In terms of real estate sales, the Fair Oaks market has remained largely unchanged. 29 homes sold this month as compared with 27 last January, an overall unit volume increase of 7.4% year over year. The increase in sales was felt mainly in the area of short sales where 60% more sold year over year. Distressed sales still make up 80% of all homes sold in the Fair Oaks area, an indication that the real estate recovery still has a way to go.

Average sold price per is now $136.08 down 8.7% year over year from a high of $149.01. Interestingly enough, homebuyers also chose homes on average 6.4% smaller than they did a year ago. This caused the average sales price to fall 14.6% year over year. It is currently $229,261 down from $268,307 last January. Median sales price sits at $200,000.

Inventory in Fair Oaks is at 5.2 months based on the last year of sales and 4.8 months based on the last six months of sales. There is still a fair amount of foreclosure inventory – right around 2 months – more than in other areas of Sacramento county.

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