Elk Grove Real Estate Market Update: May 2009
Much like last month, Elk Grove posted a decent number of sales at 280 total homes. Much like last month, we also see a drop in overall unit volume year over year although it’s almost negligible at 0.7%. The greatest increase year over year is in short sales - 184% increase year over year, while foreclosure sales dropped 13.4% and non-distressed sales also fell 16.4% for the same period.
The price declines continue however. Sold price per square foot is currently $112.32, down 17.5% from last May’s $136.08. Average sales price has also fallen again - this time 16.7% year over year - to hit $237,249 from a high of $284,952. Median sales price for Elk Grove is now $235,000.
Inventory in the city of Elk Grove is 3 months based on the last year of sales and 3.3 months based on the last six months of sales. Foreclosure inventory remains low - at 0.4 months and 0.5 months respectively.
