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Carmichael Real Estate Market

Dear Doctor, how healthy is the real estate market in Sacramento?

October 25, 2011 By Ryan Lundquist Leave a Comment

Where would you say the real estate market is “doing pretty good” in the Sacramento area? What does that even mean in a post-bubble-bursting context? Take a look at the image below to get a hint of what the real estate market has been like in places like Elk Grove, Rancho Cordova, Davis, Fair Oaks, Carmichael, Citrus Heights, Folsom and El Dorado Hills among others.

Citywide stats are only so useful because sub-markets within a particular city might have drastically different figures. For example, Land Park and Pocket / Greenhaven will not show the same trends as the entire City of Sacramento mentioned above. Without making this post exhaustive though, let’s take this one indicator for what it’s worth. Overall any neighborhood under 30% in REOs and Short Sales would really be classified as “doing pretty good” for the current market. Despite 30% still representing 1 in 3 sales being distressed, it’s a fairly low percentage for a city or neighborhood. Even 50% seems to be a fairly common stat for areas that locals often think of as more “move up” kind of places. Many cities and neighborhoods have a foreclosure/short sale rate between 60-70%. It’s amazing to think that is normative, but it is definitely the case – particularly in cities where there was ample new construction during the boom years.

What do you think the information says about the health of the market? How does it impact real estate to have such a high percentage of distressed sales? What opportunities and threats exist in the current real estate market?

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: Market Trends, Resources Tagged With: appraisal service in Sacramento, appraiser in elk grove, appraiser in Fair Oaks, appraisers in Sacramento, Carmichael Real Estate Appraiser, Carmichael Real Estate Market, Citrus Heights Real Estate Appraiser, Citrus Heights real estate market, EDH appraiser, El Dorado Hills Real Estate Market Trends, Elk Grove real estate market, Fair Oaks Real Estate Market, Folsom Real Estate Appraiser, Galt Real Estate Appraiser, Granite Bay real estate market, health of real estate market in Sacramento, Lundquist Appraisal Company, percentage of foreclosures in Sacramento, Percentage of Short Sales in Sacramento, Rancho Cordova Real Estate Market, Real Estate Appraiser in Sacramento, Sacramento Real Estate Appraiser, West Sacramento real estate market

Riding the Same Wave in Carmichael & Fair Oaks

December 28, 2009 By Ryan Lundquist Leave a Comment

I’m wrapping up an appraisal report tonight for an investor in Carmichael. While crunching numbers and running data, I decided to do a little comparison of sales in Carmichael and Fair Oaks. So I graphed all detached single family residential sales (from MLS) over the past three years and came up with the following trend graph. I only included sales less than 1.5 million since there are a very limited number of properties above that level.

All sales over the past 36 months in Carmichael are listed below in blue and all sales in Fair Oaks are displayed in green.

Sales in Fair Oaks and Carmichael in Sacramento County Trend Graph by Lundquist Appraisal Company

It’s interesting to see an overall common trend for both Carmichael & Fair Oaks, though not ultimately surprising since the communities tend to overall have a somewhat similar appeal in the marketplace (though Fair Oaks has a slight edge as local Realtor Nate Sisam mentions below). Despite there being niches in both communities that may be superior to other areas, and a slightly higher median price level in Fair Oaks, it seems that the ups and downs of the real estate market over the past few years have been taken in stride for both of these communities. In fact, the median price level for Fair Oaks over the past year was only 2% higher than Carmichael during the first 6 months of the year, and 4% higher during the past two consecutive quarters. For reference, the latest unemployment rate in Carmichael as of November 2009 is 9.2%, whereas the unemployment rate in Fair Oak si 7.0%. The rate of unemployment in Sacramento County as a whole for November 2009 is 12.5%.

Sacramento Realtor Nate Sisam gives us further insight:

realtor-nate-sisamFair Oaks and Carmichael are both established neighborhoods that offer people larger than overage lot sizes and diverse architecture. It has always been that Fair Oaks commanded a slightly higher price due to several key elements. Fair Oaks was one of the first established “Country communities” in the 20’s-40’s with a rich history in Olive and Citrus farming. Today that heritage is still evident when looking at property in Fair Oaks. Additionally the Fair Oaks Village brings the community together and adds to the charm of the area. From an accessibility standpoint Fair Oaks is slightly more freeway accessible. I would note that these communities are diverse and that pockets within each of them could be considered equal.

What do you think of the graph above? Does anything stand out to you? If you live or work in Carmichael or Fair Oaks, what do you enjoy about the community? If you had your choice to live in either of these areas, which would you choose? Comments are welcome below.

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Filed Under: Market Trends Tagged With: Carmichael CA, Carmichael Real Estate Market, Fair Oaks CA, Fair Oaks Real Estate Market, Home Appraiser, Home Sales in Carmichael, Home Sales in Fair Oaks, House Appraiser, Lundquist Appraisal Company, Real Estate Appraiser in Carmchiael, Real Estate Appraiser in Fair Oaks, Trend Graph of Sales in Carmichael and Fair Oaks, Unemployment Rate in Carmichael and Fair Oaks

City of Carmichael Market Trends (Sacramento Region)

March 23, 2009 By Ryan Lundquist Leave a Comment

What’s happening in the Carmichael real estate market lately? The graph below displays the past 36 months of sales. What do you see?

carmichael-market-trends

For starters, the overall trend appears to be declining over the past 36 months. No surprise there, huh? We are seeing this phenomenon in most niches in the Sacramento area. It looks like the bulk of sales over the past 90 days have sold between 200-300K, though there are certainly sales well beyond that range. It is also evident that there have been fewer sales above $1,000,000 in the past year.

Carmichael Real Estate Market Data:

  • 85 sales over past 90 days
  • Median Price of $219,000 over past 90 days
  • Low Price of $72,000 over past 90 days
  • High Price of $2,200,000 over past 90 days
  • Average Days on Market over past 90 days: 84
  • 125 current Active listings
  • 76 current Short Sale Active listings
  • 60 current Pending listings
  • 21 properties have sold above $1,000,000 over the past 36 months
  • 4 properties have sold above $1,000,000 over past 12 months

Carmichael Links:

  • Carmichael Wikipedia Page
  • Jesuit High School
  • Carmichael Chamber of Commerce
  • Carmichael Park & Recreation District
  • Carmichael Times Newspaper
  • Carmichael Library

NOTE: Carmichael is technically not a city, but a Census-Designated Place (CDP) in Sacramento County.

If you have any questions about the data above or any potential real estate appraisal needs within Carmichael or surrounding areas, feel free to contact me at 916-595-3735 or www.lundquistcompany.com

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Filed Under: Market Trends Tagged With: Carmichael Decline in Property Value, Carmichael FHA appraiser, Carmichael Home Appraiser, Carmichael Home Values, Carmichael Housing Market, Carmichael Market Trends, Carmichael Property Values, Carmichael Real Estate Appraisal, Carmichael Real Estate Appraiser, Carmichael Real Estate Market, How much is my home worth in Carmichael

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First off, thank you for being here. Now let's get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist.

Please see my Sharing Policy on the navigation bar if you are interested in sharing portions of any content on this blog.

The information on this website is meant entirely for educational purposes and is not intended in any way to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or any other potential real estate or non-real estate purpose. The material found on this website is meant for casual reading only and is not intended for use in a court of law or any other legal use. Ryan will not appear in court in any capacity based on any information posted here. For more detailed market analysis to be used for an appraisal report or any appraisal-related purpose or valuation consulting, please contact Ryan at 916-595-3735 for more information.

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