Fair Oaks Real Estate Market Update: December 2009
The Fair Oaks real estate market suffered a bit of a lull in the month of December. Home sales were down as well as the prices. 36 homes sold in the month as compared with 39 a year ago at the same time. That was a 7.7% drop year over year. All categories suffered including foreclosure sales which fell 25% and non-distress sales which fell 5.3%year over year. Only short sales gained by 50% in sales.
Average price per square foot is now $143.77 which is 10.5% lower than it was a year ago. Last December it stood at a high of $160.72. Average sales price seems to have fallen by 17.2% but that is inaccurate as homebuyers bought homes on average 7.5% smaller than they did a year ago. (The more accurate number for price declines is this the average price per square foot.) Current average sales price is $253,442. Median price sits at $240,500.
Inventory is at 4.9 months based on the last twelve months of sales and 4.5 months based on the last six months of sales. Foreclosure inventory is around two and a half months.
