Davis Bubble Thins Out : November 2007 vs. November 2008
December 2nd, 2008 Categories: Davis Builders, Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Greetings after a long absence! Hope your Thanksgiving holiday was peaceful and that you had much to be thankful for.
During my time away from the blog I have continued to sell several homes and I continue the still-fruitless search for several discerning clients looking for a good home in the mid range. I have closed my 50th transaction for this year. My gratitude is as great and my tenacity still in tact.
It turns out Davis is not altogether impervious to this deep economic gulf. The median price has dropped a whopping 25% compared to this time last year, and the average is down just 6%. Average price per square foot is down 11%. Inventory seems down - there is a 3 month supply on the market now:
Active homes on the market: 60 homes / Avg price $608k / Avg sq ft $341
Short sales: 7 homes / Avg price $614k / Avg sq ft $284
Pending: 28 homes/ Avg price is $615k / Avg sq ft $291
Sold since September 1, 2008 / 66 homes/ Avg price $569k / Avg sq ft $305
List price to sales price ratio is 96%, down from 98.5% from the same period last year.
For Davis home sales November 2007 vs. 2008:
November 2007 November 2008
Sides 48 44
Days/Market 62 63
Med Price $523k $391k
Avg Price $559k $525k
Avg Price/sq ft $316 $282
Davis Year in Review : Price Per Square Foot
I believe it is a great time to build your new home - there are very few lots in Davis, but if you can find one, builders are eager to please and prices are good. You will have the full attention and appreciation of your builder. Call me if you want to know more about Davis lots, one in particular…
- Jamie Madison, 530.574.0596
