Fair Oaks California is a wonderful place to buy property -- whether for your home or an investment.
We have all been immersed in news and experiences that have told us that when the housing bubble burst, prices came crashing down, with many homes suddenly having to sell for as little as 45 percent what they sold for a couple of years ago. Happily for Fair Oaks, California, the experience has not been as bad.
Fair Oaks has always been an address that carries value with it. It is a special place, and property values have not been as severely impacted as in many areas. Here are some charts showing trends in Fair Oaks CA, zip 95628, over the last 15 months, and they illustrate my point.
By the chart above, you will see that the average Fair Oaks house sold for $167 per square foot in November 2008 and $140 per square foot in January 2010. This means that a 1500 square foot house would have sold for around $250,500 in November 2008 and around $210,000 in January 2010. This is only about a 16% reduction.
Another way to look at the Fair Oaks market trends is to see that even though there were some apparent issues in November 2008 with a lot of homes that weren't selling, that has been resolved. There were 163 homes listed for sale in November 2008, and that same month, 23 were pended (placed into escrow) and 19 were sold (escrows closed).
In Other words, the total number of homes pended and sold was just 26 percent of the number of homes that were on the market. By this January, there were just 113 for sale, with 26 sold and 37 pended. That means that the total sold and pended were 56 percent of the number of homes for sale!
From the previous charts it is clear that homes are selling faster now in Fair Oaks California now than they were in November 2008, so that homes are not languishing on the market for many months as they may be in some areas, assuming they are properly priced.
The chart immediately above demonstrates the effect this has had on inventory. In November 2008 we had 8.6 months of inventory, and with the exception of a spike in February last year (which could be attributed to a few properties that were either in terrible shape or were overpriced), the trend has been to less and less inventory remaining on the market, so that by January 2010, there were just 4.3 months of inventory -- one-half of the November 2008 figure.
This is one reason I tell my buyer clients that Fair Oaks California is a great value, and since Fair Oaks is a community made up of primarily custom homes, with some very nice subdivisions as well, it is a great place to buy -- either for your home or for investment.
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Full time real estate services in Fair Oaks CA, with friendly professionalism, 20+ years experience. I work hard to give my buyer or seller a low-stress transaction. "Happy clients make me happy."
For all your real estate needs or questions, call me at (916) 705-8951 or visit my website at www.SusanNealFineProperties.com.
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