Citrus Heights is one of many areas in Sacramento County where falling prices has fueled increased demand, and as a result, inventory has fallen to seller’s market levels (even if prices have not yet started to increase in response).

The average Citrus Heights home sold in July for $203,616, down 30.9% from last year’s average of $294,564.  Sold price per square foot fell somewhat more moderately, 25.5%, from $192.06 per square foot in July of 2007 to $143.00 in July of 2008.

In response to falling prices, some 82.5% more buyers purchased a home in July than a year ago, so last July’s unit sales of 63 homes climbed to 115 homes sold during July of 2008.  With increased demand over the last few months, Citrus Heights now enjoys low inventory numbers — 5.5 months if you base your average monthly sales on the last twelve months, or 4.4 months if you’re inclined to pay more attention to the last six months of sales.  Either way, having inventory as low as it is is a good thing — but we’ve yet to see the low inventory start to have an impact on prices.

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