Fair Oaks Real Estate Market Update: February 2009
Sales of homes in Fair Oaks have been pretty slow this month. After the interest they saw in January, this month has definitely taken a dive. Just 16 homes sold this month and although February seems to be a slow month for local Sacramento markets, this one in Fair Oaks seemed slower than most.
Overall unit volume is down 20% year over year with 8 foreclosures, 2 short sales and 6 nondistressed homes closing escrow. Also, as compared with a year ago, the balance of sales has now shifted to distress sales. Last year at this time, we saw homes sales perfectly balanced between the two. Not so any more after nondistressed sales suffered a decline of 40% year over year.
Sold price per square foot is lower again, although it is now falling at a slower pace. Fair Oaks is currently at $148.41 - a decline of 18% year over year from a high of $181.16. Average sales price is down 25% year over year from $342,500. It is now $258,254. Median sales price is also down 25% for the same period; it is currently at $244,920 from $327,250. The average home sold was also 8% smaller than last year, so the most accurate measure here is the price per square foot.
Inventory is at 5.6 months based on the last 12 months of sales and 6.5 months based on the last six months.
