The weather is heating up to go along with the HOT real estate market in Elk Grove! And it’s time for our weekly Monday morning Elk Grove real estate market update – this is for the week of May 27th through June 2nd. Let’s see what has been happening in the Elk Grove real estate market this past week –
There were 37 SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price being $266,000. The average days on the market is 21 days. Our inventory is moving at a very rapid pace these days. We have seen prices increase steadily while the number of days on the market has decreased!
This is a graph showing the steady increase of our Elk Grove median sales price from Trulia.
44 new listings hit the market in Elk Grove CA last week. Of these 44 new listings, only 7 of these or just over 15% are Elk Grove short sale homes. The lowest priced new listing in Elk Grove is located in East Elk Grove (95624) on Minnie Circle and is priced at only $199,000, while the highest priced new listing is a home located in the 95757 zip code area on Rio Cavado Way and is priced at $539,000. It is great to finally see the amount of new listings outpacing the closed listings…good news for Elk Grove home buyers.
And our pending sales are still going strong! Week after week our pending sales outpace our new listings! 49 listings went pending with the median price being $292,800 and the average days on the market being 21 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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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!