For probably the last 2 years, home buyers and their agents have been lamenting the fact that available housing inventory is low.
It still is low, with 81 homes for sale in Folsom today, compared with 105 a year ago. The problem now is that the inventory that IS available isn’t what buyers want.
Take a look at the chart above, for the past year, the average price for homes sold in Folsom has been just over $500,000, and during that time, the average home listed for sale has been $100,000 to $150,000 higher. That’s pretty significant in itself, but the pool for higher end home buyers is traditionally smaller than for more modest homes, so it stands to reason that the majority of sales are of lower to mid-priced homes.
Unless you actually do live under a rock, you know that Folsom housing inventory is low. It’s been an ongoing problem for the last few years, but seems to be getting worse. Last year at this time, 80 homes were on the market. The year before that 112. Right now, there are 65 homes for sale in Folsom, plus 4 condos.
It’s not just that we have low inventory, it’s that what is out there is in many cases, priced much higher than what buyers are looking for.