Posts Tagged ‘95628’

Fair Oaks Real Estate

Fair Oaks continued to enjoy strong demand in August, yet with homeowners losing less of the value of their homes than in other areas of Sacramento County.  Fifty-four homes sold in Fair Oaks in August, besting last August’s volume of forty-one units by 31.7%.  Bank foreclosures and short sales made up 59.3% of all sales in August, and comprise 41% of active inventory. 

The average home that sold in Fair Oaks in August was 1831 square feet in size, and sold for $333,816.  This sale price is down 12.2% from last year’s average of $380,000.  Sold price per square foot fell 16.5% from August to August, from $218.27 in August of 2007 to $182.30 in August of 2008.  The median selling price in Fair Oaks fell 12.6% from year to year, from $334,000 in August of 2007 to $292,000 in August of 2008.

Inventory in Fair Oaks is slightly higher than other areas of Sacramento at 6 months, but is much lower than last year.

Fair Oaks Real Estate Market

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.

Fair Oaks Home Prices and Market Statistics

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