Although the supply of available homes for sale has been been increasing each of the past 6 months, Folsom home prices haven’t suffered, as buyers continue to choose Folsom, and are willing to pay top dollar to live here.
Although the average price per square foot has been moving up and down a few dollars each of the past 6 months or so, overall, they continue to climb, ending in May at $212, nearly a 10% increase from one year ago. The average time to sell a home in Folsom dropped was 30 days, down from 49 in January.
Currently, there are 173 Folsom homes for sale, and some experts, including this one, are a little concerned as the increasing inventory may eventually affect prices, but so far it hasn’t happened.
There are more homes for sale in Folsom, they cost more and are selling faster. Go figure.
Communities throughout the region are seeing similar patterns, though Folsom’s prices remain stronger.
El Dorado Hills had an average price of $200 per square foot in May and 53 days on market, and 234 homes for sale.
Roseville’s average price is $190 per foot, with and average of 33 days on market.
Elk Grove remains a relative bargain, with an average price of $155 per square foot.
Overall, the region is enjoying brisk sales, with a less than 3 month supply in most areas, meaning that the demand is still strong and homes are selling, when priced right.
My advice is, if you don’t have to sell, hang on to your home and you’ll likely see it continue to increase in value.
If you want to buy a home, they don’t seem to be getting any cheaper, but you have more choices. You don’t have to rush, but do be ready, as homes are selling quickly.
