If you’re looking to buy a home for five figures in the Sacramento area, you wouldn’t go wrong by looking in the Elder Creek / Fruitridge area. Prices have fallen and continue to fall here to unheard of numbers. Average price per square foot this month was $87.45 which was a decline again of 4.2% year over year from a high of $91.25. Average sale price is now $97,937 in the area down 7.2% from $105,586 last September. Median sales price currently rests at $76,000.

The clear winners in sales in the area are of course short sales. Foreclosure inventory is rapidly drying up and homebuyers are looking at well-priced short sales for bargains. Foreclosure sales fell by 45.9% year over year while short sales gained 433.3% for the same period! Non-distressed property sales remained the same almost with just a 5.6% increase for the same period. Overall unit volume fell year over year by 23.6% with just 81 homes selling this September as compared with 106 last September.

Inventory is at 2.4 months based on the last year of sales and 2.7 months based on the last six months of sales.

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