Sacramento Appraisal Blog

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Unpacking the Elk Grove real estate market

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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.

Positive real estate news in Elk Grove

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How about some positive real estate news? Let’s unpack all sales in Elk Grove to see the trend with bank-owned vs. short sale properties over the past 36 months. 

The overall percentage of bank-owned sales has decreased in Elk Grove during the last few years. At the same time, short sales have more than doubled in 36 months. Additionally, the total percentage of distressed sales (REO + SS) has decreased from 86% three years ago to 73% over the past two consecutive years. I’ll unpack more of the market in coming days too to share some of the trends I see in the appraisal trenches of Elk Grove. The data above is based on all detached SFR sales in Sacramento MLS

What do you make of the numbers above?

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.

Comparing real estate in the 95670 and 95742 zip codes in Rancho Cordova

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It’s easy to view all sales in a given city on one graph, but what happens when we begin to unpack data a bit and look at specific areas or zip codes? We just might notice differences because there are often a number of real estate segments or sub-markets within a given city. As we all know, not all neighborhoods are competitive to each other, so it’s important to try to look at neighborhood-specific data to really understand the real estate market. Below is a trend graph of all sales in the City of Rancho Cordova over roughly the past five years.

There are actually three zip codes in Rancho Cordova (only two with houses really though). Let’s put the 95670 and 95742 zip codes in Rancho Cordova next to each other below and do a little comparison to see if we might get better data this way as opposed to just looking at the graph above. What do you see when viewing data in the 95670 zip code (not Gold River – only Rancho Cordova) in comparison to the 95742 zip code (Anatolia, Kavala Ranch, Sunridge)?

Rancho Cordova Real Estate Data (95670 Zip Code)
* 107 sales over the past 90 days
* 5.4 months of current housing supply listed on the market
* $146,000 median sales price over the past 90 days
* Average days on market: 64 days
* Number of active listings: 92
* Number of active short sale listings: 59
* Number of active short sale contingent listings: 43
* Number of pendings: 56
* 42% of all sales over the past year were REO (bank-owned)
* 26% of all sales over the past year were Short Sales
* Roughly 68% of all sales were distressed in some regard (REO or SS)
* Unemployment in Rancho Cordova is 14.4% per EDD (as of 12/2010)
* Unemployment in Sacramento County is 12.6% per EDD (as of 12/2010)

Rancho Cordova Real Estate Data (95742 Zip Code)
* 61 sales over the past 90 days
* 7.1 months of current housing supply listed on the market
* $231,000 median sales price over the past 90 days
* Average days on market: 86 days
* Number of active listings: 44
* Number of active short sale listings: 60
* Number of active short sale contingent listings: 41
* Number of pendings: 54
* 32% of all sales over the past year were REO (bank-owned)
* 29% of all sales over the past year were Short Sales
* Roughly 61% of all sales were distressed in some regard (REO or SS)
* Unemployment in Rancho Cordova is 14.4% per EDD (as of 12/2010)
* Unemployment in Sacramento County is 12.6% per EDD (as of 12/2010)

What stands out to you about the differences between 95670 and 95742? When we combine 95742 data into 95670 data to show all of Rancho Cordova, the entire median sales price level for Rancho Cordova increases, doesn’t it? Can you see why I think it’s important to look at these zip codes separately? Ah, we can make data say so many things if we’re not careful to really dissect it.

If you have any real estate appraisal, valuation consulting, or property tax appeal needs, contact me at 916.595.3735, www.LundquistCompany.com or via Facebook.

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