148 last year to $386,010 this November.
