Elk Grove’s sales continued strong in August, though like the rest of Sacramento County, unit volume was off slightly from the high we reached in July.  In August, 323 homes sold in Elk Grove, more than doubling last August’s total of 127 homes.

Prices in Elk Grove have fallen 30.3% from last year, with the average home selling in August, 2007 for $187.96 versus $130.97 in August of 2008.  Prices were up slightly in August from the previous month both in price per square foot and average selling price, but much of the gain seems to be a result of a possibly temporary upsurge in the number of non-distressed properties selling.

The average selling price in August was $281,994, down 26.7% from last year, while the median selling price of $265,000 was down 26.4% from last August’s median of $360,000.    

67.5% of homes sold in Elk Grove in August of 2008 were bank foreclosures, and 13% were short sales, leaving 19.5% in the non-distressed category.

Currently inventory in Elk Grove is low at 4.1 months (based on the six-month absorption rate of 277 homes sold per month), or 5.6 months if you use the twelve month average of 204 homes selling per month.

The raw data for Elk Grove is below.

Unit Volume Data

Units Sold	August, 2007		August, 2008	Change
Foreclosures Sold	35		218	522.9%
(% of total units)	25.7%		67.5%
Short Sales Sold	3		42	1300.0%
(% of total units)	2.2%		13.0%
Non-distressed Sold	98		63	-35.7%
(% of total units)	72.1%		19.5%
Total	136		323	137.5%

Price Data

Prices	August, 2007		August, 2008	Change
Sold Price / Square Foot	$187.96		$130.97	-30.3%
Square Feet	2046		2153	5.2%
Average List Price	$396,601		$281,292	-29.1%
Average Sale Price	$384,627		$281,994	-26.7%
Median Sale Price	$360000		$265000	-26.4%

Inventory (Based on 12 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	204	1152	5.6
Foreclosures	136	258	1.9
Short Sales	16	654	38.7
Nondistressed	51	241	4.7

Inventory (Based on 6 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	277	1152	4.1
Foreclosures	197	258	1.3
Short Sales	26	654	24.5
Nondistressed	54	241	4.4

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