Sacramento Franklin / Freeport Area (95832) Real Estate Market
The Franklin / Freeport area in South Sacramento is the area that’s been hardest hit by foreclosures in Sacramento County. As you’d expect, in connection with the high number of foreclosures there have been especially deep price decline, high inventory, and large numbers of listings expiring unsold.
Only about five homes sell per month in Franklin / Freeport. Therefore, in order to have enough numbers to discuss this area somewhat intelligently, we’ll look at the first eleven months of 2007 compared to the same period for 2006, rather than looking at a single month.
From 2006 to 2007, homes in the Franklin Boulevard area lost about a quarter of their value. The average price fell 27.2%, from $335,800 in 2006 to $244,628 in 2007. At the same time, sold price per square foot fell by 24.8%, averaging $220.92 in 2006 and falling to $166.19 in 2007. The median selling price was $314,000 in 2006, and has now fallen 20.4% to $250,000.
In 2006, only 1.1% of sales in this area were bank owned foreclosures, versus 58.5% in 2007. There are more than two years (28.3 months) of unsold inventory to get through in Franklin / Freeport, of which 41.7% are foreclosures, and 30.2% are short sales. Some time in early 2008, we expect to see combined inventory for short sales and foreclosures top 75% of active inventory.
