Spring is in the air. But who can tell? All is see is rain, more rain and some wind. Unofficially, this must be one of the wettest starts to a year in a very long time. According to the rainfall data in Folsom, as of the date of this writing, approximately 12 inches of rain has fallen year-to-date. And the Phillips Station snowpack measure is compared to the snowpack record dating back 40 years ago. Accuweather is forecasting rain in Folsom for the next 10 days as of this writing. So if Spring is in the air, it’s a soggy spring.
I love Spring. It’s a time when everything is so green. And these days, going green is a popular topic. But it has so many different meanings. It can mean that you are implementing changes in your lifestyle to be more eco-friendly. Does that mean using a reusable water bottle instead of single-use plastic water bottles? From Target to REI to Dick’s Sporting Goods, you can find reusable water bottles. Does it mean switching from gas to electric? You can start with your lawnmower but make a bigger impact by switching to an electric car. There are Tesla supercharger stations at the Palladio and on Iron Point making it easy to charge while you dine and shop. Other green ideas to implement include to use reusable bags, turn down your thermostat and install solar panels. Shop locally is a wonderful way to support our merchants in the area and save gas too.
What other ideas do you have to “go green”? I’m planning to start my own garden to grow fruit and vegetables. Every year, I look forward to my good friend’s homegrown produce. He grow tomatoes, eggplants, cucumbers, pears, apricots, oranges and more. The flavor is spectacular. So this year, my goal is to install a raised garden bed and grow some of my own. I can’t wait. And no, I don’t have a green thumb. I’ll just have to paint my thumb and hope for the best.
More effectively, I’m hoping the nice people at Green Acres will have the patience to advise me and provide the best products for a successful garden. And in the end, the easiest green, especially after a long day of gardening and living eco-friendly is pull into University of Beer on the greenest day of them all; St. Patrick’s Day on March 17. Order the bottomless green beer, listen to Green Day’s “When I Come Around” and uber it home in a Prius. Now that’s a really Green Day. Don’t forget your umbrella. You’ll need it for a few more gray days.
The local real estate market for the first quarter of 2023 is as variable as the weather. Hard to tell what’s had a greater impact on our local real estate. Is it the weather and all of the rain, snow and wind? Or is it the rising mortgage interest rates that have risen for five consecutive weeks? As of the week ending March 9, the 30-year fixed mortgage rate averaged 6.73%. Just a year ago, the rate was 3.85%. This rate increase can really raise the monthly payment amount for borrowers.
The numbers in Folsom and El Dorado Hills residential real estate reflect the impact of these factors. In El Dorado Hills (EDH), through February, only 53 homes have sold, down 45% from the same period in 2022. Other key stats in EDH are that the average price of a sold home is $1.08m, up slightly, while the number of new listings is down 50% and the average number of Days on Market for homes sold jumped 67% to 46 days.
Similarly, for the same time frames in Folsom, only 73 homes have sold, down almost 40%. Prices of sold homes dropped to $739k, down just over 10%. New listings are down almost 30% and sold home were on the market an average of 49 days, up approximately 67%, like in EDH. The number of homes for sale (inventory) is down in both EDH and Folsom. As a result, home sellers still receive multiple offers. Year-To-Date through the date of this writing, in EDH & Folsom, approximately 43% of sold homes received more than one offer. In summary, the residential real estate market is still very active, though much different from last year at this time. It’s a great time to be a buyer and it’s a great time to be a seller.
I love where I live. I’m excited about 2023. I’m off to a good start. I hope you are too. I’m excited to continue to help more families in 2023 with their real estate needs. With proper planning and a good Realtor (Luckily, I know a really good one….), you can smoothly get to your next stage in life. For more tips on how to successfully navigate the real estate purchase or sale, or suggestions on Folsom topics, please contact me at Coldwell Banker, 916.812.4341, pquan@cbnorcal.com, www.PatQuan.com. CA DRE #01918240
Pat Quan is a local resident and a real estate agent with Coldwell Banker. FolsomTimes.com welcomes him as the newest contributor to its community commentary section.
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