It seems like the Carmichael real estate market still has to hit bottom, although the price dips are becoming less sharp in the last few months. 39 homes sold in the 95608 zip code – the city of Carmichael – an overall unit volume decline of 13.3% year over year.

Foreclosure sales dropped 52.4% for the same period while just 5 short sales closed escrow. In an area where short sales don’t seem to capture the attention of homebuyers anyway, short sales declined 28.6% year over year. Non-distressed sales increased 41.2% year over year. Approximately 2 out of 3 homes sold are now non-distressed, a good sign if you ignore the short sale inventory, which unfortunately we cannot.

Average sold price per square foot is now at $152.05 which is 9.4% lower than it was a year ago when it was at $167.80. Interestingly enough, home buyers also bought houses on average 13.4% smaller than they did a year ago. This meant that average sales price seemed to decline further than usual at 21.6%. Average sales price in Carmichael is now $260,258, down from $331,856 a year ago. Median sales price fell 3% to rest at $245,000 from $252,500.

Inventory in Carmichael is now at 6.5 months based on the last year of sales and 7 months based on the last six months of sales. Foreclosure inventory is just over 2 months and the scary, scary short sale inventory is just under 2 years.

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