With the winter months quickly approaching and the first time home buyer tax credit looking as though it is going to be extended, what is our current Market in Elk Grove, CA doing???? With incredible interest rates, affordability at a 40 year low and tax credits still available, buyers have been busy - both first time home buyers and investors!
Here's the latest Statistical Summary for the Elk Grove, CA Real Estate market, based on data pulled on October 31st from California Metrolist
Active Listings:
There are currently 878 single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas) .
Price Range - $95,000 to $4,350,000
2 bedroom, 1 bathroo.m, 828 square feet - 7 bedroom, 7 bathroom, 10,350 square feet
Average - 4 bedroom, 3 bathroom, 2241 square feet with an average price of $273,119. This average price is up from last month.
Of these 878 single family homes for sale, only 78 of them are REO's or Bank Owned Homes . This number has continued to remain fairly steady for the past 30 days, 208 are Short Sale listings and 458 are Short Sale Contingent - meaning they have offers and are negotiating with the bank(s). Both the number of short sales and the number of short sale contingent listings are up from last month...good indication that the market of the moment seems to be short sales!
Pending Sales:
There are currently 425 pending sales in the Elk Grove area!
Price Range - $89,900 - $1,200,000
2 bedroom, 1 bathroom, 1016 square fee - 7 bedroom, 5 bathroom, 5,569 square feet
Average - 4 bedroom, 3 bathroom, 2060 square feet
Average asking price - $250,731 and Median asking price - $235,000 with the average days on the market of these pending sales being 51 days.
Of these 482 pending sales in the Elk Grove area, 179 of them are REO's or Bank Owned Homes. The bank owned homes have been receiving multiple offers for the past several weeks and generally are selling for above list price; some for way above list price making appraisals an issue in many transactions.
Sold Listings - October 1, 2009 through October 31, 2009 
There were 243 single family homes sold and closed from 10/1/09 through 10/31/09 n the Elk Grove zip code areas. SOLDS have been remaining consistently stable over the past few months.
Price Range - $100,000 - $720,000
2 bedroom, 1 bathroom, 884 square feet - 6 bedroom, 5 bathroom, 5237 square feet
Average - 4 bedroom, 3 bathrooms, 2,111 square feet
Average Sales Price - $243,887
Median Sales Price - $235,000; both Average and Median prices dropped from last month
Average Days on Market - 19 days
Average List Price to Selling Price Ratio - Home sellers got an average of 101.32% of asking price for their Elk Grove area single family home.
Of the 243 single family homes that closed escrow in October 2009, 104 of them were REO's or Bank Owned homes.
For more information on market statistics or prices in the Elk Grove area, contact The Mode & DurhaM Team at (916) 405-5765 or Lori@ModeandDurhaM.com.
To check the value of your home, go to www.AllElkGroveHomes.com.
Search all Elk Grove Homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
www.ModeandDurhaM.com
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Hi!
Wow...isnt' it amazing that more than half the listings actually have offers that the banks haven't approved! I think your stats show how short sales have taken over the market as opposed to REO's. We definitely need to quit being afraid of them and learn how to deal with them!