Elder Creek / Fruitridge Real Estate Market Update: December 2009
A huge drop in unit volume sales this month marks the possible recovery of the Fruitridge real estate market. Foreclosure sales have fallen 72.3% year over year and overall unit volume has dropped 50% for the same period. Inversely, short sales rose 50% and non-distressed sales 81.8% for the same period. While 2 out of 3 sold homes is still a distress sale, this landscape no doubt looks healthier than it did a year ago with 9 out of 10 home sales being distressed.
Average price per square foot rose 19.3% year over year from $75.59 to $90.21 as it inched toward that $100 mark. Average sales price is finally (again) in the six figures from $86,294 last December to currently $100,497. Median sales price is currently $95,000.
Overall inventory for the Fruitridge area is at 2.9 months based on the last year of sales and 3.3 months based on the last six months of sales. Foreclosure inventory is barely around half a month.
