Elk Grove Real Estate Market Update: July 2009
Just 264 homes sold in Elk Grove this July as compared with 333 last July. That’s an inventory drop of almost 21% year over year. Foreclosures themselves fell by 45.4% in sales, a number yet to be beaten by any other area in Sacramento county. Elk Grove sales were fueled by foreclosure sales a year ago and now we’ll have to see if short sales do the same for it. Short sale inventory currently hovers around 14.8 months so there might be more pain to come. Year over year short sales have gained 46% and non-distressed 62.2%.
Average sold price per square foot is at $115.55 currently, a fall of 11.2% year over year. Average sales price is $244,430 - a drop of 9.6% for the same period. Median sales price for a home in Elk Grove is now $229,500. And if you think people are turning away from McMansions as they are usually referred to, think again. The average home sold in Elk Grove continues to be over 2000 square feet. In fact, this July the average home sold was 2% bigger than last year.
Inventory is at 3.2 months based on the last year of sales and 3.3 months based on the last six months of sales. Foreclosure inventory is at 0.5 months and 0.6 months respectively.
