Galt Real Estate Market Update: June 2009
Just 31 homes sold in Galt in the month of June, an area that had enjoyed significant interest in the heyday of real estate south of Sacramento just two years ago. This is a drop in sales of 11.4% year over year. The 21 foreclosure sales indicate a decline of 22.2% while non-distressed home sales increased by 50% for the same period. 4 short sales also closed escrow, the same number as last June.
Average price per square foot in Galt is now $121.93. That’s a decline of 13.2% year over year from a high of $140.50. The average home sold has been however 11.7% larger than it was last June - bargain hunters, rejoice! Average sales price in Galt is $200,787 - 3.1% lower than it was year over year and median sales price is $170,000.
Overall real estate inventory is at 3.4 months based on the last year of sales and 3.5 months based on the last six months of sales. Foreclosure inventory is at 1 month and 1.1 month respectively.
