Elk Grove Real Estate Market Update – Week of August 5th through August 11th

Before we know it, it will be back to school time!  And it’s already starting to feel like Fall on some days in Elk Grove!  It’s also time for our weekly weekly Elk Grove real estate market update – this is for the week of August 5th through August 11th.  Let’s see what has been happening in the Elk Grove real estate market this past week –

There were 30 SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price being $280,750. The average days on the market has dropped again to 21 days – just 3 weeks for a home to sell!  Our inventory is still moving at a very rapid pace these days.

Elk Grove new listings are starting to slow down once again.  This is great news for sellers! 44 new listings hit the market in Elk Grove CA last week. Of these 44 new listings, 6 of these or just under 15% are Elk Grove short sale homes.  Short Sales in Elk Grove are not as prevelant as they once were.  The lowest priced new listing in Elk Grove is a condo located in East Elk Grove (95758)  and it’s a 1 bedroom 1 bathroom on Laguna Oaks and it is priced at $99,000, while the highest priced new listing is a country home located on over 2 acres in the 95624 zip code area on Sheldon Road and is listed at $674,900.

And our pending sales are still going strong! Last month we turned the corner on inventory and now our new inventory is outpacing our SOLD inventory ~ this is the first time this has occurred in the past 15 months!  And now this past week, things seems to have changed a bit again with 79 listings going pending with the median price going down a bit to $283,590 and the average days on the market being 28 days!

Here is a graph showing the inventory at the end of July 2013 in Elk Grove…

Elk_Grove_market_trends_July_2013

Our inventory in Elk Grove is still 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 still this year, now is the time!  Rates are still very low and there are still a lot of pent up demand out there from buyers!  If you have been looking at Zillow for your home’s value, call us today at (916) 405-5737.  You may be very surprised at your home’s true value!

The market shows no sign of slowing down. Listing sooner than later is the smart play.

 

Contact us today at (916) 405-5737 to find out the current value of your home!

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