Foothill Farms Real Estate Market Update: July 2009

When home buyers are looking for a nice little community to live in close to the highway with solidly built homes with an old-world charm, they usually begin their search in the Foothill Farms area. There haven't been enough real estate buyers however to keep sales buoyed this month. Overall unit volume fell by 40% year over year in the neighborhood and the biggest drop was seen in foreclosure sales. REOs fell by 68% year over year from 53 homes sold last July to just 17 this July. Also, they went from being 88% of all sales to just a little over 47% of all sales. Short sales gained by 125% and non-distressed sales by 233% year over year. Distress sales now make up 72% of all real estate sales in the area.

Average sold price per square foot now rests at $103.37 which is 12.2% lower than last July's average of $117.71. Home buyers thus afforded themselves homes on average 9% bigger than they did last July. Average sales price in Foothill Farms is now $132,882 - 4.2% under last July's price of $138,755. Median sales price is at $134,000.

Inventory in Antelope is at 2.8 months based on the last year of sales and 3.2 months based on the last six months of sales. Foreclosure inventory is at 0.6 months and 0.8 months respectively. Short sale inventory is at 11.7 months and 11.5 months respectively.