A Business Week reporter finally caught wind of what's been going on. Well, to be fair, the reporter had access to a study completed by First American Logic in Santa Ana and tweaked it a bit.
That study showed that most of the top 25 ZIP codes for fast-paced home sales activity are in California. So Business Week narrowed the choices to ZIPs with 10,000 households and picked only one ZIP per metro area. This resulted in the Elk Grove ZIP of 95624 landing in the national number 10 slot of most improved real estate sales for fourth quarter of 2008.
Even though Elk Grove was named the fastest growing city in the U.S. in 2006, some reporters don't know where Elk Grove is located or how to spell it.
The metro area for Elk Grove is called the Sacramento - Arden - Arcade - Roseville metro area. Since I don't have a copy of the report, it is possible the ZIP selected is incorrect, and the sales growth refers to the entire metro area of Sacramento.
Here are the top 10 areas with the fastest growth in home sales, according to Business Week's scrutiny of that study:
- 94533, Fairfield, Calif. (Fresno)
- 92376, Rialto, Calif. (Riverside-San Bernardino-Ontario)
- 91342, Slymar, Calif. (Los Angeles-Long Beach-Santa Ana)
- 92126, San Diego, Calif.
- 33914, Cape Coral, Fla. (Fort Meyers)
- 93065, Simi Valley, Calif. (Oxnard-Thousand Oaks-Ventura)
- 95123, San Jose, Calif.
- 85379, Surprise, Ariz. (Phoenix-Mesa-Scottsdale)
- 93722, Fresno, Calif. (Madera)
- 95624, Elk Grove, Calif. (Sacramento-Arden-Arcade-Roseville)
But ask an agent in Elk Grove -- or anywhere else in Sacramento metro -- and you'll hear that we don't need a study to tell us that we are running out of inventory and the sales pace is absolutely frantic. We don't even have enough short sales or foreclosures to go around anymore!
The Short Sale Savior, by Elizabeth Weintraub, coming June 2009.
Photo: Elizabeth Weintraub, home in Elk Grove
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
