Archive for April, 2008
Davis Home Sales Feb/Mar 2007 vs 2008
April 2nd, 2008 Categories: Davis RE Trends, RE Week in Review, Real Estate News
Buyers questions are dominated by the quest to understand where we are in the market….have Davis prices dropped? will they drop more? if I buy now am I going to regret what I spent in 6 months? should I rent? should I wait? we are pregant, can we upgrade to a larger home in this market? will it appraise?
The chart above compares February and March of 2007 and 2008. There are 36% fewer homes sold in 2008. For the higher end homes, we are seeing much shorter sales times on the market, and a whopping 100.35% sales price to list price ratio. But for lower priced homes we are seeing a $25/sq ft drop and a 37 day increase of cummulative days on the market.
My guess is that sellers who have traded up to larger, more expensive homes in the good years are content to stay put in this market. Where are they going to go?
Sellers, brace yourself for a longer wait to sell. Buyers, ask yourself, how long do you plan to live in this house? If this is going to be your peaceful respit for at least 5 years to come, settle in. You may very well be laughing at the price AND the interest rate you got a few years from now.
| Currently No Comments »
