Posts Tagged ‘95610’

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

Citrus Heights Real Estate Market

As was true of most areas in in Sacramento County, unit sales for Citrus Heights (95610 and 95621) in April showed a considerable improvement over sales last year.  102 units sold in April, a 73% increase over last year’s volume of 59 units.  Of course, this upsurge in volume comes as a result of substantial price declines.  At $148.61, this April’s average sold price pre square foot is down 28.6% from last year’s average of $208.15.  The median price of $207,250 is down 26% from last year’s median of $280,000, and the average price has fallen 28.9%, to $208,495 in April of 2008.

Bank foreclosures accounted for 54.9% of all sales in April, while short sales accounted for only 3.9% of closed sales (even though they make up 46.5% of current inventory).  There are currently 7.4 months of inventory in Citrus Heights, with less than two months of REO inventory.  The expired to sold ratio is down to a very low 24.5%, compared to 72.9% last year.