Springtime is here! And with it the hot real estate market in Elk Grove CA is heating up even more! It’s Monday morning and time for our weekly Elk Grove real estate market update – this is for the week of March 18th through March 24th. Has our inventory in Elk Grove increased at all? Are prices increasing? Watch each week for updates here!
There were 33 new SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price increasing once again! This week it is up to $265,000! This is an increase of $10,000 over last week’s median sales price! The average days on the market is at 25 days. The number of closed transactions is up this week also which is great to see, as it has been decreasing each week due to low inventory!
Only 41 new listings hit the market in Elk Grove CA last week. The amount of new listings is down from last weeks high of 56! Of these 41 new listings, 8 or just under 20% are Elk Grove short sale homes. The lowest priced listing that went on the market this past week was listed at $160,000 on is on Village Tree Drive and the highest priced listing is listed at $465,000 and is in Laguna West on Renwick Avenue.
And pending listings continues to be crazy with 65 listings pending last week. The median price being $289,000 and the average days on the market being only 13 days! Our pendings cannot keep exceeding our new listings the way it has….we will have no inventory! At the end of February 2013, we had only 3 weeks of inventory in the Elk Grove area.
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. With low inventory buyers don’t have the choices they once had! It is definitely a seller’s market now!
How would you like 18 buyers competing for your home? Take advantage of this RED HOT Elk Grove real estate market! Call us today at (916) 405-5737!
Contact us today at (916) 405-5737 to find out the current value of your home! We’d be glad to help!
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Check back next week for our weekly Elk Grove real estate market update.
Use our quick and easy site to get an instant value for your home! For a more accurate value, or to talk about getting your home on the market, give us a call at 916-405-5737 today!