Elk Grove Market Update: October 2008
The banks finally seem to be getting the picture; at least in Elk Grove, that seems to be a reality. As a case in point, one has only to look at the short sales. Where last October a mere 4 houses sold as short sales, this October we see 26, a 550% increase! Foreclosures now make up almost three quarters of all sales, up from last October’s 50%. There has also been an overall increase of 55% over last October’s sales in all. (That includes both distressed and non-distressed sales.)
Sold price per square foot is now at $129.92 on average, a drop of 25.1% over last October, but a slight increase over last month’s $126.72. The average home sales price also seems to have recovered a little over last month. In September, the average home had sold for $265,701. This month the average home sold for $268,546. The numbers are obviously not great enough to rejoice yet, but seem to be bouncing around the bottom. The average sales price is still a drop of 25.8% over last October.
Inventory in Elk Grove (zip codes 95624, 95757 and 95758) based on the last 12 months of sales is at 5 months and based on the last 6 months of sales is at 4.1 months.
