Investors love Citrus Heights. Especially in today’s market when real estate prices have fallen 27.3% over last October. The average price per square foot in Citrus Heights (zip codes 95610 and 95621) is now $132.71 – down from last October’s $182.43, a huge bargain for those looking to buy investment property or first homes.

The main reason prices have fallen so low is the foreclosures and short sales. There are currently 214 short sales on the market in Citrus Heights – a much larger number than I have seen in most other neighborhoods of Sacramento county. While we were beginning to see foreclosures in this area last October, the number has since tripled and distress sales now make up the majority of home sales – 68.1% are foreclosures and 15.9% are short sales. Non-distressed sales make up only 15.9% of all home sales – an interesting number when you think about the fact that total sales have gone up by 46.8% this October over the last.

The average sales price for a house in Citrus Heights is now $194,768 – down 29.8% over last October’s high of $277,310. Median sales price is also down 32.4% from $275,000 to $186,000 for the same period.

Inventory is at 5.3 months based on the last 12 months of sales and 4.1 months based on the last 6 months of sales.

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