Fair Oaks Home Prices and Market Statistics
The Fair Oaks real estate market did better than Sacramento County in general in October, 2007. The average home sold in Fair Oaks in October for $413,430, down only 4.8% from last year’s average of $434,290. And though this year’s home was larger, bringing the average sold price per square foot down 10.8% from last year, October’s median sale price in Fair Oaks declined only 2.4% from October to October, with the median selling price at $415,000 last October and at $405,000 this October.
Compared to the rest of Sacramento County, Fair Oaks also has lower inventory. With county-wide inventory levels approaching one year overall, Fair Oaks enjoys only 7.82 months of inventory. Unit volume this year was better than last year in Fair Oaks, with 29 units selling this year, a 7.4% increase over last year’s 27 units. Also encouraging is the fact that fewer homes expired this year. Together, these two trends have brought the expired to sold ratio down quite nicely. It was 111.1% last year, but this year it was only 69.0%.
Average days on market are up somewhat, from 58 to 63, and foreclosures are also up, from 0% of sold inventory in October 2006 to 24.1% in October 2007.
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