Citrus Heights Real Estate: December 2008

I mentioned a while ago that there is anecdotal evidence that short sales are beginning to sell and now we are beginning to see that in the numbers as well. Citrus Heights, for one, has seen a 600% increase in short sales year over year! Couple that with a 129% increase in foreclosure sales (REO sales) and you have the making of a perfect storm of home buyers in Citrus Heights.

Non-distressed properties have suffered a decline of 35% year over year, and that is not surprising seeing the fallen prices. REOs and short sales are, frankly, just better bargains today. Overall sales are also up in Citrus Heights by 78%.

This is the reason: average sold price per square foot is 28% lower than it was last year at the same time. Sold price per square foot has gone from $175.96 to $127.01. Average sales price has also dropped 27% from $250,639 to $181,844. Median price has dropped from $250,350 to $180,000 - a drop of 28%.

Inventory is at 4 months and 3.5 months. If you’re considering buying in Citrus Heights, this might be a good time. I was showing homes in the area last week and for all the complaints I hear about it being “too busy” or “too noisy” I should mention that there are some areas within Citrus Heights that couldn’t be quieter! Take a look, you might be surprised!

This real estate article was posted from Sacramento Real Estate Gal

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