January was a slow month for real estate sales in Elk Grove, even less prolific than December. Just 178 homes sold in the area, an overall unit volume decline of 16.4% year over year. Foreclosures alone fell 57.7% for the same period. The biggest gains were experienced by non-distressed properties which rose 176.2% year over year. Short sales also gained over last January’s sales by 75.9%. One out of every three homes sold is now non-distressed which says a lot about the recovering health of the Elk Grove real estate market.

Average sales price per square foot in Elk Grove is now $112.96 which is just 3.2% under last January’s $116.66. Average sales price has fallen year over year by 4.7% and currently rests at $239,362 from a high of $251,181. Median sales price is now $227,000.

Inventory in Elk Grove is at 3.7 months based on the last year of sales and 3.9 months based on the last six months of sales. Foreclosure inventory is under a month and the only inventory that needs to get absorbed before we see price gains seems like the short sale inventory. However, that seems to be around 12 months, so I guess we’ll just have to be patient.

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