Sacramento Real Estate Blog

October has been a better month for real estate in Carmichael overall. Consider the fact that prices have RISEN (Yes, you read that right!) since September. The increase, albeit a small one - from $175.55 a square foot to $179.19 and an increase in average sales price from $304,816 in September to $331,229 in October - should be heartening in a home sale environment of more foreclosures and distress sales than non-distressed. Foreclosures make up 44.6% of all sales and short sales make up 16.1% of sales. This led to overall home sales doubling over last October, but non-distressed home sales falling 4.3%.

Non-distressed sales now only make up 39.3% of all sales in Carmichael.

The increase in price over September is especially nice to see after the drop over last October. Year over year prices have fallen 15.6%. From last October’s high of $392,410 for an average house in Carmichael, we are now at $331,229. Median sale price also fell for the same period from $335,000 to $299,500 - a drop of 10.6%.

Inventory in Carmichael, based on the last 12 months of sales is at 6.4 months and based on the last 6 months of sales is at 5 months. We are beginning to see, as in most markets, foreclosure inventory contract to about 2 - 3 months. (2.8 and 2.1 months, respectively, in Carmichael.)