Zillow rates real estate activity in all Elk Grove's three zip codes as warm

For the period ending July 31, 2019, Seattle-based Zillow.com rated real estate activity in all three Elk Grove zip codes as warm. A warm rating is considered slightly favorable to sellers.  

The report estimates that the median value in 95757, which is rated as warm, is $483,800 and home values have increased 1.2-percent in the last 12 months. Based on their analytics, Zillow estimate prices will decrease 0.2-percent within the next year, and in a sign of slowing activity, 18.1 percent of listings had price cuts, which is an increase from 114.2-percent in the March 2019 report.  

The balance of the Laguna area in zip cope 95758, which Zillow rated as warm, saw a median value of $400,400 and home values had increased 2.5-percent annual increase and was the largest increase of the city's three zip codes. Median values are estimated to increase 0.3-percent in the next 12 months, and 18.1-percent of listing have had listing price cuts, which is lower than June's 12.7-percent. 

In the city's more established neighborhoods in East Elk Grove and the rural Sheldon area, or Old Elk Grove as widely known, the report showed the median value of $437,500 and prices have appreciated 1.9-percent on an annual basis and was rated as warm. Prices are expected to appreciate 0.3-percent in the next 12 months while 14.7-percent had listing price cuts, which decreased increased from 16.6-percent in June.  

Regarding so-called underwater mortgages, the rates of homes with negative equity in 95624, 95757, and 95758, respectively is 5.2, 4.5, and 6.1-percent, all unchanged from June.  

Copyright by Elk Grove News © 2019. All right reserved.

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