Elk Grove Real Estate Market Update: August 2009
The Elk Grove real estate market has stayed fairly consistent for the last few years so it’s a little disconcerting when the unit volume starts to drop. The hypothesis of course seems to be that bank-owned properties are running dry and that does indeed seem to be the case with 0.5 months of foreclosure inventory left.
Just 251 homes sold this month as compared with 333 last August - that’s a unit volume drop of 24.6% year over year. Foreclosure sales fell by 43.4%, short sales gained 38.6% in sales and there was almost no change (-1.6%) in sales of non-distressed homes.
Average sold price per square foot reports don’t offer any great news either. Average sold price is now $112.55 per square foot, a drop of 14% year over year. Average sales price rests at $252,062, a fall from grace of 10.5% year over year from a high of $281,511 and median sales price is now $242,000.
Inventory in Elk Grove is at 3.2 months.
