Like many other areas in Sacramento County, the last few months have seen a healthy inventory sell-off in Carmichael, with sales volume up considerably over last year. For example, in August of 2008, 43 homes sold in Carmichael, up 59.3% from the 27 homes that sold in August of 2007. Over the last six months, an average of 44 homes have sold every month, up from the running twelve month average of 36 homes per month.
Size Matters
This year’s average Carmichael buyer purchased a substantially larger home than last year, with the August crop measuring in at 1967 square feet, 27.4% larger than last August’s average of 1544 square feet. During this time, sold price per square foot fell 26.8%, from $240.50 on average in August of 2007 to $176.05 in August of 2008, but because this year’s average home was so much larger, the average sale price fell only 6.7% during the year, from $371,385 in August of 2007 to $346,409 in August of 2008. Meantime the Median price didn’t know what to do, and fell $17.2%, from $355,000 in 2007 to $294,000 in August of 2008.
Short sales and foreclosures make up about 35% of active inventory in Carmichael, versus 46.5% of the sales in August.
Related links:
Carmichael Real Estate Market UpdateBad MLS Photo of the Week, Carmichael EditionSacramento County Real Estate Market - Carmichael
Carmichael and Fair Oaks are established Sacramento County communities to the east of the City of Sacramento. Both typically demand slightly better than average prices, and have lower than average foreclosure rates.
Of course, in this market, lower than average doesn’t work out to be low in absolute terms. 39.6% of the sales in Carmichael in July were bank foreclosures, and 9.4% were short sales.
The average home that sold in July in Carmichael fetched $305,353, down 26.7% from last July’s average selling price of $416,588. Sold price per square foot is down 23.3% during the same period, with the average home sold in July, 2007 working out to $241.69 per square foot, versus $185.40 per square foot in July of 2008.
Demand for Carmichael homes is up from last year, with unit volume rising 47.2% from July to July. There are approximately six months of inventory in Carmichael.
Related links:
Carmichael Real Estate Market UpdateBad MLS Photo of the Week, Carmichael EditionSacramento County Real Estate Market - Carmichael
The real estate market in Carmichael, California (95608) in July was a bit stronger than Sacramento County as a whole. Unit sales were the same as last year at the same time (thirty-six), though less than the twelve-month average (forty-four). The average home sold in Carmichael in July for $416,588, or 95.6% of the average list of $435,906. The average sale price this year was down 8.6% from last year’s average of $455,987, however, unlike many of the snapshots we take, the average size was down somewhat, so the average sold price per square foot was down only 4.2%. The median price dropped dramatically (13.8%), from $429,000 last year to $370,000 this year.
With unit volume staying the same and falling expireds, the expired to sold ratio in Carmichael dropped from 83.3% last year to 58.3% this year.
With 328 units unsold as of this writing, there are currently 7.5 months of inventory in Carmichael, somewhat less than for Sacramento as a whole but still in the “Buyer’s Market” category. The thirty-one foreclosures (REOs) listed in the MLS make up 9.5% of the total.
Related links:
Sacramento County September Real Estate Price Changes By AreaSacramento County Real Estate Price Changes By AreaSacramento Real Estate Market Update August
