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.
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.
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! ! !
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.