Elverta Real Estate Market Update
Elverta is a small community of older homes on acreage (many suitable for horses) as well as some infill development, located north of Rio Linda and west of Antelope (see map). Because not many homes change hands every month in Elverta (about three per month over the last year), we’ll look at a year’s worth of real estate data, comparing December-November 2006-2007 with the same period for 2005-2006.
The change in value from year to year in Elverta was substantial, so it’s fair to say that Elverta was one of the areas that was hit hard by the downturn in the market. Last year the average sale price was $399,872, while this year the price was $339,769, a 15.9% drop. At the same time, this year’s home was slightly larger, on average, so that the sold price per square foot fell 20% from year to year, from $286.42 to $219.49. The median price last year was $315,000, versus $286,000 this year, a 9.2% drop.
The most dramatic feature of the Elverta market is the change from year to year in the number of units sold, from 69 per year to 32, a 53.6% drop. Elverta has 18.4 months of inventory to get through, some 51% of which is either a short sale or bank owned foreclosure.
