Fair Oaks Real Estate Market Update: September 2009
Just 31 homes sold in the Fair Oaks area this month leading to the question where are the homebuyers? Perhaps they are waiting for more price declines. With 4.9 months of overall inventory (based over the last year of sales) and 1.2 months of foreclosure inventory it isn’t lack of houses to look at that’s holding buyers back. 37 homes had sold last September. Unit volume thus is down 16.2% year over year. Foreclosure sales fell 45.5%, short sales gained 100% and there was no change in non-distressed property sales.
Average sold price per square foot is now $147.80 down 12.3% from a year ago when it used to be $168.51. Average sales price is now $269,474 down 12.7% from last September’s high of $308,785. Median sales price now rests at $225,000.
While foreclosure sales seem to have fallen we are seeing no corresponding gain in non-distressed property sales as we are seeing in other parts of Sacramento county. Based on the last six months of sales, there is 9.2 months of inventory for short sales and 5 months of inventory for non-distressed property alone!
