Folsom Real Estate Market Report for February 2011
Folsom’s home prices dropped in the month of February. The average price per square foot went from $162 to $153, that is a 5.3% drop from January, and 13.5% from the same time last year. On one hand I did not expect to see that much of a drop, on the other hand, we saw a lot of pending sales in February, so sellers have been educated by the buyers.
The amount of Folsom homes for sale is inching up, which is expected as spring brings out the home buyers. What is interesting is the amount of pendings in February. Folsom’s pendings are up 41% from last month and 77.4% from the same time last year. I can tell you from experience if you are a buyer and you see a home that you like, and it is priced well based on comps, do not wait. Make an offer, before someone else beats you to it.
Folsom’s absorption rate, based on closed sales, was 20.9%. Up 4.9% from last month, but down 11.5% from the same time last year.
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