Elk Grove Real Estate Market Update: June 2009
It is rare for the real estate market in Elk Grove to be this unchanged month to month but this time that’s how it looks. 280 homes sold in June, the same as in May. Of these 155 were foreclosures (a decline year over year of almost 18%) 72 were short sales (a gain of 157% for the same period) and 53 non-distressed sales (also a gain year over year, albeit a smaller 10.4%). Overall unit volume gained 6.1% for the same period. A harbinger of things to come? Let’s hope so!
Sold price per square foot is at $112.38, a few cents higher than last month but 17.7% under last year at the same time. Average sales price is at $236,078, also a decline of 17% year over year. Median sales price currently rests at $230,000. Median price has declined by 13.2% since last June.
Inventory in Elk Grove is at 3.1 months based on the last 12 months of sales and 3.4 months based on the last 6 months of sales. Foreclosure inventory is at 0.6 months no matter how you look at it.
