Elk Grove Real Estate Market Update: March 2009
A total of 236 homes sold in the city of Elk Grove in March: 176 foreclosure sales, 34 short sales and 26 non-distressed homes. 89% of all sales are now distress sales with foreclosures gaining 25% year over year and short sales higher 209% for the same period. So you could say that nothing much has really changed since we last checked in here. Non-distressed sales are down 45% year over year. Overall unit volume is up 19.2%.
Average sold price per square foot is mostly unchanged from last month at $115.69, which should be a welcome change to homeowners in Elk Grove that have seen huge price declines month after month. It is however still a fall of 16% year over year from a high of $138.72. Average sales price has fallen 19% year over year from $306,696 to rest at $248,872. Median price is currently at $235,899 a decline of 20% year over year.
Inventory is at 3.4 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory is at 0.8 months.
