When you compare sales of Davis properties that closed within the 1/1/08 to 5/31/08 timeframe to sales of Davis properties that closed between 1/1/07 and 5/31/2007, the average sales price has declined 23% (From $504,730 to $387,520) per our Multiple Listing Service (”MLS”). Average # of days on market has, however, declined too.
For a more detailed analysis or to see homes here in Davis, please feel free to contact me anytime (530) 902-3999.
Coldwell Banker, Doug Arnold Real Estate, Inc. has quite the market share here in Davis, CA.
When comparing the total dollar volume of listing SOLD (closed escrow) over a nearly 8 month period (10/1/2007 to 5/25/2008), the Davis office has a 70% market share. Our closest competitor is at 15%.
E-mail me at Andrew@DavisCalifornia.com or call me at 530-902-3999 with comments or questions.
1st quarter of 2008 numbers are in… first-qtr-sales-in-2008-davis.pdf
The decline in average sales prices (compared to the first quarter of 2007) was less than 5% (Davis closed escrows).
Take a look at the closed escrows from March, 2008…
As a seller, it is quite concerning to see just 10 closed escrows in the whole month. On the other hand, I was quite surprised to see that the average price per square foot for March sales was a quite healthy $366.48. Wow. Some sellers in Davis might be asking too much for their properties.
Another bright point for sellers is that there are currently 40 properties in escrow (as of 1:44pm on 4/04/08). 40 sales in a spring month (March or April) is a more normal figure for Davis. It looks as though the average price of Davis properties closing escrow in the month of April will be within 1.5% of $300.00 per square foot (a figure similar to those in the beggining of 2008).
To discuss data, any homes, or to see properties, call me anytime at (530) 902-3999
Andrew Dowling Andrew@DavisCalifornia.com
Attached is the sales activity for the month of February, 2008.
As you can see there were just 10 sales in the month, but there are currently 41 properties pending sale (as of March 1, 2008 at 1:01pm). A clear indication of a recent increase in market activity. Another good sign (if you’re an owner or considering selling) is that the average list price per square foot of those properties pending sale is $317.95. This appears as though it will be a slight increase over February’s $302.53.
Andrew Dowling (530) 753-6485 E-mail: Andrew@DavisCalifornia.com
My opinion is that foreclosures in the region will abate in late 2009. That, combined with a possible reduction of overall inventory will cause 2009 to be very flat (0% to 1.7% appreciation in ‘09?). One would fully expect former sub-prime homeowners to be renting properties again and this will increase demand and rental rates of “homes for rent”. In 2010, we’ll likely see “normal” long term average annual price increases (perhaps 4% to 6% appreciation).
The attached report shows all of the homes in all of Davis that are currently pending sale as well as those homes that closed escrow in January ‘08.
jan-sales-current-pending-sales.pdf
The average price per square foot ($319.11) has not dropped much from previous months/quarters. A testament to the overall strength of the Davis real estate market compared to surrounding areas.
It appears, however, that February sales are going to bring that number down. The average list price per square foot of the homes currently pending sale is $306.31 so I would expect the average sales price per square foot for properties that close escrow in February to be slightly under $300 per square foot.
Andrew Dowling, CRS, Broker associate (530) 902-3999
I recently compiled 2007 sales data for all five areas within the city of Davis (All data obtained from the Multiple Listing Service (MLS)).
These results include all sales reported to the MLS that occured in the year 2007.
As always please feel free to contact me anytime at either Andrew@DavisCalifornia.com or 530-902-3999.
The link below will give you updated sales activity since my last December posting.
MLS Data What I found most interesting while reviewing this data is the “sales price to list price” ratio of 91.46%. I have not seen such a low SP%LP ratio in Davis since before I started over 10 years ago.
Another thing that jumped out at me was that someone was able to purchase a single family detached home (1 House on Lot (1HSL)) in Davis for under $300,000. According to our MLS… these 3 2007 properties Under $300K sales are the only ones since March 24, 2003. I discovered that this is actually incorrect while researching archived MLS sales activity - there are actually 9 sales of detached homes (1HSL) since March of 2003. All but 1 occured in the 2003 calender year (A home on Olive Dr. sold for 290,000 in 2004). 7 of the 9 were sold between 287,500 and 295,000. All of these homes are a similar caliber home to 627 L street (2 were on L, 2 were on Duke, and 2 were on Snyder). So… the short answer is that the Davis market now seems to be getting back to 2003 prices.
If you want to follow the market especially closely, it’s a good idea to print out compare the sales activity to past months and better yet past years (so that you can account for inherent seasonal changes). Unfortunately, it would be quite time consuming for me to post sales activity for all areas for past months / quarters over several years. If you would like any sales activity (past or present) for any particular time frame or part of Davis, please feel free to contact me via e-mail andrewdowling@comcast.net or phone 530-753-6485 anytime.
Much of the information in this “blog” is taken from the attached MLS data. MLS data
While the number of sales of homes here in Davis, CA has declined in the last quarter of 2007 and will be lower compared to the last quarter of 2006, the decline is nowhere near the declines in other areas of the county and state. This can primarily be attributed to the lack of inventory here in Davis. Furthermore, while foreclosures are quite common in other areas, they’re quite rare in Davis.
Currently, homes are selling for an average of $312.18 per square foot (per attached MLS data from the last 3 months) and the average days on market is 62 days.
Of the homes currently pending sale, the average list price per square foot is coincidentally $312 per square foot and the number of days these homes remained on the market was 85. The increase in DOM (days on market) with “pendings” vs “solds” is primarily due to the time of year.