Fair Oaks Real Estate Market Update: December 2008
Fair Oaks real estate continues to see a high demand. Unit volume sales are up 95% year over year and, surprisingly enough, even non-distressed sales are up. 39 residential units sold in December 2008 over just 20 last December. 16 foreclosures also sold, a marked 300% increase over last December’s 4 and 4 short sales also sold, again a 300% increase over last December’s 1. 19 non-distressed homes have also sold, an increase (!) of 26.7% over last December’s 15.
Distressed and non-distressed homes are now equally divided in sales with each taking half of the sales pie, something not commonly seen in many areas of Sacramento where foreclosure sales make up the majority of all home sales.
The price data is of course nothing for homeowners to cheer about, but maybe we can find heart in the fact that homes are selling. Sold price per square foot is now at $160.72 - a 20% decline over last December’s $201.62. The average sales price has fallen 25% year over year from its high of $408,598 to today’s $306,158. Median sales price has fallen 16% from $359,950 to $301,000 for the same period. Interestingly, the average home sold is 6% smaller than last year.
Inventory is lower than last month. Currently, Fair Oaks has 4.9 months of inventory (based on the last year of sales) and 4.2 months of inventory (based on the last 6 months of sales.)
