Elk Grove Real Estate Market Update: November 2009
218 homes sold in Elk Grove in the month of November. The biggest news of course is that - either because of foreclosures drying up or because of banks holding on to foreclosure inventory as we’ve heard so often - REO sales are much lower than they were last year at this time. Foreclosure sales in Elk Grove have fallen 41.4% year over year and short sales have more than made up the difference. Short sales are up 116.1% year over year. Non-distressed property sales are up 25.6% for the same period. Overall unit volume fell 10.7%.
Average sold price per square foot has not suffered too much of a change from last month. It is currently $116.09 which is 7% lower year over year from a high of $124.82. Average sales price is now $243,706 down 10.1% for the same period. Median sales price rests at $230,000.
Inventory in Elk Grove is at 3.8 months based on the last year of sales and 3.7 months based on the last six months of sales. Foreclosure inventory is at little over half a month.
