The first quarter numbers are in and there are some surprises. Folsom real estate prices are creeping back up, with the average price per square foot for homes sold currently at $210, after dropping to $203 per foot in January, and up from $201 one year ago.
115 homes went ‘pending sale’ in March, the highest number since May of 2013.
Inventory is down, as March ended with 129 Folsom homes for sale, down from 155 one year ago, and with the current rate of sales, leaves us with 1.7 months of inventory.
With the lack of inventory, low rates, good weather and an improving economy, more and more people are entering the housing market.
Average days on market fell to 41 in March, down from 61 in February. Of the 212 homes sold in the first quarter, exactly 1/3 of them sold in 7 days or less.
What’s it all mean? There are lots of active buyers out there ready to make offers, and if the house is priced right, it will sell quickly.
As for inventory, I can’t say why fewer people are putting their homes on the market. Maybe we’ll see some significant increases in the coming months, though as of today, there are only 129.
by Steve Heard
Keller Williams Realty
916 718 9577