Fruitridge Real Estate Market Update: June 2009
For the first time this year, real estate sales in the Elder Creek and Fruitridge areas were down year over year. Unit volume is currently down 15.6%. It comes as no surprise when we see foreclosure inventory beginning to dry up. It was down 17.1% year over year while non-distressed sales are also down 33.3% for the same period. Only short sales have gained 200% year over year.
A total of 76 homes sold in the area of which 58 (or 76.3% of all sales) were foreclosed properties, 6 were short sales (7.9% of all sales) and 12 were non-distressed properties (15.8% of all sales.)
Average price per square foot is at an unbelievable $70.64, a drop of 35% year over year. Average sales price is $82,677, also a big fall from last June’s average sales price of $125,967. Median sales price currently sits at $72,500.
Inventory is at 2.2 months based on the last year of sales and 2.3 months based on the last six months of sales. Foreclosure inventory is at 0.3 months.
