Foothill Farms Real Estate Market Update: May 2009
A total of 42 homes sold in the Foothill Farms area of Sacramento county this May. And a closer look at the numbers reveals that this May has not been much different from last May when 41 homes sold in all. Perhaps the only difference is that foreclosure sales fell by about 12% and short sales doubled. So even though the total ratio of distressed to non-distressed sales remains at approximately 9:1, homebuyers have shifted their attention from foreclosures to short sales.
Prices haven’t fared any better, either. Average price per square foot is currently at $99.63 which is 21% lower year over year from $126.06. Average sales price has also tumbled 20.7% for the same period. It is currently at $118,531 from a high of $118,531 a year ago. The median sale price is at $130,000.
Inventory in Foothill Farms is at 2.8 months based on the last twelve months of sales and 3.2 months based on the last six months of sales. Foreclosure inventory is at 0.5 months and 0.6 months respectively.
