Elk Grove Real Estate Market Update: February 2010
For those of you who have been waiting with bated breath, Elk Grove has seen its first year over year increase in price. It is however small, tiny, in fact. But first, let’s take a look at the overall sales of the real estate market in the city of Elk Grove. Just 146 homes sold in the month which is an overall unit volume decrease year over year of 39%. Foreclosure sales alone fell 63.5% for the same period. Short sales remained the same at 33 but non-distressed sales gained a whopping 71.4% year over year. This means that 1 out of 3 homes sold are now non-distressed, a big change from last January where just 1 out of 10 homes sold was non-distressed.
There is a small increase in average price per square foot. Currently average price per square foot is $117.27 which is 1.6% higher than it was a year ago when it was $115.47. Average sales price currently rests at $240,722 which is 2.9% lower than it was a year ago. Median sales price is $221,500.
Inventory in Elk Grove is at 4 months based on the last year of sales and 4.3 months based on the last six months of sales. Foreclosure inventory hovers around 1 month and short sale inventory hovers around a year!
