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.
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:
Fair 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.