Orangevale Market Update - September 2008
Sales of existing homes have doubled in Orangevale since last September, with foreclosures and short sales making up the bulk of all sales. While no short sales sold last September, this month we have 6 short sales. And foreclosure sales have almost quintupled from a mere 4 last September to as many as 19 in September of 2008.
Clearly, there have been bargains to be found in this little community of Orangevale - the 95662 area code of Sacramento county. The sold price per square foot has fallen 18.8% from $215.13 to $174.69. And the average sale price has fallen 23.9% over last September to rest at $270,590.
Based on the last 12 months of sales inventory is at 5.6 months and based on the last 6 months of sales, inventory is at 4.2 months. Again, we see short sales making up the bulk of active listings in the area at 15.5 months and 11.8 months respectively.
