51 homes sold in the city of Carmichael this month – an overall unit volume increase of 70% year over year. A look at the specific categories indicate that home buyer interest has moved into the non-distressed area of homes on the market. There was a 72% increase in the non-distressed category from last March when just 18 homes sold. This March, the number was 31. Short sales also increased dramatically – from just 1 last March to 7 this month. Foreclosure sales remained almost the same at 13.

Average price per square foot is now $154.96 down 6.3% year over year from $165.40. Homebuyers afforded themselves homes on average 15% larger than they did over last March. Average sales price thus rose 7.4% year over year to rest at $284,332 from $264,667 last March. Median sales price jumped 23% to hit $270,000.

Inventory in Carmichael is at 6.5 months. Foreclosure inventory is a little under 2 months while short sale inventory is still just a tad under 2 years – an indication that this real estate recovery might take a while unless short sales begin to move faster – either into sales or into outright foreclosures.

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