Fair Oaks Real Estate Market
One of Sacramento County’s pricier areas, Fair Oaks, has experienced less price change than other areas in Sacramento County, and — perhaps partly as a result — did not witness a resurgence in buyer demand this year as most areas did. Homes in Fair Oaks lost “only” 16.9% of their value — as compared to 34.4% county-wide. Yet unlike Sacramento County as a whole, where sales are up 74.7% from May to May, in Fair Oaks, sales are down in May by 27.5%. Last May 40 units sold in Fair Oaks, versus only 29 this year.
So we have prices holding up well and weak demand. Those of you who are avid readers can probably already predict that foreclosures make up a lower proportion of sales in Fair Oaks than elsewhere. In Fair Oaks, 31% of sales in May were bank foreclosures, 6.9% were short sales, and 62.1% were non-distressed. This is almost a mirror image opposite of Sacramento County as a whole — where 64.2% of sales are bank foreclosures, 7.2% are short sales, and non-distressed sales make up only 28.6% of all sales.
This year the average home in Fair Oaks sold for $399,362, or $189.64 per square foot. There are currently 7.3 months of inventory, somewhat less than for Sacramento County as a whole.
