Folsom Market Update: October 2008
Home owners in Folsom have a lot to cheer about. While Folsom has been the last vestige of hope for Sacramento county’s falling prices, it has still seen price declines. They just haven’t been as severe and as deep as the rest of Sacramento. October brings better news. After a long time, we are beginning to see price declines in the single digits.
Consider this: The sold price per square foot saw a month over month increase to $197.22 from last month’s $190.47, but it is still a decline of 9% from last October’s $216.62. The average sales price is down 4.8% from last October’s $436,943 to $416,141. The median price is also down - 6% - falling for the first time this year under the $400,000 mark - to $389,500 from last October’s $414,500.
Nondistressed sales still make up the majority of all home sales in Folsom, albeit a smaller majority - 64.3% - as compared with last October’s 82.7%. Based on 12 months of prior sales, inventory is at 5.3 months and based on the last 6 months of sales, inventory is at 4.8 months.
