Residential real estate in Citrus Heights fared well in August, with 137 residential units sold. As in most areas — with the exception of Elk Grove — unit volume was down somewhat from last year’s numbers. In August, 2004, 179 residential units were sold.

The average sale price for a home in Citrus Height was $350,544, or 99.6% of the $351,851 average list price. The median sale price was $349,950.

This year’s average sale price of $350,544 is a 20.9% increase over the same time last year. As we’ve been finding in other areas, however, this year’s “average” home was larger in square footage. Because of this, some of the 20.9% increase is an artifact of the larger home size. The average price per square foot increased only 14.9% from last August to August of 2005.

The time it took to sell a home increased by 50% during this time, from 16 days last year to 24 days this year. As we’ve seen elsewhere, there is a certain “glut” of inventory in Citrus Heights, though less so than in other areas. Citrus Heights has almost exactly three months of inventory, as opposed to other local markets, where the numbers range as high as four months.

This real estate market update for Citrus Heights is based on both 95621 and 95610 for all residential units for the period August 1st through August 31, 2005.

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