Folsom Real Estate Market Update: March 2009
Folsom seems bent on getting rid of its short sale inventory which could be a good thing for home sellers. Short sales seem to be the bright light in an otherwise dull Folsom real estate landscape - well, in terms of sales anyway.
A total of 55 homes sold this month in Folsom - 24.7% lower than last March’s sales of 73 homes. We also see declines in every category of real estate sales except short sales. 13 foreclosures sold (that’s 18.8% lower year over year) and 27 non-distressed homes sold (that is 47.1% lower year over year). Short sales happily gained 150% over last March: a total of 15 short sales sold this March as compared with just 6 last March.
Average sold price per square foot hovers around $182.25 - a decline of 12.5% year over year from a high of $206.85. Average sales price is currently at $373,185, also a decline of 12.9% year over year. Median sales price is currently at $370,000.
Inventory is at 4.8 months based on the last 12 months of sales and 5.8 months based on the last 6 months, pointing to the recent decline in homebuyer interest in Folsom.
