Elk Grove Real Estate Market Update: December 2008
If you’re looking for big and bigger homes, Elk Grove is definitely one place to find them. With the average home above 2000 square feet, home buyers seem to be flocking to this city to find the best deals. And deals they are finding - with foreclosures and short sales selling at such a rapid pace, the average homes sold in Elk Grove are getting bigger - about 8% bigger to be exact.
The statement about foreclosures and short sales selling fast is no hyperbole either: 190 foreclosures and 37 short sales sold in the month of December in Elk Grove. That’s more than 6 REOs and more than 1 short sale a day! That led to a 150% increase in foreclosure sales year over year, a 270% increase in closed short sales year over year and a 41.5% decrease in non-distressed sales! Only 12% of all sales were non-distressed properties, with the majority (73.6%) being foreclosures. Unit volume remained higher than last year at 85.6%. A total of 258 homes sold in Elk Grove in the month of December 2008.
The average price per square foot has fallen to $120.11 - that’s a drop of 25% over last year’s $160.23. The average home in Elk Grove now sells for 19% under what it sold for last December: average sale price has tumbled from $323,140 to $260,538. The median sale price has also fallen 22.3% - from a high of $310,000 last December to $241,000 in December 2008.
Inventory is lower than last month. It is currently at 3.8 months (based on the last year of sales) and 3.3 months (based on the last six months of sales).
