The real estate market in Fair Oaks in July was pretty typical of Sacramento County. The average home sold for $476,462, down 1.4% from last July’s average of $483,236. However, at the same time, this year’s home was 6.4% bigger than last, so price per square foot dropped 7.4% from July to July.

I think we should borrow a phrase from Jebediah Springfield and call this process of buying a larger home for roughly the same money “embiggening“. It happens quite a bit in a lot of markets, and is certainly a commonplace in El Dorado County as well.

Back to Fair Oaks. This year’s median home sale price was $400,000, down a substantial 13.8% from last year’s median of $464,250. The average home that spold spent 48 days on the market, up 9.1% from last year’s avearge of 44. Unit volume was down to twenty-seven units, a drop of 32.5% from last year’s 40 units.

Currently there are just under 10 months of inventory in Fair Oaks, with 372 units active. Of these 472, twenty-one, or 6.8%, are bank foreclosures.

The expired to sold ratio stood at 100% (i.e., exactly the same number of listings expired as sold) in July, up from last year’s figure of 87.5%

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