Elk Grove is one of those areas with many foreclosures, where the competition for these low priced homes has become very fierce.  In July, for example, the average home sold in Elk Grove for $272,767, slightly above the average list price of $271,974.  Foreclosures are in short supply at about 1.5 months of inventory, and it is bank foreclosures that made up the lion shares of the sales in Elk Grove in July at 74.3% of the total.

Homes are selling below the Sacramento County average in Elk Grove, coming in at an average of $130.36 per square foot, which is down 32.6% form last year’s average of $193.51.  Sales have more than doubled since 2007, rising 150% from 126 units sold in July of 2007 to 315 units sold in July of 2008.

Below we have volume and price data for Elk Grove:

Unit Volume Data

Units Sold	July, 2007		July,	Change
Foreclosures Sold	23		234	917.4%
(% of total units)	18.3%		74.3%
Short Sales Sold	8		36	350.0%
(% of total units)	6.3%		11.4%
Non-distressed Sold	95		45	-52.6%
(% of total units)	75.4%		14.3%
Total	126		315	150.0%

 Price Data

Prices	July, 2007		July,	Change
Sold Price / Square Foot	$193.51		$130.36	-32.6%
Average List Price	$382,481		$271,974	-28.9%
Average Sale Price	$374,970		$272,767	-27.3%

 Inventory (Based on 12 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	187	1182	6.3
Foreclosures	119	268	2.2
Short Sales	13	664	48.9
Nondistressed	53	251	4.7

 Inventory (Based on 6 months of prior sales)

Sale Type	Average Sales Per Month	Active	Months of Inventory
All Sales	247	1182	4.8
Foreclosures	178	268	1.5
Short Sales	20	664	32.1
Nondistressed	49	251	5.0

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