In keeping with July’s numbers, real estate sales in Elk Grove have been showing signs of slowing quite dramatically from last year. A total of 251 homes sold this month, as compared with 333 last August, a unit volume drop of 24.6% year over year. The biggest slice of this drop has been in the foreclosure sales area where just 128 homes sold this August as compared with 226 last August. Short sales gained by 38.6% year over year with 61 homes selling this August as compared with 44 last August. Non-distressed sales remained pretty steady at 62.

Average price per square foot is now $112.55, down 14% year over year from a high of $130.89. Average sales price rests at $252,062 after a 10.5% drop year over year from $281,511. Median sales price is currently $242,000, a more modest 8.7% drop for the same period.

Overall inventory is at 3.2 months whether we look at the last 12 months or 6 months of sales, which seems to suggest the real estate sales market has been pretty steady in Elk Grove over the last year. Foreclosure inventory is at 0.5 months and 0.6 months respectively.

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