Fair Oaks Real Estate Market
Fair Oaks buyers this November bought a much larger home than the average buyer last year. Last year the average home size was 1816 square feet versus this year’s 2158 square feet, an 18.8% increase. So it makes sense that both the average price and median price went up from year to year. In November 2006 the average sale price of a home in Fair Oaks was $418,015, a year later it has increased 9.5%, for a November average of $457,650. The median selling price increased 13.2% during the same time, from $372,500 to $421,750.
Adjusted for square footage, however, the average home in Fair Oaks lost 7.9% of its value from year to year. Last year’s sold price per square foot was $230.18, versus $212.07 this year.
Overall, Fair Oaks is doing better than the Sacramento County averages. Inventory is low by county-wide standards at 6.71 months. County-wide, the combined short sale and foreclosure inventory account for more than 50% of inventory, but in Fair Oaks, that number is 23.5% at present.
