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February Folsom Home Sales
Here in Folsom, our real estate market proved interesting. Our inventory increased slightly from last month (5.3%) and our pendings jumped up (49.2%). Folsom homes that sold however, went down (25%) from last month. The downturn in solds is probably a combination of new lending rules in place, short sales that went pending, but still on average take longer in escrow than other homes, and deals that are falling out of escrow for one reason or another. Based on the pendings for this month, we should see the solds move up more in March.
Folsom home pricing is still bumping along. Folsom price per square foot is down 2.9% from last month, and 7.1% from this time last year.
The absorption rate for Folsom was 21.9%(meaning we sold 21.9% of the homes on the market). That is up 26.6% from this time last year. The median price of a home in Folsom for February was $317,000.
Folsom Solds Up 36.4%
In November Folsom continued to see action on homes that were for sale. The problem is, (and almost always this time of year) is that our inventory is going down, not many homes to buy. Just like last year, our new listings take a nose dive until after the holidays. The good news is that our solds are up 36.4% from this time last year.
While our solds are up, the average price per square foot for a home in Folsom has dropped 10.1% from this time last year. Down only .6% from last month, so pricing seems to be moving down more slowly.
November median price for a home in Folsom was $376,000. And Folsom’s absorption rate is good at 34.7%(meaning we are selling 34.7 of the homes on the market during that time period).
While sellers are hoping that inventory stays low, I am concerned that if we don’t see the usual steady climb of inventory after the holidays, home buyers will feel as though its a mad rush to get the few homes available.
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