We’re half-way through the year, and the Folsom housing market continues to sizzle.
Higher interests, drought and the coming development south of highway 50 have done little to deter buyers from snapping up homes quickly and at increasingly higher prices.
In June 120 homes were sold, the most in any month since May of 2013, and 135 more went ‘pending’, the highest number in over 5 years.
The average price for a home sold in Folsom was $464,000. The last time we hit that mark was in 2008 when the market was going in the opposite direction.
With prices rising even higher in the Bay Area though, Folsom looks like a relative bargain, and the quality of life seems to be unsurpassed in the region.
Inventory is down a bit from last year, with 196 homes for sale in Folsom in June, and 177 on the market today. Compare that to the 221 homes on the market at this time last year.
Sales are up, and with the average days on market at 25, down from 61 days in February. At that rate of sales, we’re running about a 1.6 month supply.
All of this ads up to being a ‘seller’s market’, though I’d caution sellers to price their homes right or they may find themselves to be the exception.
Of course, there’s always the fear that everything will come to a screeching halt, but so far, there’s no sign of a slow down.
We’ll see how the rest of the year shakes out.
Where do you think we’re headed? Are we near the peak or do will prices continue to climb?
Have you any questions for me?
I’ll be around.