South Sacramento Franklin / Freeport Area
Sacramento’s Franklin / Freeport area (95823) is one of the areas that’s been hit hardest by foreclosures in all of Sacramento County. Like a poster child for mood swings, I remember once running comps on condos in 95823 and watching them double in value in six months during the height of the market in 2005. Today the area is declining in value almost as fast.
From July to July, sold price per square foot fell a dizzying 43.4% in 95823, from $176.66 to $99.98. Needless to say this is not just low compared to last year, it’s significantly less than the county average in July of $140.08. At the same time, while demand in Sacramento County has increased some 116.2% from July to July, demand in 95823 has jumped 315.2% from 33 units in July of 2007 to 137 units in July of 2008– yet even with the huge unit volume increase of the past several months, the inventory sell off lags behind Sacramento County at 6.7 months (versus 5.3 months county-wide).
90.5% of the homes that sold in July in 95823 were bank owned, and another 5.1% were short sales. Privately owned, non-distressed sales made up only 4.4% of the total and about 9.1% of active inventory.
