Folsom CA Real Estate Market Update

Folsom CA Real Estate Market Update

Folsom CA Real Estate Market Update

Breaking News! The latest Folsom real estate market report was just released indicating we are STILL in a sellers market! HI, I'm Tara with Coyle & Verberne Real Estate Team and Coldwell Banker Sun Ridge, let's dive right in. Great news Folsom, we are still in a sellers market! March property sales were 54, down 10% from 60 in March of 2018 and 14.9% higher than the 47 sales in February. For current inventory, versus last year, the total number of properties available this month is higher by 22 units. This years bigger inventory means that buyers who are waiting to buy may have bigger selection to choose from. The number of current inventory is up 28% compared to the previous month. When we look at the average sold price per SF, this is a great indicator for the direction of property values. Since median sold price and average sold price can be impacted by the 'mix' of high or low end properties in the market, the average sold price per SF is a more normalized indicator on the direction of property values. The March 2019 average sold price per SF was $253 which was down 5.9% from $269 last month and down 0.4% from $254 in March of last year. Another good market indicator is days on market, which shows how many days the average property is on the market before it sells. Keep in mind, an upward trend in DOM tends to indicate a move towards more of a buyers market and a downward trend indicates a move towards more of a sellers market. The DOM for March 2019 was 34, up from 33 days last month. Finally, looking at months of inventory again helps to indicate if we are in a buyers, sellers, or normal market. A buyers market has more than 6 months of inventory, a sellers market has less than 3 months of inventory and a neutral market will have between 3-6 months of inventory. March 2019 inventory based on closed sales was 1.8 indicating we are still in a sellers market. So what does all this mean? It means our market is still strong and we are still in a sellers market. If you found this to be beneficial please like comment or share and as always make it a great home buying and selling day.

 

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