It’s May already! And it’s time for our weekly Monday morning Elk Grove real estate market update – this is for the week of April 29th through May 5th. Let’s see what has been happening in the Elk Grove real estate market this past week –
There were 37 new SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price being $270,000. The average days on the market is at 18 days! Our inventory is moving at a very rapid pace these days. The number of closed transactions held pretty steady from 34 last week to 37 this week.
This is a graph showing the steady increase of our Elk Grove median sales price from Trulia.
53 new listings hit the market in Elk Grove CA last week, again pretty steady from last week’s new listings of 52. Of these 53 new listings, only 6 of these or approximately 9% are Elk Grove short sale homes. The number of distressed properties has really gone down over the past few months. The lowest priced new listing in Elk Grove is another condo on Laguna Oaks in the 95758 zip code area and is priced at only $121,800 while the highest priced new listing is a home on 65 acres located on Franklin Blvd and it’s listed at $750,000.
And our pending sales are back up! 73 listings went pending with the median price being $290,088 and the average days on the market being 15 days!
Our inventory in Elk Grove is at a 6 year low! Homes are selling quickly and often times for over the list price with multiple offers. Some homeowners who thought they were upside down in their homes have called us recently to discover they actually have equity now! In 2012 we hit bottom! So, if you’re thinking about selling your home in Elk Grove this spring, but think that you should wait until summer, think again!
The market shows no sign of slowing down. Listing sooner than later is the smart play.
How would you like 10 – 20 buyers competing for your home? Take advantage of this RED HOT Elk Grove real estate market! Check back next week for our weekly Elk Grove real estate market update.
Contact us today at (916) 405-5737 to find out the current value of your home!
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