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.

Land Park Real Estate Market Update: July 2009

Hey, welcome back! Since this blog is now part of the family of blogs of Elite Properties, you can now hope to read market updates as well as "ask the Realtor" type of articles along with some real estate quotes and trivia. Today we have a market update for Land Park for the month of July. (Statistics are available for the previous month when we update our database around the fifth of each month.)

Anyway, on to Land Park!

This has been a pretty impressive month for real estate in the Land Park community with unit volume up 108% year over year. 27 homes sold in the area and just 4 of them were foreclosures. None of the 17 short sales on the market sold but home buyers renewed their interest in non-distressed properties with a whopping 23 selling in the month of July.

Average price per square foot is now $257.41, which is a 17.8% drop year over year from a high of $313.20. The average home sold for $384,867 this July which is 4.3% lower than it sold for last July when average price was $402,146. Median sales price rests at $370,000 - 2.8% higher than last July's $360,000. However, keep in mind that the average home sold this July was also 16.4% larger than last July so the numbers can seem a little skewed. The most accurate measure here is the average price per square foot.

Inventory is at 4.8 months based on the last year of sales and 4.4 months based on the last six months of sales. Foreclosure inventory is at 0.4 months.

Dead? Not Quite Yet.

I've been giving a lot of thought to where this blog is headed. Yeah, I guess you can tell by the fact that there haven't been any posts up lately. No, I haven't given up blogging. And no, I haven't given up selling real estate either. And yes, I still believe real estate can be a very strong investment. I would however temper and moderate that statement by saying you must have reserves to protect that investment.

But more to the point has been the concern that this real estate blog hasn't received the kind of attention lately that I would have liked to give it. As most of you know, my writing has been mainly over at Sacramento Home, the official company blog of Elite Properties. And between writing that and reviewing files for the company and taking care of my one year old (yes, she's officially a whole year old, believe it or not!) I've had my hands full. How in the world do people find time to juggle so much, I wonder sometimes looking at other brokers who have a post a day.

So, this is where this blog is going: I've made the decision that it's going to be another of Elite Properties' company blogs. You know we have Sacramento Home and Roseville Homes and Land and now we're adding Sacramento Real Estate Gal into the mix. What does this mean to you? Just that besides writing more here, I'll be adding more market updates and "ask the broker" kind of posts. And if you love reading them at the other blogs, chances are you'll enjoy them here as well!