Folsom Real Estate Market Update
The real estate market in August in Folsom was characterized by low inventory and a low number of foreclosures compared to other areas.
Homes in Folsom retained more of their value than in other nearby areas. The average home sold for 13% less on a sold price per square foot basis than last year, with this year’s average sold price per square foot being $197.65 versus $227.07 in August of 2007. This year the average home buyers paid just about as much for their home, $481,075 on average as opposed to $492,654 on average in 2007, but their money bought a home that was 11.8% larger, on average, with this year’s average home footprint being 2,355 square feet. The median price fell one tenth of one per cent from year to year, from $439,450 to $439,000.
With only 1.6 months of foreclosure inventory at present, the total number of non-distressed sales was comparatively high in August, at 73.8% of all sales. Another 12.3% of sales were short sales, and 13.8% of sales were bank owned foreclosures.
Based on sales for the last twelve months (61 sales per month), inventory in Folsom overall is a low 4.6 months. If you use the higher absorption rate of the last six months (74 sales per month), there are only 3.8 months of inventory in Folsom. Sales in August split the difference at 65 sales, up 8.3% from last August.
