Although foreclosure sales have slowed down in Galt as elsewhere in Sacramento county, they remain the majority of homes sold. 52% of all homes sold in the Galt area are now foreclosures – a better percentage some would argue than a year ago when 3 out of 4 homes sold were foreclosures.

25 homes sold in the area in December – 13 of which were REOs, 8 were short sales and 4 were non-distressed sales. That’s a drop of 43.5% of foreclosure sales, a 60% increase in short sales and a 100% increase in non-distressed sales. Overall unit volume however fell by 16.7% year over year.

Average sold price per square foot is now $109.70 which is 13.6% under last December’s high of $127.01. Average sales price fell by 11.1% year over year from a high of $199,143 to $177,000 today. Median sales price is currently $155,000.

Inventory in Galt is now at 3.4 months based on the last year of sales and 3.9 months based on the last six months of sales. Foreclosure inventory is at 1.2 months and 1.5 months respectively.

Some interesting changes in Galt on the real estate front have occurred and are no doubt encouraging to home sellers. If the banks really are controlling the release of inventory then at least in Galt they seem to be doing a fine job of it. Foreclosure sales fell by 51.3% year over year while short sales rose 40% and non-distressed sales which were non-existent last year at this time now make up 28% of all real estate sales. 10 non-distressed homes sold October over none last October! Overall unit volume fell 18.2% for the same period.

Average sold price per square foot is now $111.36 down 19.3% year over year. Average sales price is now $186,997 which is also a drop of 16.9% for the same period. Last October the average sales price was $225,028. Median sales price is now $177,500.

Inventory is at 2.8 months based on the last year of sales and 3 months based on the last six months of sales. Foreclosure inventory is just over half a month.

Where is the bottom in real estate prices for Galt? That seems to be question on everyone’s mind that lives there, or intends to buy there, I suppose, but there are no easy answers. Prices, along with sales, have been falling in Galt unlike other places where prices and sales have an inverse relationship.

Unit volume was 17% lower year over year: 39 homes sold this month in Galt as compared with 47 last July. Foreclosure sales fell by 31.4% and short sales by 50% year over year. However, non-distressed sales gained ground by 175% for the same period.

Average sold price per square foot is 24.3% lower than it was a year ago, currently $105.72 down from $139.68. Average sales price is 26% lower – coming from a high of $217,349 to rest at $160,973. Median sales price is $150,000.

Inventory in Galt is at 3.3 months based on the last year of sales and 3.4 months based on the last six months of prior sales. Foreclosure inventory is under a month.

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.