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.