Elk Grove Market Trends – 95624

Elk Grove Market Trends - 95624

January 2016 is a Seller's market!

The number of for sale listings was down 11.2% from one year earlier and up 3.6% from the previous month. The number of sold listings increased 7.7% year over year and decreased 49.4% month over month. The number of under contract listings was up 54.5% compared to the previous month and the same compared to the previous year. The Months of Inventory based on Closed Sales is 2.1, down 15.9% from the previous year.

The Average Sold Price per Square Footage was up 9.2% compared to the previous month and up 20.3% compared to last year. The Median Sold Price decreased by 2% from last month. The Average Sold Price also increased by 3.3% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 24.4% compared to the previous year. The ratio of Sold Price vs. Original List Price is 98%, an increase of 2.1% compared to the previous year.

 

Elk Grove Market Trends - 95624 -It's a Seller's Market

 

Property Sales (Sold)

January property sales were 42, up 7.7% from 39 in January of 2015 and 49.4% lower than the 83 sales last month.

 

Current Inventory (For Sale)

Versus last year, the total number of homes available this month is lower by 11 units of 11.2%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is up 3.6% compared to the previous month.

 

Property Under Contract (Pended)

There was an increase of 54.5% in the pended properties in January, with 68 properties versus 44 last month. This month's pended property sales were the same as at this time last year.

 

 

 

The Average Sold Price per Square Footage is

Appreciating*

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The January 2016 Average Sold Price per Square Footage of $190 was up 9.2% from $174 last month and up 20.3% from $158 in January of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

 

 

 

The Days on Market Shows Neutral Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for January 2016 was 34, down 10.5% from 38 days last month and down 24.4% from 45 days in January of last year.

The Sold/Original List Price Ratio is Rising**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price  of 98% is up 1% % from last month and up from 2.1% % in January of last year.

* Based on 6 month trend – Upward/Downward/Neutral

** Based on 6 month trend – Rising/Falling/Remains Steady

 

 

The Average For Sale Price is Appreciating*

The Average For Sale Price in January was $636,000, up 5.5% from

$603,000 in January of 2015 and up 3.2% from $616,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in January was $378,000, up 11.2% from

$340,000 in January of 2015 and up 3.3% from $366,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in January was $343,000, up 4.6% from

$328,000 in January of 2015 and down 2% from $350,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

 

 

Elk Grove Market Trends - 95624 -It's a Seller's Market*

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory

Seller’s market: less than 3 months of inventory

Neutral market: 3 – 6 months of inventory

 

Months of Inventory based on Closed Sales

The January 2016 Months of Inventory based on Closed Sales of 2.1 was decreased by 15.9% compared to last year and up 108.7% compared to last month. January 2016 is Seller's market.

Months of Inventory based on Pended Sales

The January 2016 Months of Inventory based on Pended Sales of 1.3 was decreased by 6.9% compared to last year and down 31.4% compared to last month. January 2016 is Seller's market.

 

 

 

 

 

Elk Grove Market Trends - 95624 -It's a Seller's Market*

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

*Buyer’s market: 16.67% and below

Seller’s market: 33.33% and above

Neutral market: 16.67% - 33.33%

Absorption Rate based on Closed Sales

The January 2016 Absorption Rate based on Closed Sales of 48.3 was increased by 21.4% compared to last year and down 51.1% compared to last month.

Absorption Rate based on Pended Sales

The January 2016 Absorption Rate based on Pended Sales of 78.2 was increased by 12.7% compared to last year and up 49.3% compared to last month.

 

 

 

 

 

 

 

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All reports are published February 2016, based on data available at the end of January 2016, except for the today stats. All reports presented are based on data supplied by the MetroList MLS. The MetroList MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the MetroList MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.