Elder Creek / Fruitridge Real Estate Market Update: February 2009
Is this the end? Or is this the end? How about now? Now? When it comes to the Fruitridge area, it seems hard to say. If we go by the unit volume numbers, sales definitely are up 150% year over year. A total of 105 homes sold this month, the majority of which were foreclosures. 93 in fact. 3 short sales and 9 non-distressed homes also sold. Of course, foreclosure sales took the cake for being 258% over last year’s foreclosure sales. Non-distressed property sales fell by 44% year over year.
Price data gives us no good news either. Average sold price per square foot fell by 48% year over year down to $68.03 from last February’s $130.95. Average sales price is down 45% for the same period from $142,108 to $77,784. Median sales price is down 56% from $136,250 to $60,000.
If that’s getting you hiding under the couch, here’s some good news: inventory is at 2.1 months based on the last year of sales and 1.8 months based on the last six months of sales. Foreclosure inventory is down to an unbelievable 0.8 and 0.6 months!
