The Fair Oaks real estate market continues in its painfully slow steadying. 31 homes sold this month, an overall decline of 24% in unit volume from a year ago when 41 homes had sold that May. Foreclosures alone declined 50% year over year and even non-distressed sales didn’t get as many homebuyers as they did a year ago. Non-distressed home sales declined 10% for the same period. Short sales remained the same at 6 total sales – the same as last May.

Average price per square foot remained almost unchanged at $146.44 – a decline of 0.3% year over year. Average sales price rose by 4.1% year over year from $278,519 to rest at $289,848. Median sales price in the meanwhile fell from $285,000 last May to $274,000. That’s a drop of 3.9% for the same period.

Inventory in Fair Oaks is at 6.5 months based on the last year of sales and 6.8 months based on the last six months of sales. Foreclosure inventory is at 1.7 months no matter how you look at it and short sale inventory is at a year and a half.

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