In the first quarter of this year, the average home sold in Auburn for $431,818, down 11% from first quarter of 2007.  At the same time, with buyers purchasing a house that was eight per cent bigger than last year, sold price per square foot fell 17.6%, from $259.15 in 2007 to $213.67 in the first quarter of 2008.  This year’s average home was 2021 square feet in size and was on the market 104 days before being sold (i.e., 104 days between being listed and when a purchase agreement was accepted).

In the first quarter of 2007, 3.7% of the homes that sold were bank foreclosures, and 1.2% were short sales.  This year those numbers had risen to 24.5% and 3.8%, respectively.

Unit volume was down in Auburn in 2008, with 53 homes sold in the first quarter compared to 82 in the first quarter of 2007.  Partly as a result of these sluggish recent sales, inventory is fairly high in Auburn at 10.1 months.