Citrus Heights Real Estate Market Update: May 2009
Even though overall unit volume has not changed much for real estate sales in the city of Citrus Heights (only a 2.1% drop year over year) the kind of homes selling are beginning to tell a different story. Foreclosure sales have dropped 13.8% year over year and now make up little more than half of all real estate sold. Short sales are gaining traction - we see 25% more short sales closing escrow this May as compared with last May. And - surprise, surprise - non-distressed sales are up as well - by 11.5% year over year.
The average sold price per square foot inched over last month’s by just a few cents to rest at $120.42. It is still 21% under last May’s average sold price per square foot, which was $152.23. The average sales price is currently $172,101, also 15% under last May’s $202,239. The median sales price is currently at $169,000.
Inventory is at 3.3 months based on the last 12 months of sales and 3.7 months based on the last 6 months of sales. Foreclosure inventory is at 0.7 months and 0.9 months respectively.
