Andrew Dowling

If you’re ever interested to know the actual sales price of a home that was on the market here in Davis, check this site (these blog entries).  It should be listed in one of my monthly posts.  I am currently uploading all the sales from the last 45 days… cma-08-07-2008.PDF  The average sales price per square foot for these homes was $305.15 and they were on the market for an average of 55 days.

 If you ever want to know the sales price of a home that is not listed or is currently pending sale, let me know by sending a quick e-mail to Andrew@DavisCalifornia.com

As always, feel free to contact me anytime at (530) 753-6485 or my cell: (530)902-3999.

 Andrew

The prices in Davis appear to be holding steady… See the attached MLS print out… It shows that over the last 40 days, the average price per square foot for Davis homes that have closed escrow is $309.42.  Up a bit from previous months.  If you have any questions about the attached data, want to sell your home or look at homes, or just have an easy question, plese feel free to contact me anytime at  (530) 902-3999.

june-and-early-july-sales.pdf

Andrew

Andrew@DavisCalifornia.com

When you compare sales of Davis properties that closed within the 1/1/08 to 5/31/08 timeframe to sales of Davis properties that closed between 1/1/07 and 5/31/2007, the average sales price has declined 23% (From $504,730 to $387,520) per our Multiple Listing Service (”MLS”).  Average # of days on market has, however, declined too.

 For a more detailed analysis or to see homes here in Davis, please feel free to contact me anytime (530) 902-3999.

Coldwell Banker, Doug Arnold Real Estate, Inc. has quite the market share here in Davis, CA.

When comparing the total dollar volume of listing SOLD (closed escrow) over a nearly 8 month period (10/1/2007 to 5/25/2008), the Davis office has a 70% market share.  Our closest competitor is at 15%.

E-mail me at Andrew@DavisCalifornia.com or call me at 530-902-3999 with comments or questions.

1st quarter of 2008 numbers are in…   first-qtr-sales-in-2008-davis.pdf  

The decline in average sales prices (compared to the first quarter of 2007) was less than 5% (Davis closed escrows).

Take a look at the closed escrows from March, 2008…

march-2008.pdf

As a seller, it is quite concerning to see just 10 closed escrows in the whole month.  On the other hand, I was quite surprised to see that the average price per square foot for March sales was a quite healthy $366.48.   Wow.  Some sellers in Davis might be asking too much for their properties.

Another bright point for sellers is that there are currently 40 properties  in escrow (as of 1:44pm on 4/04/08).  40 sales in a spring month (March or April) is a more normal figure for Davis.  It looks as though the average price of Davis properties closing escrow in the month of April will be within 1.5% of $300.00 per square foot (a figure similar to those in the beggining of 2008).

To discuss data, any homes, or to see properties, call me anytime at (530) 902-3999

 Andrew Dowling  Andrew@DavisCalifornia.com

My opinion is that foreclosures in the region will abate in late 2009.  That, combined with a possible reduction of overall inventory will cause 2009 to be very flat (0% to 1.7% appreciation in ‘09?).  One would fully expect former sub-prime homeowners to be renting properties again and this will increase demand and rental rates of “homes for rent”.  In 2010, we’ll likely see “normal” long term average annual price increases (perhaps 4% to 6% appreciation). 

The attached report shows all of the homes in all of Davis that closed escrow in January ‘08 and February ‘08.

cma-jan-and-feb.PDF

 The average price per square foot ($319.11) for January has not dropped much from previous months/quarters.  A testament to the overall strength of the Davis real estate market compared to surrounding areas.  With February include, the average price per square foot dropped to $309.29.

Andrew Dowling, CRS, Broker associate (530) 902-3999

I recently compiled 2007 sales data for all five areas within the city of Davis (All data obtained from the Multiple Listing Service (MLS)).

These results include all sales reported to the MLS that occured in the year 2007.

2007-davis-mls-sales.pdf

As always please feel free to contact me anytime at either Andrew@DavisCalifornia.com or 530-902-3999.

The link below will give you updated sales activity since my last December posting.

MLS Data  What I found most interesting while reviewing this data is the “sales price to list price” ratio of 91.46%.  I have not seen such a low SP%LP ratio in Davis since before I started over 10 years ago.

Another thing that jumped out at me was that someone was able to purchase a single family detached home (1 House on Lot (1HSL)) in Davis for under $300,000. According to our MLS… these 3 2007 properties Under $300K sales are the only ones since March 24, 2003.  I discovered that this is actually incorrect while researching archived MLS sales activity - there are actually 9 sales of detached homes (1HSL) since March of 2003.  All but 1 occured in the 2003 calender year (A home on Olive Dr. sold for 290,000 in 2004).  7 of the 9 were sold between 287,500 and 295,000.  All of these homes are a similar caliber home to 627 L street (2 were on L, 2 were on Duke, and 2 were on Snyder).  So… the short answer is that the Davis market now seems to be getting back to 2003 prices.

If you want to follow the market especially closely, it’s a good idea to print out compare the sales activity to past months and better yet past years (so that you can account for inherent seasonal changes).  Unfortunately, it would be quite time consuming for me to post sales activity for all areas for past months / quarters over several years.  If you would like any sales activity (past or present) for any particular time frame or part of Davis, please feel free to contact me via e-mail andrewdowling@comcast.net or phone 530-753-6485 anytime.