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Folsom Median Home Price for August 2011
This month Folsom’s median home price is up 2.3% from last month. At $312,000 while a bit higher than last month, it is still lower than all but 2 months in the past 15.
What does the median price home here in Folsom look like. In August there were 8 homes sold priced between $302,000 and $322,000. The average size was 1,984 square feet, with 1,640 square feet being the smallest and 2,470 the largest home in that price range. The oldest home was 1986 and the newest was 2005. The average price per square foot for the 8 homes in the median price range was $161.12, and on average the homes were on the market for 59 days.
A year ago, 6 homes sold in this price range, averaging 2,018 square feet, and $162.08 per square foot.
Folsom Homes Continue to Sell
I thought I would show how active our Folsom home market is and why whether you are a buyer or seller it is important to understand. If you look at June and July 2011, there were 187 single family homes sold in Folsom. Up from last year. Also note that even though we have sold more homes this year, we have less homes to sale.
The most homes being sold are priced between $201,000 and $300,000(80). Folsom homes priced between $301,000 and $400,000 are the next largest group with 47 homes sold. Of the 187 Folsom homes sold, 38 sold over asking price and 34 sold at list price. 38.5% of homes sold in June and July were sold at or above list price.
If you are considering selling your home, it can be a good time to sell if the home is priced right, staged and marketed properly. Not as much competition and so far, we continue to have lots of buyers.
If you are a buyer, you should realize that you are looking at the same home other buyers are looking at. If the home is priced well, you may be offering list or over list to get it due to multiple offers.
Folsom Median Home Price for July 2011
The median price of a home in Folsom for July 2011 was $300,000. If that number looks familiar to you, it is, May 2011 also saw the median home price in Folsom at $300,000. In the month of July, 7 homes sold between $290,000 and $310,000. The average size of the home was 1873 sqft, a bit larger than average in May. The largest was 2,213 sqft and the smallest was 1,595 sqft. They averaged $159.36 a square foot. Average days on market for the 7 homes were 30 days. Four of them under 15 days on market. The oldest home was built in 1979 and the newest was 2005.
A year ago the same price range only 2 homes sold averaging 1,875 sqft, at $164.92 a square foot.
Folsom Foreclosures Continue To Be Filed
Foreclosures continue to effect our Folsom real estate market. You will hear some say that the worse is over. Based on the numbers, and what I am hearing at the national level, probably not.
The graph below shows the past year’s Folsom foreclosure filings; Notice of Defaults(1st step to foreclosure) and Notice of Trustee Sale(when it is schedule to be sold on the courthouse steps). As you can see by the numbers, while the Notice of Defaults are down from last month and last year, they are not down by much. The number of Notice of Trustee sales, when the home actually is foreclosed are up, both from last month and last year.
The next chart shows the actual outcomes of the Trustee Sale (auction). The average amount that are foreclosed on in a month here in Folsom is 21(Back to Bank). You can also see that several are getting sold on the courthouse steps, typically investors and flippers. And a few each month are cancelled. This usually means that they may be working out a loan modification or short sale.
Recently my short sale manager, who had just come back from a national short sale meeting, (including lenders that attended) gave me some information that I wanted to pass on to you. Banks are carrying about a 36 month inventory of properties in foreclosure, meaning if they did not file another Notice of Default, we still have 3 years of inventory to burn through. The banks will not over saturate the market with foreclosed homes, when they sell a foreclosure, they take a foreclosure. The banks have a common formula; 1 foreclosure for every six jobs that are lost. The banks are VERY concerned about a third wave of foreclosures due to the Adjustable Rate Mortgages due to readjust. The banks are concerned that even with lenders trying to mitigate the ARMS, home owners will use this as a reason to walk away.
What does all of this mean?
If you are a seller or are considering selling, things are not going to change anytime soon. You will be competing with REO’s, take advantage of that by offering what they don’t have. Be a turnkey home, with a competitive price.
If you are a buyer, it is a good time to buy, IF, you find the right house that fits your needs and you plan to live in the home for at five to six years. Buyers need to make smart moves when it comes to location, floorplans, etc.
Folsom Median Home Price for May 2011
The median home price in Folsom for the month of May was $300,000. This is down 6.2% from last month ($320,000) and down 17.1% from the same time last year.
Folsom Median Home Price for May 2011
What kind of home did $300,000 buy in Folsom during the month of May? There were 10 homes that sold in May priced between $290,000 and $310,000. The average size of the home was 1,765 square feet, with the largest one being 2,008 square feet and the smallest at 1,607. All but three of the homes sold in less than 60 days, 4 of them under 20 days. The oldest home was built in 1976, three were built in the 1980′s, three in the 1990′s and three in the 2000′s with the newest being 2004. The average price per square foot was $169.67 and the homes on average sold for 99.96% of list price.
A year ago the same price range would have bought you 1,527 square feet and you were paying on average $198.39/square foot.
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