Orangevale Real Estate Market Update: December 2009
If it weren’t for the short sale inventory in Orangevale, the zip code of 95662 would be well on its way to recovery right now. December was an exceptionally good month for Orangevale given the current state of the market - unit volume increases and price increases along with low numbers of foreclosure sales were the hallmarks of December.
A total of 24 homes sold in the month of December in Orangevale, an overall unit volume increase year over year of 9.1%. Foreclosure sales dropped for the same period by 31.2% while short sales increased 100% and non-distressed property sales were also up by 125%.
As regards price, average price per square foot went up 1.6% year over year from $145.72 last December to $148.06 this December. Interestingly enough, homebuyers also bought homes on average 12.8% bigger year over year. This would explain the discrepancy of the average sale price being 14.7% higher than it was a year ago at $258,453. Median sales price is currently $209,500.
Inventory is at 4.4 months based on the last year of sales and 4.7 months based on the last 6 months of sales. Foreclosure inventory is around 1 month. Short sale inventory is at 11.4 months and 10.1 months respectively.
