In the first quarter of 2008, the average home in Carmichael, California sold for $341,551, down 13.9% from last year’s average selling price of $396,641.  At $281,500, the median sale price this year was down 20.7% from the median sale price in the first quarter of 2007, $355,000.  On a sold price per square foot basis, home prices dropped 17.6% over the period.  Last year the average home was 1690 square feet and sold for $234.70 per square foot.  This year the average home sold was 1767 square feet and sold for $193.29 per square foot.

As in most areas in Sacramento County, buyers were taking advantage of whatever bargain priced bank foreclosures were available.  In the first quarter of 2007, foreclosures accounted for only 6.6% of all sales in Carmichael.  This year that figure had risen to 39.1%.  At the same time, the overall volume of homes sold declined sharply (47.1%) from year to year.

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