Fruitridge Real Estate Market Update: February 2010
Both unit volume and foreclosure sales are down dramatically in the Elder Creek / Fruitridge area of Sacramento. Just 46 homes sold this February in the 95820 and 95824 zip codes which is an overall decrease of 56.2% year over year. Foreclosures alone fell 73.1% for the same period - from 93 sales to just 25 this month. And although short sales increased slightly, it seems as if homebuyers are looking at owner-occupied homes currently.
With the bargains that abound, one can hardly blame them. Average price per square foot remains under $100 at $85.20 even when it rose 25.2% from last February when it was $68.03. Average sales price rose from last February’s $77,784 but remains under the six-figure mark at $96,471. Median sales price is now $85,000, a 41.7% increase year over year from a low of $60,000.
Inventory is at 3.4 months based on the last year of sales and 4.2 months based on the last six months of sales.
