Carmichael

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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.

www.lundquistcompany.com/blog Riding the Same Wave in Carmichael & Fair Oaks

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I think I may have produced the first official video of the new silver horse on Marconi Avenue & Eastern Avenue in Sacramento. Okay, this is not my biggest achievement in life and there will be no awards, but I definitely thought it would be fun and creative to put something together. As I mentioned in a previous post, while driving around between appraisal inspections, I stopped by the new Rite Aid shopping center on the aforementioned corner and snapped some photos. Today when I passed by this gleaming statue again, I couldn’t help but grab some more images and put them online.

I am intrigued by landmarks, architecture, neighborhood design (porches especially) and how things like this make up the feel for a neighborhood. Moreover, my career as a real estate appraiser helps me to continually analyze the appearance of neighborhoods and properties.

Enjoy the video on the Lundquist Apppraisal YouTube page or below.

 

http://www.lundquistcompany.com/blog The First Official Video of the Silver Horse on Marconi Avenue & Eastern Avenue in Sacramento

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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:

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

http://www.lundquistcompany.com/blog  City of Carmichael Market Trends (Sacramento Region)

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