Elk Grove Market Trends – 95757

Elk Grove Market Trends - 95757

Elk Grove Market Trends - 95757 January 2016 is a Neutral market!

The number of for sale listings was down 18.9% from one year earlier and up 7.1% from the previous month. The number of sold listings was the same year over year and decreased 54.1% month over month. The number of under contract listings was up55% compared to the previous month and up 59% compared to the previous year. The Months of Inventory based on Closed Sales is 3.2, down 20.2% from the previous year.

The Average Sold Price per Square Footage was up 2.5% compared to the previous month and up 2.5% compared to last year. The Median Sold Price decreased by 6.4% from last month. The Average Sold Price also decreased by 4.5% 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 20.8% compared to the previous year. The ratio of Sold Price vs. Original List Price is 99%, an increase of 2.1% compared to the previous year.

Elk Grove Market Trends - 95757 January 2016 is a Neutral market!

 

Property Sales (Sold)

January property sales were 28, the same as in January of 2015 and 54.1% lower than the 61 sales last month.

 

Current Inventory (For Sale)

Versus last year, the total number of homes available this month is lower by 21 units of 18.9%. 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 7.1% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 55% in the pended properties in January, with 62 properties versus 40 last month. This month's pended property sales were 59% higher than at this time last year.

 

The Average Sold Price per Square Footage is Neutral*

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 $166 was up 2.5% from $162 last month and up 2.5% from $162 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 38, down 20.8% from 48 days last month and down 20.8% from 48 days in January of last year.

The Sold/Original List Price Ratio Remains Steady**

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 99% is up 2.1% % 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 $458,000, up 10.6% from $414,000 in January of 2015 and up 4.1% from $440,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in January was $381,000, down 2.1% from $389,000 in January of 2015 and down 4.5% from $399,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in January was $365,000, up 0.3% from $364,000 in January of 2015 and down 6.4% from $390,000 last month.

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

 

 

 

Elk Grove Market Trends - 95757 January 2016 is a Neutral 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 3.2 was decreased by 20.2% compared to last year and up 130.7% compared to last month. January 2016 is Neutral market.

Months of Inventory based on Pended Sales

The January 2016 Months of Inventory based on Pended Sales of 1.5 was decreased by 45.7% compared to last year and down 28.6% compared to last month. January 2016 is Seller's market.

 

 

 

 

 

Elk Grove Market Trends - 95757 January 2016 is a Neutral 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 31.1 was increased by 23.4% compared to last year and down 57.1% compared to last month.

Absorption Rate based on Pended Sales

The January 2016 Absorption Rate based on Pended Sales of 68.9 was increased by 96.2% compared to last year and up 44.7% compared to last month.

 

 

 

 

 

 

To stay up to date with more Elk Grove Community News and Events, Elk Grove Real Estate information, Elk Grove Market Trends or Options and Solutions to Foreclosures and Short Sale Information log on to www.RigleyRealtyGroup.com

Looking for a top Elk Grove realtor? Call the Rigley Realty Group of Keller Williams Realty Elk Grove today at 916-378-4671

What’s my Elk Grove Home Worth?

Call us today at 916-660-5823 for your free home estimate or estimate the value of your home and use our home value estimator at www.TodaysHomeValues.info. Call us today – you’ll be glad you did.

 

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.