Sales in Fair Oaks have been better in March than they were last month, but still haven’t kept pace with the demand in January. A total of 24 homes sold in Fair Oaks this month: 12 foreclosures, 5 short sales and 7 non-distressed homes. The 12 foreclosures are unchanged from a year ago, whereas we see a 30% dip in demand for non-distressed homes year over year and an increase in short sales. No short sales closed this time last year and this March, 5 have closed escrow. Overall unit volume is up by 9% year over year.

Average sold price per square foot has dipped 23.7% year over year from a high of $184.39 to currently $140.60. Average sales price has fallen 36.3% from $355,964 to $226,573 for the same period. Median sales price is currently at $219,500, a plunge of 23.3% year over year. Interestingly enough, the average home sold is also 16.5% smaller year over year, so the more accurate measure of prices is the average sold price per square foot.

Inventory is at 5.8 months (based on the last year of sales) and 7.3 months (based on the last six months of sales).

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