Some interesting changes in Galt on the real estate front have occurred and are no doubt encouraging to home sellers. If the banks really are controlling the release of inventory then at least in Galt they seem to be doing a fine job of it. Foreclosure sales fell by 51.3% year over year while short sales rose 40% and non-distressed sales which were non-existent last year at this time now make up 28% of all real estate sales. 10 non-distressed homes sold October over none last October! Overall unit volume fell 18.2% for the same period.

Average sold price per square foot is now $111.36 down 19.3% year over year. Average sales price is now $186,997 which is also a drop of 16.9% for the same period. Last October the average sales price was $225,028. Median sales price is now $177,500.

Inventory is at 2.8 months based on the last year of sales and 3 months based on the last six months of sales. Foreclosure inventory is just over half a month.

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