Foreclosure sales continued to drive high buyer demand for homes in Citrus Heights in August.  102 units sold in August, somewhat more than the six month running average of 98 units per month, and 54.5% more than the 66 units that sold in August of 2007.

Sold price per square foot dropped 23.5% from August to August, with the average home fetching $190.91 per square foot in August of 2007 versus $146.05 in August of 2008.  At 1352 square feet, this year’s home was 7.6% smaller than last year’s home, so sale prices fell more sharply, 29.3%, from $279,468 in August of 2007 to $197,579 in August of 2008.

Demand for foreclosures was strong, with only 1.5 months of foreclosure inventory at present and bank foreclosures making up 72.5% of sales in August in Citrus Heights.  Buyers are routinely bidding over full price in order to be successful, with the result that the average sale price of $197,579 was 2.9% over full price, i.e., the average listing price of $192,058.

With 392 active listings, at present there are four months of inventory overall in Citrus Heights.

Below is the raw data for Citrus Heights for August, 2008.

 

Unit Volume Data

Units Sold	August, 2007		August, 2008	Change
Foreclosures Sold	18		74	311.1%
(% of total units)	27.3%		72.5%
Short Sales Sold	4		8	100.0%
(% of total units)	6.1%		7.8%
Non-distressed Sold	44		20	-54.5%
(% of total units)	66.7%		19.6%
Total	66		102	54.5%

Price Data

Prices	August, 2007		August, 2008	Change
Sold Price / Square Foot	$190.91		$146.05	-23.5%
Square Feet	1463		1352	-7.6%
Average List Price	$288,430		$192,058	-33.4%
Average Sale Price	$279,468		$197,579	-29.3%
Median Sale Price	$283000		$197500	-30.2%

Inventory (Based on 12 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	73	392	5.3
Foreclosures	42	97	2.3
Short Sales	6	213	35.5
Nondistressed	25	82	3.3

Inventory (Based on 6 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	98	392	4.0
Foreclosures	62	97	1.5
Short Sales	8	213	24.1
Nondistressed	27	82	3.0

Comments are closed.