This Monday morning

Here is a quick snapshot of the Folsom real estate market this morning:

• 341 homes for sale (both condos and single family residences)
• 34 of those are bank-owned
• 195 are short sales

all4now

May 2011: Folsom Homes For sale inventory continues to shrink, while average home price shrinks

Some real estate trends became even more evident with the recent release of the Folsom May home sales statistics by Trendgraphix—a real estate market research company—that provides, among other things, some detailed monthly data on real estate markets by zip code.

At 192 single family residences for sale during May, the clear trend is that the for-sale housing inventory in Folsom is shrinking. The high mark during the past 15 months was 274 homes for sale back in October 2010. On the other hand, the number of homes that went pending, 117, continues a determined upward swing from a low of 49 back in December. That 117 number represents a 112.7% increase over a year ago. Yet the number of homes sold, 74, represents a 13% drop from a year ago.

Here are some quick May 2011 numbers for Folsom:

• Average price per square foot: $155.8
• Average days on market: 70
• Months' Inventory on sold: 2.6
• Average Sold Price: $323,000
• Total homes sold: 74
• Total bank-owned-homes sold: 17
• Total short-sale-homes sold: 17
• Total regular-sale-homes sold: 40

For the visually oriented (like myself), I’ve included the graph showing the number of homes for sale, sold, and pended for each month from March 2010 to May 2011. These numbers are specifically for single family residences. Just drop me a line if you would like to see the numbers for a different kind of property (i.e., condo, lot, income property etc.), and I’ll get those to you, no obligation and with a smile!

That’s it for today’s wrap up of the Folsom market numbers for May 2011. Interested in numbers for another zip code? Just let me know and I’ll send them offline.

all4now

Recent Folsom Home Sales for June 1-10, 2011

It's one of those absolutely beautiful days in Folsom today. I hope you all find some time to enjoy it at least a little bit!

So this Monday, I decided to start with a quick look at what's for sale. Per our local multiple listing service, MetroList, 357 homes are for sale in Folsom today--34 of those are foreclosures, ranging in price from $79,000 to $314,000. There is some opportunity for buyers ready to buy!

And, as far as recent sales, below are homes that have sold in Folsom (as recorded by MetroList) between June 1 and June 10. If you have questions about any of these sales or any that don't show below, drop me a line.

Address	Sold For	Sq Ft	Sold on	DOM
885 Halidon Way #1314	$94,000	750	6/7/2011	17
163 Pierpoint Cir	$134,000	1,019	6/3/2011	400
1212 School St	$172,000	1,668	6/1/2011	15
506 Esplanade Cir #506	$172,000	1,364	6/6/2011	0
130 Sierra Woods Cir	$197,000	1,470	6/9/2011	1
1113 Vessona Cir	$197,700	1,519	6/10/2011	13
303 Esplanade Cir #303	$199,000	1,681	6/10/2011	1
3 Diggins Dr	$265,000	1,920	6/2/2011	341
2126 Horseshoe Glen Cir	$280,000	1,613	6/7/2011	35
102 Reddington Ct	$289,000	1,764	6/6/2011	13
103 Lions Way	$290,000	1,695	6/6/2011	88
1362 Young Wo Cir	$290,000	1,530	6/3/2011	1
138 Elkins Cir	$297,000	1,834	6/1/2011	24
202 John Henry Cir	$299,900	2,206	6/10/2011	53
545 Fisher Cir	$300,000	1,710	6/1/2011	6
120 Briggs Ranch Dr	$349,900	2,585	6/7/2011	94
100 Canyon Rim Dr	$355,000	2,234	6/1/2011	17
1045 Callander Way	$359,500	2,492	6/9/2011	3
429 Turn Pike Dr	$365,000	2,687	6/2/2011	65
192 Bayline Cir	$380,000	2,327	6/7/2011	50
1028 Berg Ct	$399,000	3,014	6/1/2011	242
243 Briggs Ranch Dr	$400,001	2,427	6/1/2011	52
1483 Berriedale Ct	$405,000	2,584	6/10/2011	64
1239 Souza Way	$478,000	3,577	6/10/2011	76
1621 Bowen Dr	$535,000	3,449	6/2/2011	0
1549 Freswick Dr	$551,600	3,854	6/3/2011	3
1716 Azavedo Ct	$587,500	3,927	6/10/2011	0
149 Kettle Rock Ct	$675,000	3,628	6/6/2011	42

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Current Market Holds Opportunities for Real Estate Investors

One of the active segments of real estate buyers currently is the Investor segment. That is very true in the greater Sacramento area. Even places like Folsom and El Dorado Hills, where home values have tended to be higher because of the desirability and amenities of those communities, offer some good buys. Going along with those good buys are some still phenomenal rates. Freddie Mac has just reported that rates on fixed-rate mortgages have gone down for the seventh week in a row. And, I was talking with mortgage lender Sue Palmer of Summit Funding who told me borrowers can purchase an investment property with as little as 10% down. Check in with her if you want more information on how this.
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Just for Investors! Free online help to generate investment property analysis

Actually, even if you’ve been in the investing game for a while, you will want to check out “Real Estate Analysis Free.” The investment software found at http://www.realestateanalysisfree.com/ provides a free property analysis to investors. It helps with calculations of sophisticated indicators, provides interactive reports, and enables sharing on social networks. You enter basic property value information, and applicable income and expense figures into the “Real Estate Analysis” form and the program then generates a detailed report with charts and graphs.

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Opportunity is knocking for homebuyers in Folsom

There was a good article in the Sacramento Bee this weekend, "Housing Crash Means Bargains for Some Sacramento-Area Buyers", that talked about the opportunity that exists for home buyers to purchase an affordable home in this market, this after years of inflated home prices. If you and your family are at a point where it's time to either move into your first home or maybe even move up, take a look at the homes currently for sale. I checked our local multiple listing service this morning and found 189 homes in Folsom selling for under $300,000. And, of those, 64 were listed under $200,000. That is opportunity.
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Some good news from Freddie Mac for Buyers looking to buy a home in Folsom

Here's the deal: Freddie Mac is offering up to 3.5% in closing-cost assistance to homebuyers for offers on HomeSteps properties that are received by July 31, 2011, with escrow closing no later than September 30.

HomeSteps homes are foreclosures owned by Freddie Mac. That represents some serious money for homebuyers. For example, on the purchase of a home worth $150,000, HomeSteps would pay up to $5,250 towards the buyers closing cost. Pretty sweet!

This deal may sound familiar. Fannie Mae has been offering a similar deal on homes closing by June 30.

Currently there are two homes for sale in Folsom that are eligible for the Freddie Mac incentive with possibly more coming on line. Freddie Mac says it expects the REO inventory to grow (REO stands for real-estate owned--the term banks use to describe as properties they have foreclosed).

Write me if you would like more details...

all4now