2007 vs 2008: Davis Housing 3 Month Snapshot
March 12th, 2008 Categories: Davis RE Trends, RE Week in Review, Real Estate News
There were 16 homes on the Coldwell Banker realtor tour in Davis yesterday - signs that although late, spring inventory is finally starting to come in. For those of you from out of town, the listings you look at will seem like a throwback to 2005. Prices are still up, homes are better prepared than they were 3 years ago, but they are still Davis homes - sometimes needing a little updating or staging. Ad could read “average home, comes with wonderful town”.
TIP: If you are looking for a gorgeous updated Streng (mid-century modern) tucked away on a lush, quiet cul-de-sac in the center of town, call me to see 826 Cherry Lane. It is an awesome treat!
STILL STRANGE: We are still seeing certain homes selling quickly for over asking price in multiple offers (Almond Lane, Dartmouth, Pine Lane) while other perfectly good homes languish without offers. The schism is so noticeable yet hard to explain. One thing about the homes that sell quickly, they are clean, bright, well priced and thoughtfully prepared for market.
FEW CONDOS: We are up to 28 condos on the market - they are either built in 1972 or they are brand new - not much in between. Price range is $239k for a McKeon Condo to $529k for the exciting downtown Roe Building Unit 201. Average price is $351k with an average of 42 days on the market. I have several condo searches going on and it is not easy to find the happy medium.
THE NUMBERS: Here is a comparison of the period from 12/1 - 3/7 for both 06/07 and 07/08 for Davis only:
Number of units: 91 vs 48
Median price: $508k vs $514k
Days/market: 87 vs 85
Average price: $552k vs $521k
For January and February for the 2006, 2007 and 2008:
Price per sq/ft $363 vs $319 vs. $309
For more information, contact Jamie Madison at 530.574.0596
| Currently No Comments »
Davis Home Market : 1/20 - 2/20
February 20th, 2008 Categories: Davis RE Trends, RE Week in Review, Real Estate News
Single Family Homes: The spring hunt is starting up and we only have 108 single family homes on the market in Davis. We have had sunny weekends, people are out at open houses, parents are in town weighing the intelligence of buying an investment for their student-child to live in.
New homes - 43 have come on the market in the past 30 days. The average sq ft is 2088, the average price per sq ft is $323 with the average list price at $652,135. Pending sales - we have 21 new pending properties with an average of 1911 sq ft, $320/sq ft and average list price of $583,371. Sold - 5 homes have closed with an average of 1678 sq ft, $295/sq ft, average list price of $534,980 and an average sales price of $494,350, or 95% sales price/list price ratio.
Selling like it was 2005 ! There have been 3 very interesting sales recently - 5607 Tufts is a pristine 2800 sq ft home on a nearly 11,000 sq ft lot - just 6 years old. The home was listed at just $799k on a street where homes sell for an average of close to $900k. The sellers received 7 offers. There were 7 counters, and 6 of the counters were returned accepted. There were 5 disappointed buyers when the home sold 7 days after listing. We will see how much over it sold for when it closes. 3708 Los Cerros, a beautiful Lake Alhambra home, listed Saturday at $949,000 (a conservative $337 sq ft) and sold on Sunday with multiple offers. 43428 Almond Lane, a simple house on a beautiful 1/2 acre country lot in Old Willowbank, listed this past Friday at $799,000 and sold on Tuesday with 4 offers. Demand is hot at the high end for GOOD houses. Agents are sufficiently confident to price the homes at an agressively low price because they are confident of fast sales, multiple offers and prices well over asking.
Work less/play more. On another note, the Centex homes in Woodland have really caught on. Three of my empty-nester clients are selling in Davis to live without a mortgage in a new Woodland home. Granted their children are beyond school age, so they don’t have to worry about sacrificing the Davis education. They are thrilled to shed the kind of maintenance they were seeing with their older homes. I took a new prospective Davisite to see the Centex homes in Woodland this week and was amazed to see that they have plowed through the inventory and it is nearly gone. New releases are going to lottery in some cases. It is 2008, not 2005, right?
Condominiums: The condo market in Davis is really slow to get moving. In the past month 14 new condos have been listed with an average price of $353k, 4 have gone pending with an average price of $363k and 3 have sold at an average price of $316k, or just 93.6% of sales price/list price ratio. There are a total of 20 available condos with an average days-on-market of 25.
I fully expect to see the condo market change. At the end of 2007 there were over 70 condos withdrawn from the market unsold. I doubt that the need to sell went away in all those cases and I expect to see them come back on the market these next few weeks.
Another new development in the condo market is Oakshade Commons. Petrovich has converted and refurbished 43 apartments into condominiums in South Davis not far from Davis. The condos are about 1900 sq ft with 4 bedrooms and 3 baths. Are you thinking what I am thinking? Student haven, parent haven, a smart move by Petrovich and a great opportunity for investors.
Call me at 530.574.0596 to get more details or talk about what you are hoping to find.
| Currently No Comments »
2006 vs 2007: Davis Real Estate by Region
January 23rd, 2008 Categories: Davis RE Trends, RE Week in Review, Real Estate News
Friends, it is pretty amazing to see that there wasn’t that much change between 2006 and 2007 in our little island of Davis. [This data is for single family homes only - it all skews lower when adding halfplexes and condos which we will examine in a later article.]
SOLD - 441 single family homes were sold in 2006, while 431 were sold in 2007.
AVERAGE PRICE - dropped only slightly from $636k to $624k
AVERAGE PRICE PER SQ FT - dropped slightly from $338 to $328
The following charts depict the data by region.
| Currently No Comments »
First Two Weeks of 2008: Not Elk Grove
January 14th, 2008 Categories: Davis RE Trends, RE Week in Review, Real Estate News
Based on recent calls and inquiries, and knowing how many clients didn’t buy last year but are ready to have a home to love, I have a gut feeling that this is going to be a very active spring. Insecurity about home prices and the loan market have caused many to pause this past year. I sense this churning, pent-up need starting to boil. ALWAYS I am asked whether this is the right time to buy. It might be.
Anecdotally, I have 6 listings that have either gone pending or sold in the past 6 weeks. Buyers of the 3 are from out of the area and are buying as investments.
For you who are new to Davis, this is the time of year when homes that were withdrawn for the holiday start to come back on the market. Spring is when offers go out at UCD and people are seriously engaged in finding/selling homes. We will see lots of change over the next 4 months.
Here is the activity for the first 14 days of the year:
New listings: 14
Pending properties: 4
Sold properties: 3
Expired listings: 3
A half plex on Jardin listed at $429,000 sold for $418,000, or 97.6% sales price to list price. (121 days on market, $291 sq ft).
A beautiful home on Emerald Bay listed at $725,000 sold for $715,000, or 98.6% sales price to list price. (135 days on the market, $339 sq ft).
Of those that have accepted offers, they were on the market for an average of 104 days and average sq ft price is $294. All sales appear to be smaller investment properties.
Stay tuned for a complete 2007 summary of Davis Real Estate, coming soon!
| Currently No Comments »
Davis Homes: November 25 Week in Review
November 25th, 2007 Categories: RE Week in Review, Real Estate News
Dormant, Not Dead
There are still owners who must sell, and seekers who must buy. Withdrawn properties are common at this time of year in Davis - chock it up to holiday distraction.
While some of the withdrawn properties are problematic - they came on the market too late or too high, or were undesireable in some other aspect - most were good, liveable properties.
This Week Same Week Last Year
4 Listed / Average $306 sq ft 1 Listed / $304 sq ft
3 Pending / Average $275 sq ft 0 Pending
1 Sold / $271.5 sq ft 6 Sold / Average $360 sq ft
7 Withdrawn / $312/sq ft/ 118 DOM 3 Withdrawn / $349 sq ft/170 DOM
The Details:
New listings
2212 Regis Drive / East Davis / 3/2 / 1258 sq ft / $285 sq ft / $358,000
1850 Imperial Ave / West Davis / 4/2.5 / 2150 sq ft / $292 sq ft / $629,000
612 Jerome Street / West Davis / 6/4 / 2869 sq ft / $275 sq ft / $789,000
636 Jerome Street / West Davis / 4/3 / 3067 sq ft / $374 sq ft / 1,150,000
Pending Properties
2001 Catalina / North Davis / 3/3 / 1940 sq ft / $270.62 sq ft / $525,000 (short sale)
3702 Miwok / South Davis / 4/3 / 2745 sq ft / $264.7 sq ft / $725,000
807 Falcon / North Davis / 4/3 / 3075 sq ft / $292.3 sq ft / $899,000
Sold
3030 Woods Circle / West / 2/2 / 1142 sq ft / $271 sq ft / List $304k Sale $310k - 101%
Withdrawn
3022 Albany / South / 3/2 / 1208 sq ft / $306 sq ft / $370,000 / 59 DOM
1818 Moore #152 / North / 2/2 / 920 sq ft / $429 sq ft /$395,000 / 83 DOM
2700 Sycamore / North / 4/3 / 1807 sq ft / $276.65 sq ft / $499,900 / 112 DOM
3054 Hortaleza / East / 3/2 / 1756 sq ft / $306 sq ft / $539,000 / 188 DOM
4328 El Macero / South / 4/3 / 2065 sq ft / $278 sq ft / $574,000 / 181 DOM
5015 Cowell / South / 3/2 / 2333 sq ft / $291.43 sq ft / $679,000 / 101 DOM
5613 Hoag Place / South / 4/3 / 2836 sq ft / 299 sq ft / $849,999 / 104 DOM
| Currently No Comments »
