Folsom Homes Sales for July 2010
There has been lots of press recently about home sales being down in July. Sacramento and nationally the much anticipated drop has shown up. I thought you might like to see where Folsom stands compared to what the news is saying.
The amount of Folsom homes for sale (inventory) is inching up, Folsom has 2.5% more homes for sale then in June, and 10.7% more than this time last year. The new listings coming on the market is down from last year 10.6%, so we may see inventory start to level off.
Folsom also saw a drop in homes sold in July, with 45 homes being sold, down 40% from June 2010, and down 36.6% from July 2009. That was to be expected while those that could take advantage of the tax credit, made sure that they did.
What I am cautiously watching is Folsom’s pending sales. Those numbers tell me how many buyers had offers accepted and will probably close in 30 to 45 days. As you can see by the chart Folsom’s pending sales don’t look so bad. Folsom had 78 homes go pending in July, up 9.9% from June 2010 and up 2.6% from this time last year. In the past 15 months Folsom had more than 78 pending sales twice.
With everything else going on in the financial markets, if Folsom can continue with a decent amount of pending sales, and our inventory does not move up, our real estate market will remain more stable than most.