Elk Grove Housing Market Trends

Elk Grove Housing Market Trends

January 2016 is a Seller's market! The number of for sale listings was down 19.8% from one year earlier and down 2% from the previous month. The number of sold listings decreased 4.2% year over year and decreased 51.1% month over month. The number of under contract listings was up 56.3% compared to the previous month and up 14.5% compared to the previous year. The Months of Inventory based on Closed Sales is 2.2, down 15.3% from the previous year.

The Average Sold Price per Square Footage was up 2.9% compared to the previous month and up 10.6% compared to last year. The Median Sold Price decreased by 0.9% from last month. The Average Sold Price was the same as last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 34% 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 Housing Market Trends - It is a Seller's Market

Property Sales (Sold)

Elk Grove January property sales were 113, down 4.2% from 118 in January of 2015 and 51.1% lower than the 231 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of homes available this month is lower by 61 units of 19.8%. 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 down 2% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 56.3% in the pended properties in January, with 197 properties versus 126 last month. This month's pended property sales were 14.5% 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 $178 was up 2.9% from $173 last month and up 10.6% from $161 in January of last year

 

 

 

 

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 31, down 18.4% from 38 days last month and down 34% from 47 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 98% is the same as 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 $502,000, up 10.1% from $456,000 in January of 2015 and up 5.5% from $476,000 last month.

The Average Sold Price is Appreciating*

The Average Sold Price in January was $362,000, up 8.4% from $334,000 in January of 2015 and the same as last month.

The Median Sold Price is Neutral*

The Median Sold Price in January was $340,000, up 8.6% from $313,000 in January of 2015 and down 0.9% from $343,000 last month.

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

 

 

Elk Grove Housing Market Trends - It is 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 2.2 was decreased by 15.3% compared to last year and up 100.8% 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 27.9% compared to last year and down 35% compared to last month. January 2016 is Seller's market.

 

 

 

 

 

Elk Grove Housing Market Trends - It is 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 45.7 was increased by 19.3% compared to last year and down 50.2% compared to last month.

Absorption Rate based on Pended Sales

The January 2016 Absorption Rate based on Pended Sales of 79.8 was increased by 43% compared to last year and up 59.6% 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.