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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Invitation to See a Few Good Homes in America’s #3 Friendliest Place to Live
May 30th, 2008 Categories: Davis CA Real Estate, Davis Fun to Do, Davis Schools, Davis Schools Foundation, RE Week in Review, Real Estate News
Sunday June 8, 1-4 pm, Start at 764 Elmwood Drive…
My amazingly energetic client and friend Joy Klineberg had a great idea - a walking home tour of a few homes on some of our favorite Davis streets. The people of Davis have given hugely this spring to the Davis Schools Foundation and we made national news for saving 20 teacher’s jobs, so it feels like an unwelcome tug to ask once again. However, some of the important smaller organizations are struggling for funding that has been redirected to the Schools Foundation. Joy is raising money to help the coffers of the Davis School Arts Foundation , and Ciana Wallace and I are sponsoring her. Hope you can come out for a funky Davis-style tour! Call (530.574.0596) or email (jamiebmadison@msn.com) if you have questions.
In case you missed it, the Today Show had a segment this week on the 5 Friendliest places in the US to live….yup, Davis came in number 3!
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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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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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Davis Market Rocks: 79 Pendings in April
April 29th, 2008 Categories: Davis CA Real Estate, Davis RE Trends, RE Week in Review, Real Estate News
Wow! Slow to start and then it came all at once…during April there have been 79 sales and pendings in Davis! There are 145 listed single family homes…meaning that we have just slightly less than a 2 month supply of homes in Davis.
77% of the listings sold were Coldwell Banker listings. What does this mean to you? If you are selling you will get greater exposure before your home even goes on the market. If you are buying, you will hear about your home before it hits the market if you are working with Coldwell Banker in Davis.
Overall in year to date sales, Davis is down 46% from this time 2007. Interestingly, the very down nearby markets are up from 2007 - Woodland +27%, Natomas +37%, Elk Grove +36% and West Sacramento is +18%. Investors are coming in hoards to the land of short sales and foreclosures.
Back to Davis, here is a snapshot of price per square foot for two ranges of homes:
1200 - 1600 sq ft homes 2000 - 2500 sq ft homes
2005 $372/sf $325/ sf
2006 $353/sf $313/sf
2007 $337 /sf $310/sf
2008 $323/sf $290/sf
Overall prices are down an average of 11% from the height of the market in 2005.
-Jamie Madison
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