Fair Oaks Housing Market Data for March 2022
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Median Housing Market Data
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Using the median housing market data Fair Oaks housing prices are up 1%. This is comparing March home sales this year to March last year.
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This time of year, the housing market starts to pick up. More homes come on the market, and buyers start looking again.
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In green below, each month's inventory (active listings) is going up. This is the sign of a normal housing market.
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The closed sales have also begun to rise. This is in yellow below. It went from 37 in February to 59 in March.
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Looking at the closed sales in March in red. There was a larger gap between list price and sales price. $25k above list price.
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Remember not all home sales in March received $25k over the list. Some sold
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Of the homes that are currently pending, 71% have more than one offer. Last month 57% had more than one offer.
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Of the homes sold in March, 66% had more than one offer. In February, 73% had more than one offer.
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Last year in March, the multiple offers were the same as March this year, 66%.
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With interest rates rising, the housing market will start to slow down.
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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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January-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
21 |
$684,900 |
$0 |
9 |
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Pending |
37 |
$529,000 |
$0 |
7 |
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Sold |
39 |
$575,000 |
$570,000 |
8 |
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Sold 2021 |
44 |
$532,500 |
$531,250 |
12 |
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February-22 |
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# Listings |
List Price |
Sale Price |
DOM |
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Active |
26 |
$647,000 |
$0 |
14 |
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Pending |
53 |
$565,000 |
$0 |
5 |
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Sold |
37 |
$620,000 |
$635,000 |
6 |
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Sold 2021 |
40 |
$506,900 |
$508,500 |
8 |
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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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Average Housing Market Data
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Highlighted in blue below, the list price is much lower than the original price. Meaning there could be large price drops by home sellers.
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Highlighted in yellow and green below. There also appear to be price drops by home sellers to get their homes sold.
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Using the average housing market data Fair Oaks housing prices are up 12% from March of last year.
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In this kind of housing market condition, a home buyer must be very careful. Your offer must be smart, or it could take you years to get the equity back.
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Have an agent who can tell you honestly what the home is worth, including the repairs. So, you know where you stand before making an offer.
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Don’t get caught up in the bidding war.
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Over the last 4- or 5-months, home prices have been flat in Fair Oaks. That is interesting with all the multiple offers going on.
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While the housing market is on fire 🔥 right now. About 40% of the homes are selling for asking or below. This depends on the area of course. But You don’t have to overpay for a home!
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If you are purchasing a home soon. Remember, interest rates are on the rise. Making your monthly payment higher.
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Don’t what to purchase a home thinking you will get a better deal if housing prices drop. Even if the home prices drop some you could have a larger monthly payment with a higher interest rate.
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An example would be. Say you have a 30-year loan for $500k with a 3% interest rate. Your monthly mortgage payment would be about $2108.
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Say you wait, and the housing market drops some. Say to $450k, but now the interest rates are at 4%. Your monthly mortgage payment would be about $2148.
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Forty dollars a month more at 30 years comes out to $14,400.
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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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March-22 |
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# Listings |
Orig Price |
List Price |
Sale Price |
DOM |
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Active |
36 |
$778,826 |
$761,482 |
$0 |
23 |
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Pending |
48 |
$642,735 |
$637,288 |
$0 |
12 |
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Sold |
59 |
$639,429 |
$635,290 |
$662,656 |
16 |
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Sold 2021 |
50 |
$579,983 |
$576,651 |
$592,069 |
19 |
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When comparing the last 6 months of homes this year to the same time last year. Highlighted in blue and yellow below are the number of home sales. This year the total number of home sales is down.
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In green below the sales are very similar this year last year. In January and February, the amounts are the same for each year. In March of both years, the amount starts to increase by $5k.
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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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Jan-21 |
413 |
$499,900 |
$515,000 |
8 |
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Jan-22 |
353 |
$565,000 |
$575,000 |
9 |
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Feb-21 |
373 |
$505,000 |
$515,900 |
8 |
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Feb-22 |
322 |
$557,000 |
$575,000 |
8 |
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Mar-21 |
353 |
$500,000 |
$520,000 |
7 |
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Mar-22 |
309 |
$575,000 |
$580,000 |
8 |