It’s Monday morning and time for our weekly Elk Grove real estate market update – this is for the week of February 24th through March 3rd. Is the Spring market starting yet? Has our inventory in Elk Grove increased at all? Are prices increasing? Watch each week for updates here!
There were 45 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 up from just last week! The average days on the market increased just a tad to 33 days. The average Sales Price percentage to List Price is holding steady at 102%, so most homes are selling over the list price in a short period of time! Not a bad week for sales in Elk Grove!
37 new listings hit the market in Elk Grove CA last week. Of these 37 new listings, 11 or just under 1/3 are Elk Grove short sale homes. The highest priced new listing was $370,000 and the lowest priced new listing last week was $230,000.
And the crazy thing is that 63 listings went pending with the median price being $251,658 and the average days on the market being only 23 days! It is crazy how our pending sales keep outpacing new listings. In a lot of price ranges in Elk Grove we are down to a 2 week supply of inventory! To find out how price range affects the inventory levels in Elk Grove, check out Elk Grove Home Inventory – how does price range affect it?
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 some equity now! In 2012 we hit bottom! So, if you’re thinking about selling your home in Elk Grove this winter, but think that you should wait until the spring market, think again!
The market shows no sign of slowing down. Listing sooner than later is the smart play.
How would you like 32 buyers competing for your home? We just had that happen on an Elk Grove Short Sale! Take advantage of this RED HOT Elk Grove real estate market! Check back next week for our Elk Grove real estate market update.
Contact us today at (916) 405-5737 to find out the current value of your home! We’d be glad to help!
Want to know your home’s value? Find out the value of your Elk Grove home now!