How’s Florin doing?  Well, the alternate title for this post should give it away:

“Florin Maul”.

If real estate is local, and there are local winners (Land Park, East Sac), of course there have to be local losers as well.  Enter Florin, the area encompassing the zip codes 95828, 95829, and 95830.  Florin is roughly bounded by Sunrise Boulevard on the east, and by Kiefer Blvd, Jackson Highway, and Elder Creek Boulevard on the north, by Stockton Blvd in the west and Calvine Boulevard in the South.

From November to November, the median selling price of a Florin home fell 21.5%, from $325,000 to $255,000.  Last November the average selling price was $361,962 — this average fell 25.4% to $269,932.  Insult to injury, this year’s home was larger — so the average price per square foot fell 29.1% from year to year in Florin.

A year ago, bank foreclosures made up 1.6% of sales, though there were any number of short sales in inventory.  This November, bank foreclosures accounted for 61.3% of all homes sold, and together, foreclosures and short sales make up 62.7% of the 18.6 months inventory. 

Rounding out a perfect storm of numerical bad news, unit volume is down 50.8% from year to year, and as of this November the expired to sold ratio is 212.9%

blog comments powered by Disqus