Fair Oaks Real Estate Market Update: February 2010
Finally - a ray of hope for those living in Fair Oaks! For the first time in months, we see both - a unit volume increase year upon year as well as a price increase. Now before we all get too excited, it’s still a good idea to keep an eye on the short sale inventory, but let’s go into it one by one.
Unit volume was up this last month by 50% year over year. Although just 24 homes sold, the fall in foreclosure sales of 25% year over year was countered by a corresponding increase in non-distressed property sales (150% for the same period) and short sales which increase 50% for the same period. Almost 2 out of 3 homes sold are now non-distress sales, twice the number from last February.
Average price per square foot is now $151.43 which is up 2% year over year from the low of $148.41. Interestingly enough, homebuyers bought homes about a fourth larger on average this February than they did the last. So the average sale price seems to have gained more than it really has. Average sales price is now $336,256 which is 30% higher than a year ago when it was $258,254. Median sales price is now $318,450.
Inventory in Fair Oaks is at 5.4 months based on the last year of sales and 5.6 months based on the last six months of sales. Short sale inventory however is still 13.8 months - a number that should be watched.
