Folsom Home Sales for 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.