Carmichael Real Estate Market Update
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.
