Prairie Oaks Real Estate Market Update
Our Prairie Oaks neighborhood real estate market seems to be changing daily. It appears as though several sellers have determined it is not the time to sell and have pulled their homes off the market.
We currently have 7 homes on the market, 2 homes pending and 2 homes having been sold in the past two months. Our average price per square foot for homes for sale is $199.28, and for pendings it is $162.62. Solds are running at $184.24. Average days on market for our neighborhood solds are 48, for the whole of Folsom it is 86.
This time last year we did not even have any homes that sold between 12/14/07 and 2/14/08! For all of Folsom our average price per square foot for solds in the month of January 2008 was $205. We did have just one bank owned property (reo) for sale on Agostini.
Currently Prairie Oaks has 2 homes for sale that are short sales, 1 pending that is an reo and one that sold in the past 2 month that was an reo. About 37% of our market activity is distressed properties. In Folsom as a whole it is running at 46.5% of the real estate market in the past two months have been distressed properties, including both reo and short sales.
Even though we do not have as many distressed properties, the fact that Folsom has so many has helped bring our pricing down also.