The Spring real estate market has definitely arrived in Elk Grove CA! It’s Monday morning and time for our weekly Elk Grove real estate market update – this is for the week of April 1st through April 7th. Has our inventory in Elk Grove increased at all? Are prices increasing? Watch each week for updates here!
There were 28 new SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758), with the median price at $231,550. The average days on the market has increased just a bit and is now at 31 days. The number of closed transactions is down a bit this week, probably due to the fact that it is the first week in April and more homes have always seemed to close at the end of each of month.
Good news for buyers! 62 new listings hit the market in Elk Grove CA last week. This is the most new listings we have seen in some time! Of these 62 new listings, 9 or just under 15% are Elk Grove short sale homes. The lowest priced listing that went on the market this past week was listed at $151,880; it is a short sale and is located on Superb Circle. The highest priced listing is listed at $685,000 and is located in the 95758 zip code on Golf Course Circle.
And pending listings continues to be crazy with 64 listings pending last week. The median price being $314,475, up once again! The average days on the market being only 15 days! Our pendings cannot keep exceeding our new listings the way it has….we will have no inventory! At the end of March 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!
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