Current Elk Grove Market...where are we at today?

In the Elk Grove area, we are experiencing the lowest inventory in the past 4 years! The market is crazy with buyers right now,, who are getting a bit frustrated with not being able to find a home to purchase. They are writing offer after offer on homes just to be told that they didn't get it. They are going over list price by sometimes 5% - 10% and still it's not enough! This includes both first time home buyers and investors - move up buyers are non existant right now.

Consider this....

In the $250,000 price range and below -

Today, July 19th...we have 190 active single family homes on the market in Elk Grove. Ths includes the 95624, 95757, and 95758 zip code areas.

Last month, we closed 182 single family homes in the Elk Grove area (the same 3 zip codes). That means we are down to a 32 day supply of inventory in Elk Grove! Which means, if no other homes hit the market over the course of the next 32 days, all of our inventory in Elk Grove would be gone! I remember the days recently when our inventory in this price range was over 6 months! We also currently have 290 pending sales in Elk Grove and an additional 259 active short sale contingents!

Here is the break down on the 190 active single family homes currently on the market -

• 54 are REOs or Bank Owned homes
• 116 are Short Sales
• 20 are regular listings

The affordability index in California now stands at 66%...at the height of the market it was 17%!

Of the 182 sold homes last month -

• 98 sold in 0-30 days for an average of 102.85% of list price
• 21 sold in 30-60 dsys for an average of 98.39% of list price
• 19 sold in 60-90 days for an average of 101.76% of list price
• 12 sold in 90-120 days for an average of 97.72% of list price
• 32 sold in 120+ days for an average of 98.31% of list price

So what does this mean if you are a buyer in the $250,000 or below price range in the Elk Grove area?

• You need to be working with an agent who is on top of the market daily.
• You should be working with an agent who is sending you automatic updates on new lisitngs, back on market listings, price reductions, etc. every day.
• You need to be working with an agent who is going to be honest with you about what this market is doing and what it takes for you to get an offer accepted.
• You need to be available to see homes as soon as they come on the market.
• You need to make sure you have your financing in order.
• You need to get educated about the market so that you can make informed decisions
• You may be frustrated with the process, but understand when you do find your home, it will be worth it! The prices are incredible, the interest rates are great and if you are a first time homebuyer, you have tax credits available to you! Don't miss this opportunity!

For more information on buying your first home or to schedule a buyer's consulation with one of our buyer's agents, call The Mode & DurhaM Team today at (916) 405-5765 or email us at Lori@ModeandDurhaM.com.

Now on to the over $250,00 market today in Elk Grove

$250,000 - $350,000 - approximately 1.5 months of inventory

• 133 Active single family home listings
• 169 Pending
• 93 Sold last month - June 2009

$350,000 - $450,000 - approximately 3.5 months of inventory

• 44 Active single family listings
• 33 Pending
• 12 Sold last month - June 2009

$450,000 - $550,000 - approximately 4.5 months of inventory

• 18 Active single family listings
• 8 Pending
• 4 Sold last month

$550,000 + - approximately 23 months of inventory

• 23 Active single family listings
• 4 Pending
• 1 Sold last month

For more information, contact Lori Mode of Keller Williams Realty, (916) 405-5765 or go to www.AllElkGroveHomes.com.

To check the value of your Elk Grove home, go to www.AllElkGroveHomes.com.

If you are a first time homebuyer, ask your agent about the CAR Mortgage Protection program for first time homebuyers!

Search all Sacramento homes here!

Lori Mode & Bruce Durham of Keller Williams Realty, Elk Grove

www.AllElkGroveHomes.com