Folsom Real Estate Market Update: October 2009
Real estate prices as well as home sales in Folsom have recovered slightly, a phenomenon not seen often lately. 69 homes sold in the Folsom area - almost the same number as last October. These included 22 foreclosure sales, 11 short sales and 36 non-distressed homes. This is an increase in unit volume year over year by 3% which is just the 2 more short sales this month over last October.
Average sold price per square foot is now $175.49 which is 9.6% lower than it was last year from a high of $194.03. Last month, it was $173.09 so it is a little higher month over month. Average sales price is $364,305 down 12.5% year over year from $416,239. Median sales price rests at $350,000.
Inventory in Folsom is at 5.5 months based on the last year of sales and 4.9 months based on the last six months of sales. Foreclosure inventory is at 1.7 months no matter how you look at it. The real dark clouds on the horizon are of course the short sale inventory - 16.1 months based on the last year of sales! And homebuyers are not lapping them up in the last six months either: that number is at 15.8 months!
