Freeport Real Estate Market Update: November 2008
If homes are selling in Florin like hot cakes, they’re selling in Freeport like… um… Christmas cookies! Here are the mind-boggling numbers: unit volume up by 404%, foreclosure sales up by 614.3%, and short sales even up by 600%! 92.2% of all home sales in the Franklin - Freeport area are now distress sales. Only 18 of the homes sold in November were non-distressed sales. Compare that with 214 distress sales! And that is only in one month!
So the 890 homes for sale one sees as active listings might seem like a large number. But they only make up 5.2 months of inventory based on the last 12 months of sales and 3.8 months of inventory based on the last six months of sales.
The reason for all this activity is obvious. Prices have fallen 44.3%. The average sold price per square foot has gone from a high of $162.04 to 90.24. Yes, double digits! Believe it or not. The average sales price has dropped 44% as well - from $224,616 to $125,600 year over year. Median sales price has dropped 47.3% for the same period - from $212,950 to $112,148.50.
If you’re looking in the Franklin - Freeport area and thinking about snagging a foreclosure for yourself, you might want to get busy. There’s a lot to look at, but the 410 REOs make up a mere 2 months of inventory! Cookies, anyone?
