The real estate market in Elk Grove in November shows an area that’s harder hit than most by foreclosures, with deep price cuts over the last year as a result.  In November, the average home sold in Elk Grove for $346,011, down 17% from last year’s average of $417,001.  Similarly, the median price was down 17.9%, from $395,000 to $324,200.

This November, however, the average home sold in Elk Grove was also 6.5% larger than last November’s average.  As a result, the sold price per square foot ratio dropped a full 20.9% from year to year — one of the more dramatic one year price drops we’ve written about.

Currently, there are some 11.2 months of inventory in Elk Grove.  56.2% of those are “distressed sales” of one type or another, either short sales or foreclosures.  Last November, only 2% of the sales in Elk Grove were bank foreclosures — this November, that number has risen to 50%.

Homes that do sell in Elk Grove, however, show that even though there are bargains to be had, homes still sell fairly close to their list price when all is said and done.  The $346,011 average selling price in Elk Grove is 96.6% of the average list price.

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