Elk Grove Real Estate Report
Where has the year gone??? We made it through all the turkey, Black Friday and now almost through Cyber Monday! I heard today that although the number of people shopping on Black Friday was way up, the amount of goods sold by the stores was actually down just over 2%. I wonder how the Elk Grove real estate market compares to this? It’s time once again for the Mode and Durham Team’s weekly Elk Grove Real Estate Report! We bring you updated information on the Elk Grove Real Estate Market each and every week. If you watch for our Elk Grove Real Estate Report each week, you can spot trends as they happen. This one is for the week of November 25th through December 1st.
I would suspect that since it is the end of the month, SOLD homes should be up a little from last week. And I was right…there were 33 SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price going up by almost 10% to $325,000. The average days on the market for Elk Grove sold homes is up by 5 days this week from last week to still only 31 days! The Elk Grove housing trends have been changing weekly over the past several months, so it is important to stay on top of them.
If you have been following our Elk Grove Real Estate Report, you will know that new listings had been picking up for the past several weeks. In fact 4 weeks ago, we had 65 new listings hit the market, however this week new listings are down again with less than half as many as this time last month! Only 30 new listings on the market in Elk Grove. The lowest priced new listing in Elk Grove is a great buy on a 3 bedroom, 2 bathroom condominium in the 95758 zip code area on Sheldon Road (near Cosumnes Jr. College) priced at only $185,000. The highest priced new listing is an almost 4,000 square foot home, 5 bedroom home on Rainbow Creek Way priced at only $419,000.
Elk Grove pending sales are definitely still going strong! This last week we had 35 homes go pending in the 3 Elk Grove zip codes. Once again pending listings are outpacing new listings! This means less inventory for buyers to choose from. The median price for the pending sales is $281,900 while the average days on the market was 34 days! It is interesting to watching the Elk Grove pending sales as this tells us a story of where the market will be in 15 – 30 days from now.
So, in looking at the market trends in Elk Grove CA housing, we can tell that the market is still very, very strong in Elk Grove. There are less lookeyloos out just browsing the inventory right now! If you are an Elk Grove home buyer right now, with the holidays upon us, you are serious about buying a home! We currently have 1.5 months of inventory in most neighborhoods in Elk Grove, while if you look at Sacramento County as a whole we are close to 2.5 months of inventory. There are more homes on the market for buyers to choose from, so sellers must price their homes so that buyers see value, stage them well and make sure their Realtor is marketing aggressively! It is a great time for Elk Grove home sellers as we are selling our Elk Grove listings in under 30 days!
If you are thinking of selling your Elk Grove home and would like a FREE market analysis showing you the current value of your home, visit our website at http://www.findahomeinelkgrove.com/sell or call us today at (916) 405-5737.
And if you are thinking of buying a home and would like to get started with a FREE no obligation consultation, call us today at (916) 405-5765 or start searching now!
Make sure to check back next Monday for our next edition of the Elk Grove Real Estate Report!