A mixed bag of news for Fair Oaks, especially as it relates to home sales in the area. This 95628 zip code has had 32 homes sold this last month. Why mixed bag? Because overall sales are up, which is a good thing. As compared to a year ago at the same time the 32 sold homes are a 33.3% increase over a year ago when just 24 homes had closed escrow.

The sales however are primarily in the category of non-distressed properties as well as foreclosures. Short sales have suffered a decline. In fact, just 1 short sale closed escrow this month and with short sale inventory in this area hovering around a year and a half, that is definitely not something to celebrate.

Average price per square foot is now $146.76 – a 4.4% increase year over year from $140.60 last March. Homebuyers also bought homes on average 11% bigger this March than they did last March. Affordability and tax credits may have something to do with that. Average sales price is now 16.1% higher than it was a year ago when it was $226,573. Median sales price now rests at $232,000 which is 5.7% higher than a year ago.

Inventory in Fair Oaks is at 6.2 months based on the last year of sales and 6.4 months based on the last six months of sales. Short sale inventory has grown to 21 months based on the last six months of sales and is now inching towards 2 years.

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