Fair Oaks Real Estate Market Update: May 2009
Fair Oaks definitely made up for its lackluster sales of April and made up in a big way. In fact, sales in Fair Oaks are even better than they were last May, which is a rare thing to see when compared with other communities in Sacramento. 41 homes sold in May, as compared with just 29 last May - that’s a year over year increase of 41.4%. Of these 16 were foreclosure sales - an increase of 78% year over year, 6 were short sales - increase of 200% year over year and 19 were non-distressed sales - an increase of 5.6% for the same period.
Average sold price per square foot numbers aren’t doing too badly either. Even though average sold price has dropped 22.4% year over year - from $189.19 to $146.87 currently, it has held its own since last month, falling only a few cents below. Average sales price is higher than it was last month - currently $278,519, but still 26% lower than last May’s $376,682. Median sales price currently rests at $285,000, also higher than it was last month.
Inventory in Fair Oaks is at 5.4 months based on the last 12 months of sales and 6.2 months based on the last 6 months of sales. Foreclosure inventory is at 1.3 months and 1.5 months respectively.
