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
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Don Fouts Comments on His Infill Projects in Davis
October 9th, 2008 Categories: Davis Builders, Davis CA Real Estate, Davis Infill Project, Davis RE Trends, RE Week in Review, Real Estate News
New Davis homes? Not many. Don Fouts will tell you there is nothing easy about finding a place to build. Take a look at his most recent infill project and hear about Chiles Ranch - a new 100+ home development Don and Steve Sherman are planning in the center of East Davis.
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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…
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TOPS! Madison/Merrell do it again…
July 12th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News, Realtor Tales
For the second quarter this year, the team of Jamie Madison and Kim Merrell are in the number one and number two positions respectively for total sales volume at Coldwell Banker, and Jamie Madison continues reign as the top agent in Yolo County. Why is this so?
- We have the honor of working with truly remarkable clients!
- Hard work every day
- The attention to detail of our wonderful assistant Sharon Pannell
- Sensitivity to the new opportunities that come with a changing market
- Sensitivity to the uncertainty that our buyers and sellers feel
- Working for Doug Arnold and Dave Taormino - two brokers who give good agents the support and the freedom to do their job well
- Working with buyers and sellers in a very special town where people sense they can capture the feeling of community most of us long for…
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Davis Real Estate Update: Hot June in an Off Year
July 12th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Sweltering! Not just the weather, but sales. Around the our office files are stacked high as we finish processing 131 sides for June and a large stack for July too. Little by little inventory is coming back, but we are severly lacking in good homes in the $650k - $800k range. At the moment there are 119 single family homes in Davis available for sale and 51 homes in pending status. Let’s look at what has happened so far:
Davis Second Quarter Sales 2007 vs 2008
2007 2008
Number of homes sold 198 158 -24%
Median price $526k $490k -7%
Average price $568k $526k -7.5%
Days on Market 50 52
2008 Sales By Month
Sides Average Price
January 24 $597k
February 28 $486k
March 44 $582k
April 62 $524k
May 96 $496k
June 158 $548k
Woodland Second Quarter Sales 2007 vs 2008
2007 2008
Number of homes sold 97 135 +39%
Median price $360k $266k -26%
Average price $389k $270k -31%
Days on Market 87 59
Sacramento Area Pre-foreclosures in June
Pre-foreclosure - the owner has stopped making payments and the bank has stepped in to sell the property, also known as a short sale
Davis 4
Dixon 25
Folsom 49
Woodland 56
Rocklin 60
Napa 66
West Sac 86
Vacaville 97
Roseville 123
Elk Grove over 400
What is a “side”? Each home sale is comprised of 2 sides - the seller side and the buyer side, which may be represented by different agencies. Brokers often look at sides to get a more accurate picture of how they are competing in their market place.
Want to learn more? Call Jamie Madison at 530.574.0596 and ask away!
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My Favorite House in Davis
June 27th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, Photo Tours, RE Week in Review, Real Estate News
Parkside Drive is one block from UCD - a small U-shaped street with about 45 homes in the center of town that is sometimes referred to as part of ”old professor row” - a quality of neighborhood we don’t have enough of. Unpretentious and nostalgically heartwarming, each home has a different design and character and is somewhere in the continuum between “original state” and “gorgeously remodeled”.
At the later end of that contiuum is 40 Parkside. This home was torn down to just one wall and rebuilt on the original footprint about 7 years ago by Steve Sherman. It is calm, restful home for those of us whose children have flown the coop. The house is small but open, spacious and perfectly elegant for having friends for dinner inside or out. Every detail is crafted with taste and thought. The wide plank hickory floors were distressed by hand on site. The dining room has the perfect dimensions to embody space and coziness. Best of all is the cottage! In the large back yard there is a 600+ sq ft cottage that has a fireplace, living room, kitchen with old wedgewood stove, bedroom and bath, and a large southfacing wall of windows. When we originally went to see the house, my husband and I had a rare fight about who would get to have the cottage.
This house has been “curated” by Susanne and Simon Dryer these past few years - they have enhanced the garden, colors, and the feel of the house even warmer. It is now on the market. If the time in our lives were right, we would be moving to Parkside where I would not only relish this home, but also would be thrilled to be part of the eclectic neighborhood. Alas, not the right time for us. Some lucky person will have the rare opportunity to live in graceful elegance in the center of our sweet town…
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