As you can see from the graphs, sales have cratered in both zips. According to the MelissaData average prices in Folsom have responded, down 21% from the MelissaData Peak of Nov 2005. Surprisingly, EDH seems much less affected (down 12% from the MD peak of May 2007) even though the months inventory is much greater than Folsom.
While these declines might seem substantial to some folks, keep in mind Folsom's average price is still up 64% from January of 2002, with EDH up 68% over the same time frame (41% and 45% adjusting for 3% annual inflation).
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4 comments:
The areas still seem way too exspensive to me.I really like folsom but cannot find a decent home in the area.Seems like all the affordable housing is in the older portion of town near bidwell and wales.I drove trhough empire ranch a fews days ago and picked up a couple flyers and just laughed.Still drinking kool aid over there.Stopped in at bj's brewery for a brewski too.
Did you hear about the double casualties in EDH?? My daughter called me about it. According to KCRA's webpage yesterday, 2 visitors from Orange Co. basically got into a knife fight, and when one was being mortally wounded a neighbor (after firing 2 warning shots) shot the other. Per KCRA this happened in "upscale EDH".
And that is the problem with EDH, it has the "upscale" factor. Only time will tell whether the new shopping center and stores will succeed, but one thing is certain. The frenzied selling to borrowers who thought they were "upscale", but evidently aren't, will continue to impact the area.
BnR - I hear ya. Last we checked in the summer, I think you can purchase new from Elliot for practically as much as the resales....
Cmyst - I hadn't heard...I try not to keep up on all the horrible things people do to eachother. I am comfortable, and expect a certain degree of property crime, violent crime is what I worry about. And its not looking good...
Fear-mongering on the basis of a single incident is disingenuous. Bad things can happen -anywhere- on occasion. There is no 'problem' with EDH. And one look at the EDH inventory and sales numbers will tell you that there is no 'frenzied selling.' -- Inventory has dropped below its level at this time last year, and sales are down. EDH is and will remain a solid community. If you want to find problems, you're better off looking in Elk Grove or Natomas, among other areas.
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