Elk Grove (95758) was the area with the most sold units in May of any area in Sacramento, Placer, or El Dorado County.  112 units sold in May, 77 of which (68.4%) were bank foreclosures, while 23.4% of all sales were non-distressed.  Though short sales make up 54.3% of current active inventory, they accounted for only 7.2% of sales in Elk Grove in May.

With an additional 23.5% of active inventory being bank foreclosures, short sales and foreclosures together make up 77.8% of the active inventory.  Not surprisingly, prices in Elk Grove are down.  Overall the prices have fallen about a quarter from last year.  At $263,700, the average home sold in Elk Grove in May for 25.5% less than last May’s average of $354,152.  At $250,000, the median price is down 28.8%, while the sold price per square foot is currently averaging $146.34, down 27.7% from last year’s average of $202.37.

With prices falling and so much REO inventory, many buyers are taking advantage of the bargains.  As a result, unit sales rose 143% from year to year, from 46 in May of 2007 to 112 in May of 2008.  There are currently 6.1 months of inventory, but based on May’s absorption rates the numbers are less than four months.

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