Fair Oaks Real Estate Market Update: April 2009
Is the mystique of Fair Oaks fading? Sales have been fairly lackluster in April in the area in keeping with last month’s boring performance. A total of 25 homes sold in the area in the April for a unit volume decline of 36% year over year! 12 foreclosures closed escrow along with 3 short sales and 10 non-distressed homes. So 3 out of every 5 homes sold is now a distress sale. We’ll have to see if this moves any closer to a balance.
The sold price per square foot is at $147.15 down 23% from a year ago when the high was $191.46. Interestingly enough the average home sold was also 6% smaller than the average sold the same time last year. The current average sales price is $274,472 which is 28% lower than a year ago. Median price is 37% under what it was a year ago. The median price is $232,000. A year ago it was $369,000. Average sales price a year ago was $379,387.
Inventory in Fair Oaks is at 5.7 months based on the last year of sales and 7.1 months based on the last six months of sales, pointing toward the slowdown in purchases. Foreclosure inventory is at 0.9 months and 1.2 months respectively.
