September’s market in Fair Oaks gives us less cause for optimism than some other local markets, but not enough bad news yet to feed the bears’ talk of a real estate bubble. On the bad news side, days on market are up significantly, from 30 days last year to 40 this year. Also, total units sold are down, from 75 in September 2004 to 49 in September of 2005. However, inventory numbers are not out of line with other markets, at 4.3 months.

The average Fair Oaks home sold in September was 2007 square feet, listed at 504,139, and sold for 497,565, or 98.7% of list. The median sale price was $469,960. Last September’s average sale price of $414,227 was for a smaller home, at an average of 1834 square feet. Adjusted for size, homes appreciated 11.3% over the period.

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