And it’s time for our weekly Monday morning Elk Grove real estate market update – this is for the week of April 15th (tax day) through April 21st. Let’s see if we have more new listings this week –
There were 34 new SOLD and closed listings in the 3 zip codes of Elk Grove (95624, 95757 and 95758) with the median sales price being $291,750! The median price is way up from last week’s median price in Elk Grove. The average days on the market is at 11days and this is way down from 21 days! Our inventory is moving at a very rapid pace these days. The number of closed transactions is up this week and this is great to see! More inventory means more sales as it seems almost every new listing that hits the market is SOLD in the first week!
54 new listings hit the market in Elk Grove CA last week, up by 20%! Of these 54 new listings, 9 or under 20% are Elk Grove short sale homes. The number of distressed properties has really gone down over the past few months. The lowest priced new listing in Elk Grove is on Lujan Drive in the 95624 zip code area and is priced at only $140,000 while the highest priced new listings are located on Rubia in the 95624 zip code area and Marsh Creek in the Laguna West area and 95758 zip code area and are both priced at $499,950.
And our pending sales are down just a bit, not much however. 63 listings went pending with the median price being $297,900 and the average days on the market being 19 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.
How would you like 18 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! We’d be glad to help!
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