After a decent month of price increase in February, March has seen some interesting changes in the real estate market of Elk Grove. The more things change, they say, the more they remain the same and it’s been certainly true this month in Elk Grove. A total of 254 homes sold in the area in the month of March, an increase of 7.6% year over year. A full third of all homes that sell are now non-distressed, a good change from last year where only 1 out of 10 homes sold was non-distressed.

Of the 254 sold homes, just 104 were foreclosures, a large number by any other area in Sacramento county but a 41% decline in foreclosure sales year over year for Elk Grove. Short sales were up by 117.6% which is always a good thing to see and non-distressed home sales have risen by a whopping 192.3%. Overall unit volume was up 7.6% year over year.

Average price per square foot seems to have leveled off at $115.48. Last March it was $115.69. Average sales price is also almost the same as last March at $241,939 – a 2.8% decline over $248,872 last March. Median sales price also remains almost the same year over year at $231,500.

Inventory is at 4.1 months based on the last year of sales and 4.6 months based on the last six months of sales. Short sale inventory that is worrying everyone lately is still is just under a year.

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