Elk Grove Market Real Estate Market Update for June, 2022
We have higher interest rates, inflation at a multi-decade high, a stock market that has been correcting, cryptocurrencies have been falling and even the bond market is slipping. I thought that all would have impacted out market more than it has. Year over year, median and average prices were both up. We did see the median price fall, month over month, fall from $685,000 to $670,000. The average price of sold homes held solid at $703,000, though.
The days on market ticked up slightly and we do have just over a month of supply now for the first time in a very long time. A balanced market is generally thought of as three months of supply so it is still a strong seller's market. It will be interesting to see how the trend continues. Friday we saw high inflation numbers once again so it looks like the Fed will be raising rates into the foreseeable future.
I did sell my house in May. I know one house transaction does not make a market, but it does still reflect what is happening in the market. The highest recent sale for our house was $637,000. We had a pool so we listed it at $650,000. We put it on the market on Friday, had two open houses on Saturday and Sunday, received three offers on Monday and accepted one substantially over list price on Monday evening. The house did appraise at value (Click here to see the full story). Again, it is not the whole market, but if homes are priced correctly, they will sell and it will probably be quickly. If the house is in good condition and has some updates, all the better.
In the next month, I have three listings coming on the market (maybe more). One will be a fixer in Stockton California in a very nice neighborhood. One is a very nice single story house in the 95757 area of Elk Grove. The third one is a beautiful two story home in the 95758 area of Elk Grove in the Lakeside neighborhood. As the come on the market, I will be sure to post about them so stay tuned.
This Month's Real Estate Tip
This is also my first entry into the Ole Glory Coast to Coast Challenge hosted by Mark Don McInnes, Sandpoint-Idaho and Endre Barath, Jr. We live in a wonderful country where we all have incredible opportunities and can succeed. I am proud to be from such a great country and I fly our flag almost every day because there is so much to be thankful for and because there are so many that sacrifices so we could have those opportunities.