Elk Grove Market Update- February 2010

Here are the latest sales statistics on Elk Grove home sales; a summary of Active, Pending and Sold properties comparing REO (bank owned), Short Sale and Owner listings.

-Trends show there are 1-2 months inventory of bank owned or foreclosure homes in Elk Grove as compared to 12-24 months inventory of short sale homes in Elk Grove.  These figures show that although short sales make up a big percentage of active homes on the market in the general Elk Grove area, they are selling at a much slower rate…making them low probability home sales.

-Another statistic to look at is DOM (Days on the Market) of the different listing types.  Looking at total homes sales in Elk Grove, 1/2 of the properties are sold within 30 days on the market…but compare REO sales vs short sale transactions.  74% of bank owned homes in Elk Grove sell within 30 days on the market; whereas, only 12% of short sales sell within 30 DOM…over 42% of short sale sales take over 120 days on the market.

-Bank owned homes in Elk Grove sell at a much higher rate and significantly more quickly.

-Prices of homes in Elk Grove can be looked at through “Price per square foot”…what dollar amount homes sell for per square foot.  Currently, the average price per square foot of a home in Elk Grove is around $113/sq ft.

-What about list price vs offer price of Elk Grove real estate?  Trends show that homes are selling for very close to list price…you’re not likely to get a discount off list price regardless of the number of days on the market.

-REO inventories are low and short sales continue to sell very slowly (if at all).