With the winter months quickly approaching and the first time home buyer tax credit looking as though it is going to be extended, what is our current Market in Elk Grove, CA doing???? With incredible interest rates, affordability at a 40 year low and tax credits still available, buyers have been busy - both first time home buyers and investors!
Here's the latest Statistical Summary for the Elk Grove, CA Real Estate market, based on data pulled on October 31st from California Metrolist
Active Listings:
There are currently 878 single family homes for sale in the Elk Grove area - this includes 95624, 95757 and 95758 zip code areas) .
Price Range - $95,000 to $4,350,000
2 bedroom, 1 bathroo.m, 828 square feet - 7 bedroom, 7 bathroom, 10,350 square feet
Average - 4 bedroom, 3 bathroom, 2241 square feet with an average price of $273,119. This average price is up from last month.
Of these 878 single family homes for sale, only 78 of them are REO's or Bank Owned Homes . This number has continued to remain fairly steady for the past 30 days, 208 are Short Sale listings and 458 are Short Sale Contingent - meaning they have offers and are negotiating with the bank(s). Both the number of short sales and the number of short sale contingent listings are up from last month...good indication that the market of the moment seems to be short sales!
Pending Sales:
There are currently 425 pending sales in the Elk Grove area!
Price Range - $89,900 - $1,200,000
2 bedroom, 1 bathroom, 1016 square fee - 7 bedroom, 5 bathroom, 5,569 square feet
Average - 4 bedroom, 3 bathroom, 2060 square feet
Average asking price - $250,731 and Median asking price - $235,000 with the average days on the market of these pending sales being 51 days.
Of these 482 pending sales in the Elk Grove area, 179 of them are REO's or Bank Owned Homes. The bank owned homes have been receiving multiple offers for the past several weeks and generally are selling for above list price; some for way above list price making appraisals an issue in many transactions.
Sold Listings - October 1, 2009 through October 31, 2009 
There were 243 single family homes sold and closed from 10/1/09 through 10/31/09 n the Elk Grove zip code areas. SOLDS have been remaining consistently stable over the past few months.
Price Range - $100,000 - $720,000
2 bedroom, 1 bathroom, 884 square feet - 6 bedroom, 5 bathroom, 5237 square feet
Average - 4 bedroom, 3 bathrooms, 2,111 square feet
Average Sales Price - $243,887
Median Sales Price - $235,000; both Average and Median prices dropped from last month
Average Days on Market - 19 days
Average List Price to Selling Price Ratio - Home sellers got an average of 101.32% of asking price for their Elk Grove area single family home.
Of the 243 single family homes that closed escrow in October 2009, 104 of them were REO's or Bank Owned homes.
For more information on market statistics or prices in the Elk Grove area, contact The Mode & DurhaM Team at (916) 405-5765 or Lori@ModeandDurhaM.com.
To check the value of your home, go to www.AllElkGroveHomes.com.
Search all Elk Grove Homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
I thought I would share my neighborhood with you. I live in the Camden area in Elk Grove. This is a picture of our lake taken at sunset this evening from a section of our running/walking/biking trails that I enjoy throughout the neighborhood.
Camden is a neighborhood of custom, semi-custom and production homes, consisting of Camden Passage, Camden Park and Camden Point. It contains the lake where I often see many people fishing, miles of trails winding throughout the neighborhoods, greenbelts, and several parks.
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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
I attended my first Elk Grove Investment Club meeting tonight and it was great! Hosted by Todd & Erin Newington of First Priority Financial with guest speakers, Bill and Chris Stanley of Realty Roundup, a local property management company, it was well attended by area investors. 
I am often asked by potential investor clients about the local market and so I make sure that I stay up on the local rental market as much as possible. What a great opportunity to listen to the opinion of an area expert. Realty Roundup is the largest property management company in the local area and information regarding the Elk Grove rental market was shared by Chris Stanley with the investors.
Chris stated that the Elk Grove rental market has remained fairly stable over the past couple of years. The rental values have stayed steady as well as the number of vacancies. He attributes this to the fact that we have many homeowners walking away from their homes due to hardships but still wanting to remain in the Elk Grove area thus entering the rental market. Approximately 75% of their recent applicants have been somehow affected by the foreclosure market - either they have lost their homes through foreclosure or short sale, or they were renters of homes lost to foreclosure or short sale. Currently the most stable of the 3 Elk Grove zip areas is 95624.
Chris also seemed to feel that those former homeowners that have lost their homes through foreclosure or short sale, may end up being your best renters as they don't have that hefty payment any longer. Realty Roundup looks for the renter's income to be at least 3 times the monthly rent.
The Elk Grove area is a great place for your investment dollars...prices are very reasonable, we currently have incredible interest rates and we are seeing positive cash flows again! Don't wait! The opportunity is right NOW!
For more information on the local rental market and investment opportunities, contact Lori Mode of The Mode & DurhaM Team, Keller Williams Realty, at (916) 230-0371 or Lori@ModeandDurhaM.com.
Search all Elk Grove homes here!
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Contact me for more information about anything you see on this blog
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
The Elk Grove real estate market has been very active for the past few months. We have had less inventory, multiple offers on most properties and homes selling very quickly - most in under 1 or 2 weeks!
Here are the numbers as of today, October 13, 2009 for the Elk Grove area (95624, 95757 and 95758 zip code areas) -
We currently have 777 active residential listings in Elk Grove, of which 78 are REO's or Bank Owned homes. In addition 201 of these are Active Short Sale listings and 482 are Active Short Sale Contingent, thus leaving only 16 homes which are regular "equity" sellers.
We had 254 closed residential sales in Elk Grove in September 2009, with our average list price being $245,034 and our average sales price being $247,414. Our average Days on the Market for September 2009 in Elk Grove was 42 days.
This is a graph showing the history of the Elk Grove Median Sales Price according to www.Trulia.com.
And according to RealtyTrac.com, here is an update on Elk Grove Bank Owned homes to come still on the market - today RealtyTrac is showing 1147 REO or Bank Owned Homes, however we currently only have 280 on Metrolist between active and pending listings. This leaves 867 bank owned homes yet to come on the market! If you have not purchased a home, there will still be opportunity!
For more information on market statistics or prices in the Elk Grove area, contact Lori Mode at (916) 405-5765 or Lori@ModeandDurhaM.com. To check the value of your home, go to www.AllElkGroveHomes.com. If you are a first time home buyer, the time to buy is NOW....the first time home buyer tax credit runs out November 30, 2009 and you have to have closed escrow by that date! Don't miss out, call us today at (916) 405-5765 or email us at Lori@ModeandDurhaM.com.
Search all Elk Grove homes here!
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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
In our first weekend of new home sales at Monterey Village in Elk Grove, we sold 2 of our 11 homes currently for sale. We currently have 6 single family new homes for sale ranging from 1425 square feet to 2402 square feet and 3 patio homes from 1001 square feet to 1711 square feet. 
Monterey Village is a unique gated master planned community in Elk Grove. Combining distinctive styles of living, lush landscaping and desirable amenities, this community is being heralded as one of the best in the greater Sacramento area.
Nestled within the quiet sophistication of this gated comunity, Cypress Cove delights with its unique home plans that offer a choice of three distinctive architectural design styles. The Villas offer distinctive detached patio homes including single and two story residences with one and two car garages. Each home includes front yard landscape maintenance to give you more time to enjoy Monterey Village's amenities.
These beautiful homes offer many amenities including many with granite counter tops, fireplaces, decorator paint, upgraded flooring includes hardwood flooring and 18 inch tile flooring. Our prices range from $185,000 up to $305,000...the seller is offering 3% incentive to buyers towards their recurring and non recurring closing costs.
And best of all, first time home buyers you can still move in time for the $8,000 tax credit. Don't wait and don't miss out! Our homes are moving quickly!
Elk Grove new homes!!! Monterey Village new homes are available... 
Move in within 30 days! Don't miss your first time home buyer tax incentive! Plus 3% buyer incentive for closing costs! Homes from $185,000 - $305,000...2 bedroom, 3 bedroom, and 4 bedroom models currently available! Gated community located near new shopping & restaurants, parks, Toby Johnson Middle School and Franklin High School, plus close to Interstate 5 for easy commute to Downtown Sacramento.
Sales office will be open on Ocean Lane, Thursdays through Sundays, 11:00 - 4:00. For more information, contact Lori Mode or Bruce Durham, Keller Williams Realty. Call us at (916) 230-0371 or check out available homes at www.AllElkGroveHomes.com.
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The team of Lori Mode & Bruce Durham, Is A Full Service Real Estate Team Serving Buyers & Sellers in Sacramento County. Specialties Include Resale, REOs, 1st Time buyers & Investor Buyers and Sellers.
Lori Mode and Bruce Durham of Keller Williams offer unsurpassed service to buyers and sellers of real estate in the greater Sacramento area. Lori and Bruce have a combined 45 years of experience in the real estate industry and their team is both experienced and energetic in helping buyers and sellers with new and resale residential single family and investment properties.
Meet Our Team -
Lori is a native of Sacramento, CA and has lived and worked in the Elk Grove area for over 30 years. Prior to real estate she worked as Branch Manager/Escrow Officer for area title companies for 20 years. She is a life time member of the Sacramento Association of Realtors Master's Club, serves on her Market Center's Agent Leadership Council and is Chairperson of the MC's Technology Committee. Lori is an active community member including serving as a Board Member on both the Elk Grove Piranha's Swim Team and the Elk Grove United Soccer Club and participaing in several other community organizations.
Bruce started in the real estate industry as General Manager for a property management company. This position steered him toward obtaining his real estate license and when the company was sold, on the advise of a friend, moved to Sacramento. Locally, he has worked for Great Western Real Estate in the early 1980's, then Coldwell Banker for over 12 years and currently Bruce is with Keller Williams Realty. Bruce is also a member of Sacramento Association of Realtor's Master's Club and has previously served on Keller Williams Realty's Agent Leadership Council.
Lori and Bruce have been business partners for 13 years in the Sacramento real estate industry.
Susan Easter, Accredited Buyer's Representative
Susan has been a resident of Elk Grove for over 18 years. Prior to choosing a career in real estate at Keller Williams, Susan was in retain management and merchandising for both Macy's and Gap, Inc. Susan obtained her designation as Accredited Buyer's Representative in December 2005 and has been with Keller Williams since the opening of their Elk Grove Market Center.
To search the entire MLS for not only Sacramento County, but also surrounding counties of El Dorado, Placer and Yolo Counties. Please browse through our website for area information, school information, area market statistics, and more! There you can also receive a free online valuation of your home or sign up for free emailed MLS alerts and very timely market condition reports. Make sure to visit often for updated information.
As an Elk Grove real estate team, we focus on residential resale, including homes for first time home buyers, move up buyers and investors. We work with both buyers and sellers on single family homes, condominiums and investment properties including duplexes, triplexes and fourplexes.
Buyers and Sellers need lots of information, whether buying or selling a personal home or investing in real estate. A big part of our job as a real estate professional is to make sure they get what they need so intelligent informed decisions can be made. We provide a variety of information through our website at www.AllElkGroveHomes.com, through our Market Analysis, our Free Reports for buyers and sellers, our market updates, and area statistics. We have weathered the ups and downs of the real estate market in the Sacramento area for over 20 years and know how to consult with our clients to get them what they want in the time they want. 
I was referred to Lori and was instantly impressed by her knowledge and experience in the real estate field. Lori was the best Realtor EVER! She was very knowledgable of the neighborhoods I was interested in. She was helpful, friendly, etc. etc. THANK YOU!
Kirsten Bosch, 4248 U Street, Sacramento, CA 95817
Lori and Bruce made the selling of our home on Lakepoint Drive in Elk Grove a painless transition. We were not looking forward to a long and tedious selling process and we were amazed at how quickly and efficiently the home SOLD. Their expertise and marketing techniques were very effective and we are very satisfied that we selected them to represent us! Thanks again for a job well done!
Jim & Cathy Eckman, 6711 Arboga Way, Sacramento, CA 95831
Our Realtors, Lori Mode & Bruce Durham, were extremely helpful in helping us buy our first home. We will be working through them again when buying our second home!
Ryan & Christine Goodwin, 9387 Soaring Oaks Way, Elk Grove, CA 95758
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