Fruitridge Real Estate Market Update: January 2010
Unit volume is down by half year over year - quite a difference! 49.1% lower market volume has mainly been the offshoot of 68.2% lesser REOs selling in the area of Elder Creek and Fruitridge. There have not been enough short sales or non-distressed sales to make up the difference. 9 short sales sold this January as compared with 8 last January. Also 18 non-distressed properties sold over 13 last January, a gain of 38.5% year over year. A total of 54 homes sold in the area.
Average price per square foot is now $88.90 which is a 10% increase year over year from $80.81 of January of last year. Average sales price also rose 10.5% from $91,831 to $101,515 currently. Median sales price is now $94,000 a gain of 44.6% from last January.
Overall inventory is at 3.1 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory seems low at a little over half a month. Short sale inventory however is still over a year.
