The majority of home sales in Elk Grove continue to be distress sales. Foreclosures and short sales made up 90% of all real estate purchases in this city south of Sacramento in January. 163 foreclosures and 29 short sales easily outranked the 21 non-distressed homes. In fact, foreclosures sales have increased by 64.6% and short sales by 163.6% year over year. Non-distressed home sales have fallen by 34.4% for the same period. Overall unit sales are up 50%.

Average sold price per square foot has dropped 21.7% year over year from a high of $148.95 to $116.66. Average sales price has also dropped 20.8% year over year. The average home in Elk Grove, which would have cost you $316,984 last January would now be valued at $251,181. Median sales price has dropped 17% from $298,500 to rest at $248,000.

Inventory is at 3.6 months based on the last 12 months of sales and 3.5 months based on the last six months of sales. But foreclosure inventory is at 1 month. It seems like even in this market, Elk Grove can sell homes. It just depends where they are priced.

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