For those of you who aren’t familiar with it, Fair Oaks is a beautiful, established community in Sacramento County, east of the city of Sacramento. In the first quarter of 2008, the average home sold in Fair Oaks for $358,999, down 24.9% from the first quarter of 2007. A portion of this drop reflected a smaller crop of homes, with this year’s average footprint being 1930 square feet versus 2086 square feet last year. As a result, the sold price per square foot of a home in Fair Oaks dropped more moderately, 18.9%, from $229.25 on average in the first quarter of 2007 to $186.01 on average in the first quarter of 2008.

Unit volume has declined markedly in Fair Oaks, 38.1% over the year. Of the 60 units that sold in the first quarter, 30 were bank foreclosures but only two were short sales. Currently there are 6.8 months worth of unsold inventory, but at the rate foreclosures have sold over the last quarter, there are less than two months of foreclosure inventory.

blog comments powered by Disqus