The Elk Grove Real Estate Report
It’s Halloween Week! Hope you are all getting into the spirit of this week! I know we are at The Mode and Durham Team! 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 October 21st through October 27th.
There were only 25 SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price actually going down to $275,000; this could be good news for buyers, but make sure to keep reading….the average days on the market for Elk Grove sold homes is way down this week from last week at only 26 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 3 weeks ago, we had 65 new listings hit the market, however this week new listings are down again with only 36 new listings on the market in Elk Grove. Distressed properties have been almost non-existent some weeks recently; this week we have only 2 new short sale listings and it looks like no new REO or bank owned listings! The lowest priced new listing in Elk Grove is a great buy on a 2 bedroom condominium in the 95624 zip code area on El Mirador priced at only $71,500. The highest priced new listing is a 4 bedroom home in West Laguna on Herbon Way for $499,000.
Elk Grove pending sales are definitely still going strong! This last week we had 50 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 $289,200 while the average days on the market was 28 days!
So, in looking at the market trends in Elk Grove CA housing, we can tell that the market is very, very strong in Elk Grove. 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. Remember Elk Grove home inventory is still low! The Mode and Durham Team are ready to sell your home too!
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 Tuesday for our next edition of the Elk Grove Real Estate Report!