Elk Grove Real Estate Market Update August 2008
Elk Grove’s sales continued strong in August, though like the rest of Sacramento County, unit volume was off slightly from the high we reached in July. In August, 323 homes sold in Elk Grove, more than doubling last August’s total of 127 homes.
Prices in Elk Grove have fallen 30.3% from last year, with the average home selling in August, 2007 for $187.96 versus $130.97 in August of 2008. Prices were up slightly in August from the previous month both in price per square foot and average selling price, but much of the gain seems to be a result of a possibly temporary upsurge in the number of non-distressed properties selling.
The average selling price in August was $281,994, down 26.7% from last year, while the median selling price of $265,000 was down 26.4% from last August’s median of $360,000.
67.5% of homes sold in Elk Grove in August of 2008 were bank foreclosures, and 13% were short sales, leaving 19.5% in the non-distressed category.
Currently inventory in Elk Grove is low at 4.1 months (based on the six-month absorption rate of 277 homes sold per month), or 5.6 months if you use the twelve month average of 204 homes selling per month.
The raw data for Elk Grove is below.
Unit Volume Data
| Units Sold | August, 2007 | August, 2008 | Change | |
| Foreclosures Sold | 35 | 218 | 522.9% | |
| (% of total units) | 25.7% | 67.5% | ||
| Short Sales Sold | 3 | 42 | 1300.0% | |
| (% of total units) | 2.2% | 13.0% | ||
| Non-distressed Sold | 98 | 63 | -35.7% | |
| (% of total units) | 72.1% | 19.5% | ||
| Total | 136 | 323 | 137.5% | |
Price Data
| Prices | August, 2007 | August, 2008 | Change | |
| Sold Price / Square Foot | $187.96 | $130.97 | -30.3% | |
| Square Feet | 2046 | 2153 | 5.2% | |
| Average List Price | $396,601 | $281,292 | -29.1% | |
| Average Sale Price | $384,627 | $281,994 | -26.7% | |
| Median Sale Price | $360000 | $265000 | -26.4% | |
Inventory (Based on 12 months of prior sales)
| Sale Type | Average Sales Per Month | Active | Months of Inventory |
| All Sales | 204 | 1152 | 5.6 |
| Foreclosures | 136 | 258 | 1.9 |
| Short Sales | 16 | 654 | 38.7 |
| Nondistressed | 51 | 241 | 4.7 |
Inventory (Based on 6 months of prior sales)
| Sale Type | Average Sales Per Month | Active | Months of Inventory |
| All Sales | 277 | 1152 | 4.1 |
| Foreclosures | 197 | 258 | 1.3 |
| Short Sales | 26 | 654 | 24.5 |
| Nondistressed | 54 | 241 | 4.4 |
Related links:
Elk Grove Real Estate Market :: September, 2008Elk Grove Real Estate Market Update August 2008
July 2008 Real Estate Market Report - Elk Grove
