Fair Oaks Housing Market Data for June 2022
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Median Housing Market Data
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With the feds raising rates, the housing market is changing. We are now in a different housing market. If you are selling, you can’t overprice your home. It will sit much longer and most likely will sell for less.
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The feds are expected to continue to increase the federal funds rate. Housing prices may very well start to decline soon. If we go into a housing market decline, you will want to price your home less than homes similar to yours.
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NOTE: I have excluded the condos and townhomes from these numbers this month. I feel it will give us more true numbers. How does this change the numbers? Generally, condos and townhomes are smaller and priced lower. So removing them will affect the total numbers and increase the home prices slightly. Of all the single-family residential, condos, and townhomes, there are 55 pending. So, this excluded 10 condos and townhomes from the data.
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With homebuyers being priced out of the housing market. The lower-priced homes and condos will be more favorable to homebuyers.
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HOME SELLERS STRATEGY: If you have a smaller home or condo, you can price your home a little more aggressively. Middle to larger homes will need to be more careful about how they price their home. The homebuyers are now looking at lesser-priced homes. REMEMBER; rising interest rates mean higher monthly payments for the homebuyer!!!
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Fair Oaks housing prices are up 👆 2% comparing May home sales this year to May last year.
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The DOM would increase in a slowing housing market. First, though, Fair Oaks homes have sat on the market longer than most other areas in Sacramento. In May, the Active listings (inventory) have been on the market for 16 days. In March, it was 14 Days, and in April was 17 days.
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The other sign of a slowing housing market would be fewer multiple offers. This would show up first in the homes that are currently pending. Of the homes currently pending, 58% have more than one offer. In April, the pending was 72%. So down 👇 significantly.
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Of the homes that sold in May, 77% had more than one offer. In
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If you are thinking about selling, right now is the time. If you want top dollar! Yes, listing your home SUCKS! Here is a helpful list of do’s and don’t when selling a home.
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If you are thinking about moving to a bigger or smaller home but you are worried about having to move twice. I have a system put in place, so you only have to move once.
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For more housing information, visit my blog at https://www.allcahomes.com/blog/
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March-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
36 |
$694,450 |
$0 |
14 |
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Pending |
48 |
$592,222 |
$0 |
6 |
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Sold |
59 |
$565,000 |
$590,000 |
6 |
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Sold 2021 |
50 |
$549,950 |
$583,500 |
6 |
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April-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
57 |
$675,000 |
$0 |
17 |
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Pending |
53 |
$589,900 |
$0 |
6 |
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Sold |
52 |
$587,500 |
$615,000 |
6 |
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Sold 2021 |
57 |
$549,900 |
$580,000 |
7 |
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May-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active 52 |
50 |
$768,750 |
$0 |
16 |
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Pending 55 |
45 |
$675,000 |
$0 |
11 |
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Sold 50 |
43 |
$595,000 |
$615,000 |
6 |
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Sold 2021 74 |
67 |
$599,900 |
$602,000 |
6 |
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Average Housing Market Data
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When looking at these numbers, we can see if home sellers have had to drop their prices. Highlighted in green below. Look at the difference between the original price and the list price. The list price is lower, meaning some home sellers have had to drop their prices.
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Looking at the sold data highlighted in red below. Notice the difference between the original price and the list price. It’s almost the same. Also, notice the difference in price between what sold and the active listings. Be difference.
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Many home buyers will make at least one of these mistakes when buying a home. Don’t let that be you!!!
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May-22 |
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# Listings |
Orig Price |
List Price |
Sale Price |
DOM |
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Active |
50 |
$891,960 |
$877,032 |
$0 |
30 |
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Pending |
45 |
$964,179 |
$749,333 |
$0 |
18 |
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Sold |
43 |
$669,178 |
$669,436 |
$698,673 |
10 |
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Sold 2021 |
67 |
$657,304 |
$654,455 |
$671,848 |
19 |
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Below we are comparing the last 6 months of home sales this year to the same time last year.
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With the housing market changing, these numbers will not show as much as the month-to-month.
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Fair Oaks housing prices are up 9%.
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Fair Oaks |
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Home Sales last 6 months |
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# of Sales |
Median List Price |
Median Sales Price |
DOM |
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Apr-21 |
328 |
$529,950 |
$540,000 |
8 |
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Apr-22 |
299 |
$565,000 |
$580,000 |
7 |
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May-21 |
296 |
$549,900 |
$572,500 |
7 |
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May-22 |
263 |
$599,000 |
$625,000 |
7 |