Fair Oaks Real Estate Market Update: July 2009
Even though there seems to be a lack of homebuyer interest in the Fair Oaks real estate market, there seems to be hope for the overall housing market in general. Why do I say that? Because average sales prices are falling in single digits year over year instead of the general free fall we have been seeing them in for a while now.
A total of 33 homes sold this month in Fair Oaks, a unit volume drop of 25% year over year. That drop includes a 5.3% fall in foreclosure sales and a 55% fall in non-distressed sales. Short sales gained by 20%.
Average sold price per square foot is currently $153.94 - that is a 12.3% fall year over year. Average sales price rests at $288,803 which is 6.4% under last July’s average sales price. Median sales price rests at $250,000.
Inventory in Fair Oaks is at 5.5 months based on the last year of sales and 6.1 months based on the last six months of sales, pointing to the slowdown in the real estate sales market, at least in this part of Sacramento county.
