Orangevale Real Estate Market Update: October 2008
The Orangevale real estate market is having trouble finding a bottom. Homes in this nice little community nestled close to the Sunrise Mall, Fair Oaks and Citrus Heights are still declining in price. The reason, of course, is the number of foreclosures that are still increasing. There are currently 40 active foreclosure listings in Orangevale, but going by how fast they are selling, they only make up 2.1 months of inventory (based on the last 6 months of sales.) 22 foreclosures sold this October, up from just 2 that sold last October. That should give you an idea of why the price declines in the 95662 zip code are not slowing down.
Sold price per square foot dropped 24.5% over last October from $215.77 to $162.84. (The average home sold is also 9.4% smaller than last year - an interesting little trivial detail.) Average sale price fell further from last month’s $270,590 to rest at $258,607. Year over year, that constitutes a 31.8% decline. Median sale price also fell 31.2% over last October’s $365,000 to this year’s $251,000.
Another marked change from last year: 72% of all home sales are now distress sales as compared with last October’s numbers where 85.7% were non-distressed. In fact, non-distressed sales fell 25% over last year.
Inventory hasn’t changed much since last month. Based on the last year of sales, it is at 5.5 months and based on the last 6 months, it is at 4.4 months.
