Posts Tagged ‘95630’

Folsom Real Estate Market Update, September 2008

As we’ve reported several times, the market for real estate in Folsom is generally stronger than in other areas of Sacramento County.  Of course, in this market, such a judgement is often a relative thing.  Folsom prices are falling, just not as fast.   There are foreclosures in Folsom, just not as many.

Forty-nine homes sold in September in Folsom, up 22.5% from last September’s volume of 40 homes.  51% of these were non-distressed, about 10.2% were short sales, and 38.8% were bank foreclosures.

The average home sold in September for $422,079, down 11.4% from last year’s average of $476,339.  The median price fell 9.2% during this time, from $449,500 in September of 2007 to $408,000 in September of 2008.  The average sold price per square foot in Folsom in September was $190.47, down 12.2% from last September.

Although the increase in unit volume has not been as dramatic in Folsom as it has been in other areas of Sacramento County recently, inventory numbers are still healthy in Folsom, with 4.7 months of inventory overall, and 3.9 months of inventory for non-distressed homes.

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.

Folsom Real Estate Market

Folsom’s real estate market is relatively strong compared to other areas in Sacramento, but is still undergoing some price decline along with high inventory. Bucking the usual trend, November was a good month in Folsom in terms of unit sales. Sixty-four units sold in November, 16.4% more than last year’s 55 units.

The average home sold in Folsom this November for $474,148, down 8.6% from last November’s average of $518,627. Sold price per square foot fell 9.9%, from $239.00 last November to $215.33 this November. Meanwhile the median sale price fell from $482,500 last November to $436,500 this November.

Compared to Sacramento County as a whole, Folsom has a relatively low number of short sales and foreclosures in inventory, with the two categories accounting for just over one fifth of active inventory (20.4%). The expired to sold ratio and the average days on market both fell from November to November.

Folsom Real Estate Market

Our cavalcade of October market data continues now as we look at the real estate market for Folsom for October 2007.  The big story for Folsom in October was the huge difference in unit volume from October 2006 to October 2007.  Last year 84 units sold in Folsom, while this year the number was only 46, a 45.2% drop in volume.

The average home sold in Folsom in October for $448,433, down 13.9% from last year’s average of $520,638.  On average, however, this year’s home was somewhat smaller than last year.  As a result, sold price per square foot dropped less dramatically.  Last October it was $241.60, whereas this October it’s $217.16, a 10.1% drop.  The median selling price of a home in Folsom fell 8.8% during this period, from $465,424 last October to $424,500 this October.

The number of foreclosures is fairly low in Folsom compared to other areas in Sacramento County, with five bank owned properties selling in October and making up 10.9% of the sales.  In active inventory, there are 28 bank owned properties out of a total of 422 homes, or 6.6%.

If unit volume was down in October (and yes, it was), you can’t prove this by looking at inventory numbers.  Inventory is 6.2 months in Folsom, which in the seller’s market side of the ledger, but only barely.