Fair Oaks Real Estate Market Update: November 2008
There is little good news in the real estate market today in and around greater Sacramento, so homeowners should take it when it comes and consider themselves lucky. Fair Oaks is one such place. Sales have dropped since last year. We see a unit volume decrease in this area of 32%. The biggest difference is in the short sales - where only one had sold last November, this November saw 7 short sales sell in Fair Oaks. Non-distressed sales meanwhile have fallen sharply: from 20 to just 5 for the same period. Foreclosure sales remained unchanged at 7 sales.
Average sold price per square foot is bobbing around the same it was last month: $166.83 in October to $165.08 in November. This is however a 22.5% drop from last year’s $213.03. Average sales price has declined 26.7% from $446,032 to $326,816 for the same period. That is however an increase from last month’s average of $291,828. Like I said, accept the good news where you get it. Median sales price has fallen 32.4% from $403,750 to $273,000 year over year.
Inventory is lower than it was last month. And that inspite of the overall decline in sales. Fair Oaks is currently at 5.8 months based on the last 12 months of sales and 4.9 months based on the last six months of sales.
