Elk Grove Real Estate Market Update: February 2009
I’ve never understood the phrase, “The more things change, the more they remain the same.” Maybe it comes into play in Elk Grove’s real estate market. Except they haven’t changed much from January to February at all. Distress sales remain high with foreclosure sales taking 74.5% of the market and short sales 13.8% of the market. The remaining 28 nondistressed sales take 11.7% of the sales pie. Foreclosure sales are up 64.8% year over year, nondistressed sales are down 12.5% and short sales are up a whopping 450% year over year!
Average sold price per square foot is now at $115.47 - that’s 19% lower year over year from $142.60. Average sales price is also down 21% year over year from $314,078 to $247,789. Median price is down to $230,000 from $297,080 - a fall of 22.6% for the same period.
Inventory is at 3.5 and 3.6 months based on the last 12 and 6 months of sales respectively.
