Elk Grove Real Estate Market Update

May, 2005

Elk Grove real estate sales were strong in May of 2005. A total of 308 units residential units were sold this month in Elk Grove through the MLS, up 7.9% from 2004's total of 278. Total sales volume was $138,618,191, for an average selling price of $450,059. Since the average list price was $450,643, this means that the average homeowner selling through the MLS sold his home for a whopping 99.9% of list price.

The average sale price of a home in Elk Grove in May 2005 ($450,059) was up 22.2% from the same time last year. In May of 2004 the average price was $368,444. Unlike May of 2004, the average home is not selling over full price, though it's selling at full price for all intents and purposes with the sale price to list price ratio this year being 99.9% (down from the 100.2% of last year).

As in most local markets, however, 2005 was great, but not quite as hot as in 2004. Most noticeably, the average time it took to sell a home increased somewhat, from fifteen days in 2004 to twenty-two days in 2005. In 2004, 85.6 percent of all homes sold in their first 30 days on the market, while in 2005, that figure was down slightly to 78.2%.

Nevertheless, with a total sales volume higher than in 2004, Elk Grove's market is in many ways one of the strongest in the area, and compares favorably to areas like Sacramento and Elk Grove.

More Market Updates:

November, 2005
October, 2005
September, 2005
August, 2005
July, 2005
June, 2005
May, 2005

2005 Price History