87 homes sold in Fruitridge this month, a drop in unit volume by 10.3% year over year. Not surprising, since the drop in foreclosure sales has been substantial – 25% year over year to be exact. Meanwhile, short sales have gained 85.7% and non-distressed sales have also gained 11.1% for the same period. Non-distressed sales are now almost a quarter of all real estate sales in the area.

Average sales price per square foot in Fruitridge is now an unbelievable $80.97 which is 18.5% lower than it was a year ago when it was $99.41. The average home which then sold for $113,778 can today command a price 19.8% lower – a mere $91,250. Median sales price is at an unheard of $66,288.

Overall inventory is at 2.1 months based on the last year of sales and 2.3 months based on the last six months of sales. Foreclosure inventory is at 0.3 months. Short sales should start gaining momentum if this market is to turn around someday: short sale inventory is at 19.5 months and 16.1 months respectively.

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