Fair Oaks buyers this November bought a much larger home than the average buyer last year. Last year the average home size was 1816 square feet versus this year’s 2158 square feet, an 18.8% increase. So it makes sense that both the average price and median price went up from year to year. In November 2006 the average sale price of a home in Fair Oaks was $418,015, a year later it has increased 9.5%, for a November average of $457,650. The median selling price increased 13.2% during the same time, from $372,500 to $421,750.
Adjusted for square footage, however, the average home in Fair Oaks lost 7.9% of its value from year to year. Last year’s sold price per square foot was $230.18, versus $212.07 this year.
Overall, Fair Oaks is doing better than the Sacramento County averages. Inventory is low by county-wide standards at 6.71 months. County-wide, the combined short sale and foreclosure inventory account for more than 50% of inventory, but in Fair Oaks, that number is 23.5% at present.
The Fair Oaks real estate market did better than Sacramento County in general in October, 2007. The average home sold in Fair Oaks in October for $413,430, down only 4.8% from last year’s average of $434,290. And though this year’s home was larger, bringing the average sold price per square foot down 10.8% from last year, October’s median sale price in Fair Oaks declined only 2.4% from October to October, with the median selling price at $415,000 last October and at $405,000 this October.
Compared to the rest of Sacramento County, Fair Oaks also has lower inventory. With county-wide inventory levels approaching one year overall, Fair Oaks enjoys only 7.82 months of inventory. Unit volume this year was better than last year in Fair Oaks, with 29 units selling this year, a 7.4% increase over last year’s 27 units. Also encouraging is the fact that fewer homes expired this year. Together, these two trends have brought the expired to sold ratio down quite nicely. It was 111.1% last year, but this year it was only 69.0%.
Average days on market are up somewhat, from 58 to 63, and foreclosures are also up, from 0% of sold inventory in October 2006 to 24.1% in October 2007.
RELATED LINKS
Browse Fair Oaks Condos
Browse Fair Oaks Single Family Homes
Interactive Fair Oaks Real Estate Map
Fair Oaks Foreclosures
The real estate market in Fair Oaks in July was pretty typical of Sacramento County. The average home sold for $476,462, down 1.4% from last July’s average of $483,236. However, at the same time, this year’s home was 6.4% bigger than last, so price per square foot dropped 7.4% from July to July.
I think we should borrow a phrase from Jebediah Springfield and call this process of buying a larger home for roughly the same money “embiggening“. It happens quite a bit in a lot of markets, and is certainly a commonplace in El Dorado County as well.
Back to Fair Oaks. This year’s median home sale price was $400,000, down a substantial 13.8% from last year’s median of $464,250. The average home that spold spent 48 days on the market, up 9.1% from last year’s avearge of 44. Unit volume was down to twenty-seven units, a drop of 32.5% from last year’s 40 units.
Currently there are just under 10 months of inventory in Fair Oaks, with 372 units active. Of these 472, twenty-one, or 6.8%, are bank foreclosures.
The expired to sold ratio stood at 100% (i.e., exactly the same number of listings expired as sold) in July, up from last year’s figure of 87.5%
