Real Estate Market Statistics for Elk Grove
This month we do have a few changes in the market. Prices are up over the last year, but our sales volume is down quite a bit. We are also showing a big move up for days on market, but we started at such a low number that we are still showing homes priced right selling quickly at 16 days. The trend is something to watch, though. It is also worth noting that median prices are down almost 3% since May (average prices are down 4.4%). Potential home buyers will be happy to learn that our inventory has increased 86% since April from 124 active listing to 231 active listings (see May Market Update). That is a significant increase.
It is not too much of a surprise since our economy has faced so many headwinds; higher interest rates, high gas prices, a high inflation rate, falling stock, bond and cryptocurrency markets, as well as, the Ukrainian situation. It does look like many commodity prices are easing so this could end up being a good buying opportunity. Last year, prices went sideways for much of the second half of the year only to rebound early this year, just as a reminder.
I have two listings on the market this month. Give me a call if you would like to view either house.
3427 Marsh Creek Way-a beautiful, two story home in the heart of the Lakeside area in Elk Grove (95758) (The featured picture shows their backyard).
5208 Percheron Dr.-A beautiful, single story home in the Franklin Meadows area of Elk Grove (95757)