Real Estate Market Crashing? Not so much in Davis…
October 7th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Third quarter results are in, and Davis remains the real estate island it has always been. Sales volume is down 3%, median price is down 3% and average price is down 8% compared to the same quarter one year ago. (The 8% figure is in part because we have seen more homes under 2000 sq ft on the market this year and far fewer over 3000 sq ft.)
In the 41 Davis homes I have sold since January the challenge has not been uncertain future value, ability to get loans, or even price - the challenge continues to be finding a home with good character and sound aesthetics.
The answer to the inevitable question I often hear from friends - the market in Davis remains strong. See for yourself :
Q3 2007 Q3 2008
Number sold 148 143
Days on Market 49 53
Median Price $516,500 $500,000
Average Price $584,226 $537,137
Over the past 8 quarters, there has little shift in the average price of Davis homes. Below are figures for an average sized home - 1800 to 2400 sq ft.
As we sail into the 4th quarter of 2008, there are presently 96 single family homes on the market in Davis. 43 homes are under 2000 sq ft and just 10 are over 3000 sq ft. The average price is $658k and the average price/sq ft is $330. Average days on the market is 83 (slowing down? always in the autumn!). There are 7 short sales and no foreclosures. As I said, Davis is an island…
