Foothill Farms Real Estate Market Update: September 2009
With foreclosure sales drying up many homebuyers have begun to consider other areas of real estate that still offer discounts like short sales and some non-distressed property, but that doesn’t seem to be the case in Foothill Farms. Just 41 homes sold in the area, which is a unit volume decline of 34% year over year. Last September, 62 homes had sold. Foreclosure sales by themselves fell by 54% without any corresponding rise in short sales (that went from 5 sales to 8 sales) and non-distressed homes (that went from 7 to 10). Even so, now non-distressed home sales to distressed home sales are at a ratio of 1:4 as compared with 1:10 from a year ago.
Average price per square foot is now hovering around the $100 mark at $102.84, down 13.1% from a year ago when it was $118.30. Average sales price is at $124,676 down 13% as well from a high of $143,339 from a year ago. Median sales price is now $126,000.
Inventory is at 2.3 months based on the last year of sales and 2.5 months based on the last six months of sales.
