As Elk Grove limps slowly – very slowly back to recovery – interest in bank owned homes gives way to short sales and owner occupied houses. 251 homes sold in Elk Grove in the month of May 2010. Of these, 108 were foreclosure sales, 75 were short sales and the rest 68 were non-distressed properties. Year over year, foreclosures fell 38% while short sales increased 38%. Non-distressed home sales also gained a decent 33.3% for the same period. 1 out of every 4 home sales is now non-distressed.

Average price per square foot is now $114.52 which is 2% higher than it was a year ago when it was at $112.32. Average sales price is almost the same this May as it was last May when it was $237,249. Today it is $236,753. Even the median sales price is hovering around the same mark as a year ago. It is is currently $230,000 down 2% from a year ago when it was $235,000.

Overall inventory in Elk Grove is around 4 months. Foreclosure inventory is around 1 month and short sale inventory is around 11 months.

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