Foreclosure activity decreased in April for the seventh straight month, bringing total foreclosure activity to a 40-month low, according to a new report from RealtyTrac. For homeowners and/or sellers in California, this is good news.
Email or call me with questions or to obtain additional information.
Andrew@DavisCalifornia.com or 530-902-3999
Here are the sales within Davis for the month of April, 2010… april-sales.pdf The average price per square foot was $264.49 for these sales. This figure is about $10 less than April, 2010. There were, however, more sales 39 (38 plus one not listed) this year vs April 2010 (31).
Based on the average price per square foot of the Davis homes currently pending sale, I estimate that the average price per square foot for all the Davis homes that sell in the month of May, 2011 will be very close to $270.
Email me at: Andrew@DavisCalifornia.com or… call 530-902-3999
Check out this report:
It is cheaper to buy a home than to rent one in 39 of the nation’s 50 largest cities, according to a quarterly report released by Trulia (Sacramento is ranked 8th):
Top 10 cities to buy vs. rent:
| Rank | City | State | Price-to-rent ratio |
| 1 | Las Vegas | Nev. | 6 |
| 2 | Phoenix | Ariz. | 7 |
| 3 | Arlington | Texas | 7 |
| 4 | Fresno | Calif. | 8 |
| 5 | Miami | Fla. | 8 |
| 6 | Mesa | Ariz. | 8 |
| 7 | Jacksonville | Fla. | 9 |
| 8 | Sacramento | Calif. | 9 |
| 9 | Detroit | Mich. | 10 |
| 10 | Omaha | Neb. | 10 |
A price-to-rent ratio of 1 to 15 means that it’s much cheaper to buy than to rent in a particular city. A ratio between 16 and 20 means that it’s more expensive to rent than to buy, but, depending on the family’s situation, buying could “make financial sense”. Any ratio above 20 indicates that owning is much more costly than renting in a city.
I don’t know how the authors of this artice got to 9 (for Sacramento), but based of the reletive real estate prices and the relative rents, I would guess that Davis would be in the 15 to 25 range.