Elk Grove Market Update for Elk Grove, CA. for June 2022

By
Real Estate Agent with eXp Realty of California, Inc. (lic. #01878277) DRE# 00949880

Elk Grove Market Real Estate Market Update for June, 2022

Elk Grove Real Estate Statistics for May 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.

Laguna West Home Sold

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.  

Posted by

             eXp Realty of California, Inc

Raymond Henson, SRES, GRI, e-Pro

Past Client Testimonials   

3412 Babson Drive

Elk Grove, CA 95758

RayRHenson@gmail.com

916-698-8415

 

 

Comments (22)

Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

There has been a change, but it has been small so far, Nina Hollander, Broker.  It feels like we are following the same pattern as last year, prices rising early in the year and leveling off the second half of the year.  

Jun 11, 2022 12:34 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Hi Kathy Streib.  I have been surprised by the market since the first days of Covid.  I remember buyer's agents telling me the market was going to fall apart so I should take their low offer.  Luckily, my clients stayed strong and we were able to get good offers for their homes and the market stayed very solid. 

Jun 11, 2022 12:39 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

A growing inventory means more more choices for buyers in the local market area. Congrats on selling your house Ray!

Jun 11, 2022 02:37 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ray Henson love it when I see a market report and you are contributing to the statistics... as to Nina Hollander, Broker  sorry the market has drastically changed in Los Angeles and Beverly Hills, but we are always six months ahead of the rest of the country for better or worse, Endre

Jun 11, 2022 11:04 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

Jun 12, 2022 03:40 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Quite an increase from last year to this year and I am happy that the sale of your home was such a success.

Jun 12, 2022 05:15 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I have two clients looking to purchase very particular homes right now so we are excited to see a little more inventory, Wanda Kubat-Nerdin - Wanda Can! And thank you very much!

Jun 12, 2022 06:42 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Endre Barath, Jr. If you are 6 months ahead of the rest of the country, I better get my upcoming listing sold quickly and tell my buyers there is soon to be opportunity.  I hope you are doing well!

Jun 12, 2022 06:44 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you very much, Bill Salvatore - East Valley.  I hope you have a wonderful day as well.

Jun 12, 2022 06:45 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Than you very much, Brian England.  It has taken a bit to work through all  of our plans, but we are getting very close to accomplishing them.  Selling our home was an important step for sure. 

Jun 12, 2022 06:46 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ray, nice that you combined the market update for Elk Grove and the Old Glory challenge, and nice you got over list price for your home!

Jun 12, 2022 08:24 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

We read how the market is starting to shift, but we're seeing it happen yet. Inventory low, buyers out and about, and homes selling over asking. Glad to read about your sale and great entry for the challenge!

Jun 13, 2022 12:09 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you very much, Joan Cox.  I am never quite sure if I am bending the rules too much.  

Jun 13, 2022 12:34 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Hi and thank you, Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400.  We have been seeing slight changes, but when I listen to the news or the "experts" on the media, it sounds much worse.  Sometimes, I think they talk us into a rough patch.

Jun 13, 2022 12:36 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Ray Henson - Congratulations on the sale of your home and getting it sold under multiple offer conditions at the right price for you speaks volumes! Your house was beautiful and Ole Glory waved proudly at all your accomplishments. 

Jun 16, 2022 08:52 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you very much, Patricia Feager, MBA, CRS, GRI,MRP.  We do feel fortunate.  

Jun 17, 2022 04:25 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Even better the house appraised at value! Whoo hoo!

Jul 11, 2022 01:48 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

It sure did, Kat Palmiotti.  We sold our house at the best time and feel really fortunate.  Thank you for all of your support!

Jul 11, 2022 03:33 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ray and thank you for the information to share with us here in the Rain.  Make it a great day!

Jul 12, 2022 08:14 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Will Hamm and I hope you have a great day! ! !

Jul 12, 2022 08:50 AM