Sacramento Real Estate Blog

Fueled by low prices, the sales in the Elder Creek / Fruitridge area continue to rise. 120 homes sold this month in the area of which 103 were foreclosure sales! The rest were divided equally between short sales and non-distressed sales. Overall unit volume in Fruitridge is still 71.4% higher than it was last year at the same time showing that this area has still to rid itself of a lot of homes before the market will stabilize.

Foreclosure sales have spiked 87.3% year over year; short sales have also registered a huge increase of 700% for the same period, while non-distressed homes have suffered a decline of 36% for the same period.

The average sold price per square foot is currently an unbelievable $67.69 - that’s a drop of 42.1% year over year from a high of $116.91. The average sales price is $76,589 down 37.2% from last April’s $121,988. The median sales price is $65,000 down 39.5% for the same period.

Inventory is at 2.4 months based on the last year of sales and 2.2 months based on the last six months of sales. Foreclosure inventory is at 0.6 months and 0.5 months respectively.