Davis Homes Sell: June Surge
June 25th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Remember that spike in escrows we talked about in April? It is now showing up as closed sales - the charts are shooting up - and we are poised to have our best month in 22 months! Consider what Davis sales look like for 2008:
First 18 weeks of 2008
Number of homes sold: 79
Revenue from homes sold: $86m
Last 8 weeks of 2008 (May/June)
Number of homes sold: 101
Revenue from homes sold: $105m
Number of pendings: 80
We are having 10 - 15 new listings come on the market each week now, so the inventory is being replaced. Prices are somewhat lower than 2007 and there have been a few amazing bargains (a nice home at 3221 Lillard just went into escrow - 1601 sq ft/ 3/2 home on large lot in great shape listed at a whopping $425,000).
Call me - Jamie Madison - at 530.574.0596 if you would like to learn more.
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Peaks and Valleys : Davis Real Estate June 2008
June 10th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
The spring market happened in one sharp spike late April/early May and then flatlined again with a mere 2 month supply of homes on the market, leaving all of us to wonder where the rest of the year will go.
Year to Date
142 Sold
86 Pending
166 Available
7 Short Sale
0 Foreclosures
Month of May 2007 vs May 2008
# SOLD 65 45 -11%
Days/Market 55 47
Price sq ft 333.5 319.4
Avg Price 558,881 486,676 -13%
% list/sale 99.06% 98.1%
Four Year Glance (to May 31)
2005 2006 2007 2008
# sides 518 372 444 254
Avg price 579k 589k 558k 526k
Days/market 9 48 68 68
$ volume 300.3m 219m 248m 133m
Move to Davis from New York or Los Gatos and you will be in the drivers seat IF you find a house you love. Move from eastern Idaho or Indiana and you better brace yourself to come to terms with the half-million, charm-free older home in Davis. (Davis DOES have its compensations, however!) Who is buying and selling? Here are profiles of a few of my clients:
1. Empty nesters trade their central Davis Streng for a new Centex home in Woodland.
2. Executive moving from the East Coast could not find the right family home, but they found a large home to rent for a year while they look.
3. Family selling a 3 bedroom West Davis halfplex as they depart for new jobs in the East.
4. New faculty member buys her first condo!
5. Family moving from Napa to Davis for the schools find a gorgeous large home.
6. Family moving from Ruby Ranch (Pleasanton) to find a less materialistic way of life and good schools find a gorgeous large home after a one year search.
7. Retired couple relocating from Grass Valley to find a more interesting life continue to search for an interesting and affordable home.
8. Young family decides to stay in Davis instead of returning to NY - find a pleasant small home to fix up in South Davis.
9. Woman who grew up in Davis returns from Marin County with her family and finds a nice home in Village Homes after a several month search.
The market is slower but I continue to help individuals, couples and families continue to make happy home transitions here in Davis. - Jamie Madison
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Do You Know Why? 2007 vs 2008 in Regional Cities
May 27th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Following are notes on the performance of two groups of cities for March 27 - May 27th in 2007 and 2008. These cities are all within a 50 mile radius. Can you guess why the vivid differences in the two groups?
Group 1 / # of homes sold 2007 2008
North Highlands 33 97 +194%
Elk Grove 259 570 + 97%
Rancho Cordova 70 138 +97%
West Sacramento 47 88 +87%
Natomas 213 372 +75%
Woodland 72 91 +26%
Group 2 / # of homes sold 2007 2008
Davis 98 64 -35%
Folsom 171 132 -23%
Auburn 81 66 -19%
Granite Bay 43 36 -16%
East Sacramento 179 180 —-
Yes, of course you have it. The cities who have increased in the number of homes sold are those who had the most bank-owned properties. Investors have recognized a good thing and swooped in to take advantage of homes whose prices have dropped well below the cost it would take to build them… -Jamie Madison
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Pastoral-Urban Living at Shepard’s Close in Davis
May 20th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Okay friends we had URBAN living in Davis with the Roe Building - and NEW to the scene is Shepard’s Close. It is as urban as Davis gets - being just one block from the Farmers Market and a few blocks from downtown. However, with a quaint English moniker like “Shepard’s Close” (meaning the end of Shepard’s Lane) and with a meandering walkway among cork oak trees and other thoughtful plantings, there is a really pastoral feeling in this new development.
Maybe “development” overstates the case - Shepard’s Close is a collection of 5 stand alone and semi-attached homes off B Street between 7th and 8th. Built by Mike Corbett (Village Homes fame), Christopher Corbett and with the design charge of Elizabeth McDermott, these charming sustainable homes offer Davisites a new alternative.
Two of the homes are very modern, one small one cottage at the back has a 1920s Land Park feel, there is a classic two story home, and the large home up front (Mike Corbett’s personal home) sits elegantly on its plot (still under construction) promising a slightly medieval influence. How can all of these disparate influences work together? You will be amazed to see that they do. Maybe it is the hardscape and the plantings that make Shepard’s Close feel so cohesive.
The homes feature passive and active solar - southern orientation for winter heat and prevailing summer breezes, no fossil fuels, EPA-certified wood burning stoves, energy star appliances, photo-voltaic, solar hot water, and more. They are filled with light and pleasant to be in.
Two are for sale - the others sold privately before the project started. Call if you are curious - I am happy to give you the details or show you around the project.
-Jamie Madison
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Madison/Merrell Lead the Pack!
May 9th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, Realtor Tales
Jamie Madison and Kim Merrell, partners in the Madison/Merrell group, are pleased to announce that we individually hold the Number 1 and Number 2 spots in Davis for the total dollar volume of real estate transactions in 2008. Thank you to all of our wonderful clients who have made it so! AND a big thanks to Sharon Pannell, our assisting agent who helps us keep the busy transactions on course! In addition to Sharon Pannell, we have recently welcomed Rebecca Restreppo and Beth Ellenberger as referring agents for Madison/ Merrell.
What does that mean to you? It means that behind Kim and Jamie there are agents helping to streamline the many appointments and details that go into completing a transaction, and that there is greater availability to tend to all of the needs of our clients. It also means that collectively we draw from a larger group of friends and acquaintances to find buyers and sellers. What it doesn’t mean is that you are pushed off onto an assistant once you have joined up with Kim or Jamie. We are both actively involved in every conversation and in every step of your real estate transaction. And always, we live by our motto - Good People/Good Properties.
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Davis CA Real Estate Sales: All at Once
May 9th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
“Sale Pending” signs are popping up all over Davis. Buyers, particularly those in the $600k and under, are noticing that homes that they were leisurely considering for purchase are selling out from under them.
For the year we are down a whopping 51%, but there are currently 85 residential properties in escrow, in addition to 30 sales that closed in April. If those pendings were closed, we would be at exactly the same rate of sales we were last year at this time. So be circumspect in considering the figures below - it will look very different a month from now.
YEAR - to - DATE 2007 2008 Change
Number sold 152 75 -51%
Median price $522k $458k -12%
Days on Market 69 71 +2
Average price $559k $535k -4%
Dollar volume $170.2m $80.3m -53%
APRIL 2007 2008 Change
Number sold 53 30 -43%
Median price $529k $449k -17%
DOM 45 53 +8
Average price $560k $525k -6%
Volume $5.94m $3.52m -47%
Avg price sq ft $337 $300 -11%
If you are looking for your home, or thinking that it is time to sell, call me and together lets think about your scenario… Jamie Madison
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