Citrus Heights Real Estate
Foreclosure sales continued to drive high buyer demand for homes in Citrus Heights in August. 102 units sold in August, somewhat more than the six month running average of 98 units per month, and 54.5% more than the 66 units that sold in August of 2007.
Sold price per square foot dropped 23.5% from August to August, with the average home fetching $190.91 per square foot in August of 2007 versus $146.05 in August of 2008. At 1352 square feet, this year’s home was 7.6% smaller than last year’s home, so sale prices fell more sharply, 29.3%, from $279,468 in August of 2007 to $197,579 in August of 2008.
Demand for foreclosures was strong, with only 1.5 months of foreclosure inventory at present and bank foreclosures making up 72.5% of sales in August in Citrus Heights. Buyers are routinely bidding over full price in order to be successful, with the result that the average sale price of $197,579 was 2.9% over full price, i.e., the average listing price of $192,058.
With 392 active listings, at present there are four months of inventory overall in Citrus Heights.
Below is the raw data for Citrus Heights for August, 2008.
Unit Volume Data
| Units Sold | August, 2007 | August, 2008 | Change | |
| Foreclosures Sold | 18 | 74 | 311.1% | |
| (% of total units) | 27.3% | 72.5% | ||
| Short Sales Sold | 4 | 8 | 100.0% | |
| (% of total units) | 6.1% | 7.8% | ||
| Non-distressed Sold | 44 | 20 | -54.5% | |
| (% of total units) | 66.7% | 19.6% | ||
| Total | 66 | 102 | 54.5% | |
Price Data
| Prices | August, 2007 | August, 2008 | Change | |
| Sold Price / Square Foot | $190.91 | $146.05 | -23.5% | |
| Square Feet | 1463 | 1352 | -7.6% | |
| Average List Price | $288,430 | $192,058 | -33.4% | |
| Average Sale Price | $279,468 | $197,579 | -29.3% | |
| Median Sale Price | $283000 | $197500 | -30.2% | |
Inventory (Based on 12 months of prior sales)
| Sale Type | Average Sales Per Month | Active | Months of Inventory |
| All Sales | 73 | 392 | 5.3 |
| Foreclosures | 42 | 97 | 2.3 |
| Short Sales | 6 | 213 | 35.5 |
| Nondistressed | 25 | 82 | 3.3 |
Inventory (Based on 6 months of prior sales)
| Sale Type | Average Sales Per Month | Active | Months of Inventory |
| All Sales | 98 | 392 | 4.0 |
| Foreclosures | 62 | 97 | 1.5 |
| Short Sales | 8 | 213 | 24.1 |
| Nondistressed | 27 | 82 | 3.0 |
