Fair Oaks Real Estate Market Update: January 2009
Homes in Fair Oaks continue to see a fairly strong demand. 15 foreclosures, 5 short sales and 7 non-distressed homes sold in this area in the month of January, leading to an overall unit volume increase of 42% year over year. Three-quarters of all sales are now distress sales, a fact that does not bode well for prices. As we see elsewhere, short sales have picked up momentum and are now almost equal in numbers to the non-distress sales.
Sold price per square foot in Fair Oaks fell again to rest at $149.02. This is a decline of 22% year over year from a high of $192.09. Average sales price has suffered a decline of 30% for the same period from $380,458 to $268,307. (However, the average home sold is also 10% smaller, so the more accurate number here is the average sold price per square foot.) Median sales price has also declined 24.2% from $293,000 to $222,100 for the same period.
Inventory is at 5.2 months based on the last year of sales and 4.9 months based on the last six months of sales.
