Elk Grove Real Estate Market Update: October 2009
247 homes sold in Elk Grove this month, an overall unit volume decline of 23.8% year over year. More significant perhaps is the fact that while a year ago distressed property sales made up 86% of all real estate sold in the area, today distressed property sales are at 72% of all sales.
Foreclosure sales have fallen 54% year over year and the space has been taken up by short sales which are now 29.1% of all sales. That is a 50% increase year over year in short sales. We are also seeing an increase in non-distressed property sales by 54.5% for the same period.
Average sold price per square foot is now $114.53 which while the same as last month is an 11% decline year over year from a high of $128.61. Average sales price is now $237,934 down 10% year over year from last October’s high of $264,652. Median sales price is now $230,000.
Elk Grove has 3.7 months of inventory based on the last year of sales and 3.6 months of inventory based on the last six months of sales. Foreclosure inventory hovers around 0.5 months.
