The real estate market in Fair Oaks is now nicely poised for a recovery. Of course we’ll have to see how it actually happens and how long it takes but the homebuyers definitely seem to be making their move lately. 41 homes sold in the area, up 28.1% year over year. Even with foreclosure sales falling 37.5% for the same period! Non-distressed sales have almost doubled from 15 last October to 29 this October! Short sales also doubled but going from 1 a month to 2 doesn’t seem to be news.

Average sold price per square foot is now $160.37 down 7.8% year over year from a high of $173.90. Homebuyers seem to have jumped in both feet first here and homes sold this month were on average 9% bigger than they were a year ago. So the more accurate figure here for prices is the price per square foot even though the average sales price shows a more positive picture of a year over year increase of 0.5% from $321,0123 last October to $322,595 this October. Median sale price now rests at $290,500.

Inventory is at 4.7 months based on the last year of sales and 4 months based on the last six months of sales. Foreclosure inventory is at 1.6 months.

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