Franklin - Freeport Real Estate Market Update: September 2009
The typical trend of real estate sales in Sacramento county has been to hover around about $100 per square foot and for sales to pick up in the short sale or non-distressed categories when foreclosure inventory fell below half a month. This in turn makes prices hover around the $100 per square foot mark if not rise a little month to month. It is not so however in the Franklin - Freeport area.
Foreclosure sales have fallen 52.2% year over year and there has been a corresponding gain in short sales by 93.3% and non-distressed property sales of 120.7% year over year. This has caused unit volume to drop by 23.7% for the same period. However, now the ratio of non-distressed to distressed property sales is looking quite a bit better at 1:3 as compared with 1:10 last September.
Average sold price per square foot however is not showing any corresponding increase. Currently it is $86.97 down 13.1% year over year from a high of $100.05. Average sales price is now $121,484 down 12.5% from $138,881 from a year ago. Median sales price is now $110,000.
Inventory is at 2.2 months based on the last year of sales and 2.4 months based on the last six months of sales.
