Real Estate Market Update for Elk Grove, CA 8/9/2022

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

     We saw average prices fall 4.4% from May to June in  July's report.  It is good to see that our market has leveled off as average and median prices are just about the same from July to August as they were at the end of June.  Elk Grove, CA is still up 8% over the past year.   One statistic that jumps off the table is the number of sales last month, 116.  It is way down.  Continuous Days on Market is up quite a bit, but 21 days is still pretty quick to sell a home.  Interest rates have started moving back down so I think those looking to make a new purchase are feeling a little more comfortable again. 

Elk Grove Market Statistics for July, 2022

Home Buyers

     There are currently almost 250 active listings right now so buyers do have choices once again with just over two months of supply.  I have noticed that local new home builders are starting to offer incentives again.  Recently, I received this in an email from Taylor Morrison, "We can help make it happen with special finance savings from $30,000 to $40,000!"  Two of my clients traveled to Idaho recently and discovered a builder that they really liked was offering over $20,000 in incentives.  We have heard a lot of bad news recently, but sometimes that brings opportunities.  If you were frustrated with our past, super hot market, this might be the time to put your toe back into the waters.

Home Sellers

     The market has slowed, but prices are still very good compared to last year.  You will have more competition so make sure your home is in the best condition possible and make sure to price your home properly.  Buyers are patient and picky right now.  I would not be surprised to see the length of time to sell homes continue to rise.  There is good news too.  If you are looking to purchase in another area, there is a good chance that you will find better deals and more options than you would have had just a couple of months ago.

My Elk Grove Listings

5208 Percheron Dr.-3 bedrooms, 2 bathrooms, 2,163 square feet.  It has a wonderful backyard and is ready to mover right in! ! !

5208 Percheron Dr. backyard oasis

3427 Marsh Creek Way-5 bedroom, 2.5 bathrooms, 2,748 square feet in the heart of the Lakeside neighborhood!  It is a wonderful home and a great value.

     Both homes have had pest inspections done and the small amount of items in need of repair have been repaired.  Each home comes with a two year roof certification as well.

    If you need help buying or selling a home in the Elk Grove area, give me a call.  I would be glad to help. 

 

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 (14)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Ray,

Thank you for your Elk Grove real estate update. It sounds like your market has slowed (just like many around the country), but prices are still very good compared to last year.  With inventory up buyers have a better chance of securing a home....less competition.

Aug 09, 2022 07:39 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Ray- very thorough market report for Elk Grove in CA. It's been interesting reading the market reports from other areas because you can see the market changing. 

Aug 09, 2022 07:49 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Roy... to me this still looks like sellers are still in the driver's seat in Elk Grove. Yes, the market has adjusted, but buyers better not be looking for bargains.

Aug 10, 2022 05:04 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

From those stats, it seems as if things are cooling down a bit but the market is still definitely hot.

Aug 10, 2022 05:05 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I agree, Dorie Dillard Austin TX and I just heard that the inflation numbers were down a bit.  Maybe that will help long term interest rates as well.

Aug 10, 2022 06:14 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Kathy Streib.  eXp Realty just reported earnings recently and are seeing a slowing as well.  It is typical to see a slowing in the second half of the year.  We saw the same thing last year and it picked right back up in the spring.  It will be interesting to see if that will be the case next spring.

Aug 10, 2022 06:16 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Nina Hollander, Broker.  I know it is only anecdotal evidence, but the buyers I see at my open houses are all very cautious right now.  Buyers probably should not be looking for big bargains, but they have much more leeway than they had at the beginning of the year.

Aug 10, 2022 06:18 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Brian England.  I think it is feeling like a much more balanced market.  It will be interesting to see how the rest of the year goes.  

Aug 10, 2022 06:20 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, your market in Elk Grove is showing signs of shifting or correcting.    I think this is good for both buyers and sellers.  Less crazy now!

Aug 10, 2022 06:40 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

It is less crazy now, Joan Cox.  Still, I could use an offer or two to come across the table right about now. 

Aug 10, 2022 07:02 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, I hear you, it was nearly 40 days for my Parker property to see an offer.

Aug 10, 2022 07:06 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Joan Cox.  Congratulations on getting the offer.  I hope it has closed or is very close to closing.

Aug 11, 2022 05:44 AM
Joan Cox

Closing next Friday!

Aug 11, 2022 06:26 AM
Ray Henson

That is very good to hear, Joan Cox.  Congratulations!

Aug 11, 2022 08:14 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

I hope you are having a productive week.

Aug 11, 2022 06:55 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Roy Kelley.  It has been a good week so far.  Thank you and I hope you have a wonderful weekend!

Aug 11, 2022 08:14 AM