Elk Grove Real Estate Market Update: April 2009
This is the first time in many months we have seen an overall unit volume decrease in Elk Grove’s year over year real estate sales. Whether it means anything yet is unclear, but total inventory sales are down 11.9% year over year. Still Elk Grove managed to post a good number of 244 home sales in the month of April. 148 of these sales were foreclosure sales, 41 were short sales and 55 were non-distressed homes. Distress sales continue to dominate with 77.5% of the total sales pie leaving the rest 22.5% to non-distressed properties.
Foreclosure sales are down however year over year by 23% - something that makes me sit up and take notice. The real estate landscape of Elk Grove is changing again. Short sales gained 58% year over year and non-distressed sales fell 7% for the same period.
Where is the bottom for prices? It’s hard to say. Currently, average price per square foot is at $113.04 down 19.3% year over year from $140.01. Home buyers thus afforded themselves homes bigger on average year over year by 8%. The average sales price is currently at $249,810 down 12.6% year over year from a high of $285,725. Median price is also down 10.8% to $240,000.
Inventory is at 3.3 months based on the last year of sales and 3.6 months based on the last six months of sales. Foreclosure inventory is at 0.6 months and 0.7 months respectively.
