By Sara Beth Williams–
A single-story home in Citrus Heights near Mariposa Avenue and Twin Oaks Avenue has been on the market for $800,000 since August, while similar-sized homes continue to be listed at significantly lower asking prices.
Pricing history on the real estate website Zillow shows the 1,783-square-foot home, labeled as the “Patton Ranch Estates,” was listed for sale on Aug. 7, and hasn’t seen a price drop. The home was built in 1980 and is situated on almost half an acre, with three bedrooms and two bathrooms.
Aerial views of the property show a detached garage on the back of the lot. Sacramento Real Estate Appraiser Ryan Lundquist said the detached structure, along with the size of the lot, influence a property’s value. Online real estate site Trulia lists the size of the detached garage as 24 feet by 28 feet.
Along with two, 2-car garages, other features listed in the property description include room for RV parking, a wood stove and fireplace, a gazebo, and an above-ground hot tub.
Real estate agent Dave Silva reported in a phone call Friday that there has only been a couple of showings at the property, and that a price reduction would be “very beneficial,” but the current owner doesn’t want to lower the price.
“We give [the seller] advice, I research the market every day, but it’s up to them to ultimately decide what price they want to sell it at,” Silva said, adding that the owner has a lot of “emotional value” invested in the home and he always tries to meet owners where they are.
The median sales price in Citrus Heights was $511,000 for the months of October and November combined, according to Lundquist. Comparatively, the median housing sales price for October in Sacramento County was $550,000 according to Lundquist’s blog.
Other properties for sale in the area of Patton Avenue include another home on the same street listed for $600,000 with five bedrooms, three bathrooms, and 1,900 square feet. Another four-bedroom, three-bathroom home just down the street on Loleta Way is listed for $750,000, boasting 2,600 square feet.
Online real estate data shows that the $800,000 home has been on the market for over 120 days, while according to Lundquist, the average days on the market for homes is 28 days in Citrus Heights. Lundquist said higher-priced listings, such as the home on Patton Avenue, often need more time on the market.
Similarly, a home on Peter Ray Court was listed for sale in August and closed nearly two months later after an $11,000 price drop. Another $750,000 home on Glen Alta Way has been on the market for about two months. Another million-dollar listing in Citrus Heights has been on the market since July.
Lunquist says the ever-present question with such homes is: “Does it need more time on the market, or is the list price too high?”
As for the answer, “The market gets to decide,” Lundquist says.
