What’s been happening in the Elk Grove real estate market? Let’s take a look at all sales over the past few years and unpack some data too.
Analysis of 36 months of sales in Elk Grove:
- Prices have clearly declined over the past three years.
- Short sales have increased through the years (see my post yesterday for specific percentages for short sales and foreclosures).
- Foreclosures have decreased in percentage over the past three years.
- Typical non-distressed sales tend to sell at higher levels than bank-owned (REO) and short sale properties. The blue dots above represent all typical sales, and the top end of the market is dominated by blue. That says something, don’t you think?
Current real estate data in Elk Grove:
- 41% of all sales in Elk Grove last year were bank-owned.
- 32% of all sales in Elk Grove last year were short sales
- 693 sales in Elk Grove over past 90 days.
- 340 current active listings
- 272 current active short sale listings
- 392 current active short sale contingents (in contract already)
- 409 pending listings
- $68,250 was the lowest sale (only 14 sales under $100K)
- $1,330,700 was the high sale.
- There were two sales above $1,000,000 over the past year. One house was nearly 5,500 square feet on 17 acres and the other was nearly 7,000 square feet on 5 acres.
- 10.3% unemployment rate in Elk Grove (March 2011)
- 12.6% unemployement rate in Sacramento County (March 2011)
- Median price levels for both the 95624 and 95758 zip codes are currently hovering around 2001 levels. The median price for 95624 in March 2011 was $224,900 and the median price for 95758 in March 2011 was $182,600.
The market in Elk Grove is competitive right now since there are many properties in contract (contingent status) or already pending. Prices are lower than they’ve been in years, so buyers are absorbing properties. However, with an unemployment rate at 10.3% and the market still being considered distressed due to a high level of foreclosures and short sales, property values have been struggling still in many pockets of Elk Grove.
Let me know if you have any questions or insight.
If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook.
