For long I have said and believed the old real estate saying about sellers selling in a sellers’ market, but buyers not buying in a buyers’ market. The sales in Fruitridge-Elder Creek might just make me eat my words. When bargains abound, at some point, home buyers sit up and take notice. And then, (gasp!) they buy! They certainly have around Fruitridge and Elder Creek.

There has been a 242% increase in unit volume in Fruitridge year over year. Whereas a mere 33 homes sold last November, this November saw 113 houses sell – that’s almost 4 homes a day! 91 of these were foreclosures (80.5% of the total homes sold), 7 were short sales (6.2%) and the rest 15 (13.3%) were non-distressed sales. The foreclosures sales accounted for an increase of 355% over last November’s foreclosure sales.

What could lead to this kind of frenzied buying? Well, the prices might give us a clue. The average sold price per square foot has fallen 54% since last November: from a high of $169.35 to $77.35 today. And so has the average sales price. It has also tumbled from $195,629 to $89,135 for the same period. The median sales price has seen a 58.3% drop from $180,000. It is currently $75,000.

Inventory is at 5.1 months based on the last year of sales and 3.8 months based on the last six months of sales.

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