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Folsom Home Sales for November 2010
In November we start to see a seasonal dip in inventory in the Folsom MLS. As I have said before, sellers decide that during the holidays they do not want their home on the market.
The amount of Folsom homes for sale is down 9.9% from last month, however it is up 42.8% from this time last year. Folsom pending sales are up from last month 5.4%, and up 34.5% from this time last year. Folsom homes sold are also up from last month 19.1%, but down 6.7% from this time last year.
Short sales and foreclosed homes are a major part of the Folsom real estate activity. In November there were 78 short sales and 36 REO’s for sale in Folsom. The pendings for short sales were 31, and 14 for REO’s. When you get to solds, there were only 7 short sale homes sold and 15 REO’s sold.
Folsom Home Sale Inventory
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Folsom Home Sales for October 2010
For the past 3 out of 4 months the magic number has been 46 Folsom homes sold. Folsom solds are down 33.3% from this time last year. While Folsom has seen more homes go on the market, up 2.6% from last month and up 36.3% from this time last year, our new listings appear to be tapering off. Traditionally we expect a slowdown as we head into the holiday season. I find that a lot of sellers will pull their homes off the market until after the first of the year. I encourage my sellers to stay on the market, because any buyer that is out looking during the holidays is a serious buyer.
Folsom Homes For Sale
Even though the pendings appear to be moving up, now that the MLS is counting short sale contingent(seller has agreed, bank has not yet) as a pending, I don’t think it is an accurate trend. Until you have an agreement with the bank, there is no way you know whether the buyer will complete the purchase or not.
With the coming holiday slowdown, if you are a seller, you need to make sure you are priced competitively and you have your home in tip-top condition. You will want to catch the eye of those few buyers out there this season.
Folsom Home Sales for September 2010
Folsom’s summer home buying season officially slowed down in September. Folsom continues to see more homes come on the market, but solds are dropping.
Folsom MLS Inventory
Folsom homes available was up 35.5% from the same time last year. The solds were down 27.6% from the same time last year. Of the 267 Folsom homes for sale in the MLS, 75 were short sales and 34 were foreclosed homes.
It is also taking longer, once you are on the market to go pending. Last year it was an average of 103 days to go pending, this year we are up to 108 days.
Our absorption rate for September was 15.7%, down 46.6% from this time last year. This fall season is going to be hard on sellers. If their home is not priced competitively or it is highly desirable, I am afraid there may not be any takers.
Folsom September 2010 Absorption Rate
Folsom Home Sales for August 2010
Inventory for Folsom MLS August 2010
Folsom’s real estate market is showing that we still have buyers that are making offers when they see the home at the price they like. Inventory continues to inch up. Pendings are also up, however it is good to note, that the MLS has decided to count “short sale contingent” as pending, which in my mind is not as accurate.
Short sale contingent is only where the seller has approved the price/terms, not the bank, so we really don’t know if the bank will agree to price or even a short sale. I would expect our pendings to show a larger amount, then will actually close the following month, as you see in August. But what it does show, at least that there are that many buyers making offers.
Folsom’s average price per square foot, at $166/sqft. is down 1% from July 2010 and 7.9% from this time last year. With the amount of foreclosures, and short sales going through, I think Folsom will continue to see small price reductions continue.
Folsom Home Prices for August 2010
Folsom Homes Sales Up
Latest Folsom Real Estate Market News
Folsom home sales higher than last year!
Folsom’s traditional home sales (equity, non-reo or short) proved to have enough buyers, but we are missing the sellers! It looks to me that a lot of sellers were smart and instead of waiting for June (traditionally a high listing month), put their home on the market so that buyers could take advantage of the Home Buyers’ Credit.
The amount of Folsom homes for sale is down 24.4% from this time last year. Even with our inventory lower than last year, our pending sales were up 32.3% from last year and Folsom’s solds up 19.5%.
Folsom Home Prices for Equity Sales
For traditional sellers, average price per square foot seems stable at $180. Folsom is down 2.8% from this time last year. While no one wants to go down (ok, maybe the buyers do), 2.8% is so much better than a couple of years ago where we were down 10%.
Folsom Traditional Sales, Absorption Rate
In May, Folsom saw 38.6% of the traditional homes for sale sold. This is up 58.1% from this time last year. Last year we saw 24.4% of the homes sold.
While May proved to be an active month for traditional home sellers, we were still seeing the effects of the Home Buyer Credit. June and July will still be interesting months to see if Folsom will continue to have busy buyers and sellers.
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