July 2008 Real Estate Market Report - Elk Grove

Posted by John Lockwood on August 7th, 2008

Elk Grove is one of those areas with many foreclosures, where the competition for these low priced homes has become very fierce.  In July, for example, the average home sold in Elk Grove for $272,767, slightly above the average list price of $271,974.  Foreclosures are in short supply at about 1.5 months of inventory, and it is bank foreclosures that made up the lion shares of the sales in Elk Grove in July at 74.3% of the total.

Homes are selling below the Sacramento County average in Elk Grove, coming in at an average of $130.36 per square foot, which is down 32.6% form last year’s average of $193.51.  Sales have more than doubled since 2007, rising 150% from 126 units sold in July of 2007 to 315 units sold in July of 2008.

Below we have volume and price data for Elk Grove:

Unit Volume Data

Units Sold July, 2007 July, Change
Foreclosures Sold 23 234 917.4%
(% of total units) 18.3% 74.3%  
Short Sales Sold 8 36 350.0%
(% of total units) 6.3% 11.4%  
Non-distressed Sold 95 45 -52.6%
(% of total units) 75.4% 14.3%  
Total 126 315 150.0%

 Price Data

Prices July, 2007 July, Change
Sold Price / Square Foot $193.51 $130.36 -32.6%
Average List Price $382,481 $271,974 -28.9%
Average Sale Price $374,970 $272,767 -27.3%

 Inventory (Based on 12 months of prior sales)

Sale Type Average Sales Per Month Active Months of Inventory
All Sales 187 1182 6.3
Foreclosures 119 268 2.2
Short Sales 13 664 48.9
Nondistressed 53 251 4.7

 Inventory (Based on 6 months of prior sales)

Sale Type Average Sales Per Month Active Months of Inventory
All Sales 247 1182 4.8
Foreclosures 178 268 1.5
Short Sales 20 664 32.1
Nondistressed 49 251 5.0

Related links:

July 2008 Real Estate Market Report - Elk Grove
Elk Grove Real Estate Market Update
Foreclosures Statistics for High-Foreclosure Areas in Sacramento County