Here are the latest Real Estate Trends for Elk Grove CA
March 2019 – Elk Grove CA Real Estate Market Conditions
The number of for sale listings in Elk Grove was up 8.2% from one year earlier and down 4.8% from the previous month. The number of sold listings decreased 10.8% year over year and increased 21.3% month over month. The number of under contract listings was up 45.1% compared to previous month and up 11.8% compared to previous year. The Months of Inventory based on Closed Sales is 1.3, up 18.1% from the previous year.
The Average Sold Price per Square Footage of an Elk Grove home was up 0.9% compared to previous month and up 0.9% compared to last year. The Median Sold Price increased by 8.1% from last month. The Average Sold Price also increased by 1.8% 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, an increase of 95.2% compared to previous year. The ratio of Sold Price vs. Original List Price is 98%, a decrease of 2% compared to previous year.
Where is the Housing Market Headed?
Sacramento County as a whole showed an improvement as compared to February but not to last year. Less homes sold in March 2019 than sold in March 2018 – 7.6% less. What’s worse is it took longer for those homes to sell. The good news is average price per square foot, while not a good indicator of a homes’ value, but a reasonable gauge to use, was up 3.1% to last year and the median sold price was also up 1.4%. While it sounds good these figures are considered a “Neutral” market trend.
The number of homes for sale was less in March than the previous month and as compared to 2018 making a tight market inventory wise even tighter. Months of inventory was down to a scant 1.3 months of supply, well under the 3-6 months we prefer to see in a more balanced market. Near historic low interest rates have helped buoy the spring buying season. Already this month we are seeing more homes on the market for the first two weeks of the month then we did at the same time last month with days on the market dropping as buyers make best use of the improved rates
So, what’s it all mean?
If you are thinking about selling – do it sooner rather than later. While the spring should bring fresh buyers it will also bring more inventory as we are already seeing. With the stock market at a 10 year high I hate to think what can happen if we have a dip in the economy should housing follow
If you are thinking about buying – interest rates remain at historic lows. Spring should bring added inventory but it also brings increased competition from other buyers.
Buying or selling – Really the right time to buy or sell is when the time is best for YOU! If you get more for your home when selling or get a great deal when buying – that’s just gravy.
If you are thinking about selling in the next 12 months NOW is the time to call us.
The better prepared your home is before it hits the market the quicker it will sell and sell for more. Call for a Strategic Marketing Consultation and we’ll show you specifically how we get more for your home in less time. We’ll also talk about any repairs and improvements that you can make to maximize your return. More importantly, we’ll tell you what changes NOT to make saving you both time and money. If you are thinking about selling in the next 12 months, call us today for your Strategic Marketing Consultation. We will cover your goals and our unique approach to getting you the most amount of money in the shortest number of days with the fewest hassles
If you are thinking about Buying in the next 6 months NOW is the time to call us.
Again preparation is the key. Not only will we help you get pre-qualified for a loan so when we find that perfect home for you, you won’t miss out, we also show you our time tested home buying strategy that gets our buyers offers accepted 98.7% of the time, even when those offers are not the highest offer.
About the authors:
Mike and Jennifer Rigley are one of Sacramento’s top ranked Real Estate Teams and 5 Star Ranked Real Estate Professionals. Selling Real Estate Full time since 2004 with well over 1,500 successful closings Mike and Jennifer Rigley are here to help your dreams of Home Ownership come true.
See our profile on Zillow here