Carmichael Real Estate Market Update
Carmichael and Fair Oaks are established Sacramento County communities to the east of the City of Sacramento. Both typically demand slightly better than average prices, and have lower than average foreclosure rates.
Of course, in this market, lower than average doesn’t work out to be low in absolute terms. 39.6% of the sales in Carmichael in July were bank foreclosures, and 9.4% were short sales.
The average home that sold in July in Carmichael fetched $305,353, down 26.7% from last July’s average selling price of $416,588. Sold price per square foot is down 23.3% during the same period, with the average home sold in July, 2007 working out to $241.69 per square foot, versus $185.40 per square foot in July of 2008.
Demand for Carmichael homes is up from last year, with unit volume rising 47.2% from July to July. There are approximately six months of inventory in Carmichael.
