The housing market in Elk Grove stayed as hot as the weather in July. Home sales tied June with 227 homes sold in the three Elk Grove zip codes, 95624, 95758, 95757. The lack of inventory continues to push home prices up and squeeze some buyers out of the market.
Home sales in July were down slightly from sales in July 2016, but up a little from 2015. Home sales in 2017 have lagged behind the 2016 numbers all year. July was the closest to equaling last year’s numbers.
The biggest change has been in number of days on the market and the median sales price. In 2015 the average days on the market (DOM) was 28 days and the median sales price was $330,000. In 2016, the median sales price jumped to $364,000 and DOM dropped to 20. 2017 has seen both numbers continue trend in the opposite direction. The median sales price for July was $417,000 and DOM dropped to 14 days.
New home construction is ramping up in the Elk Grove area, specifically in the 95757 zip code. Home builders are trying to capitalize on the lack of inventory and take advantage of frustrated buyers that are tired of losing out in bidding wars. 2018 should see new home building continue to increase. Lennar Homes is in the process of getting lots ready near the Elk Grove Outlet Mall. Other subdivisions are coming up south of Whitelock Parkway.
The City of Elk Grove is extending Bilby Road, Big Horn and Lotz Parkway into area between Whitelock Parkway and Kammerer Road, known as SEPA (Southeast Planning Area). This is the area the city is counting on to bring jobs to the area in the future.