Folsom Real Estate Market Update: February 2010
Folsom has an interesting real estate landscape right now. For most of last year, it was one of the few places in Sacramento county that did not see price declines, where foreclosures and REO sales didn’t really show up on the map as much as elsewhere, but it seems like that is changing a little this year. Or perhaps because of that slow change, homebuyers that were waiting and watching are beginning to pick up some good bargains.
Just 40 homes sold in the city of Folsom in February, an overall unit volume decline os 18.4% year over year. Of these, 13 were foreclosure sales, 13 short sales and 14 non-distressed sales - an even division between all categories. When compared year over year, though, we see that short sales have more than doubled, foreclosure sales have remained the same but non-distressed sales have fallen to less than half of what they were a year ago.
Average price per square foot is now $174.23 which is 7.5% lower than it was a year ago. Average sales price is now $322,220 which is 21.2% lower year over year. However, homebuyers seem to have been interested in smaller homes - much smaller than a year ago - in fact, 14.8% smaller. So the more accurate figure here is the average price per square foot. Median price is currently $302,500.
Folsom has approximately 5 months of inventory.
