Are larger Davis homes selling at a “discount”?
My last post got me thinking… I mentioned that not as many high priced homes here in Davis are selling lately. Is this, in fact, accurate and… are the ones that are selling being sold at a discount (a significantly lower price per square foot)?
Well… to partially answer this, I looked at 4th quarter sales of homes within Davis with at least 2200 square feet. 19 of these homes sold in the last three months of 2009… compared to 23 the year before, and 17 in 2007. Not too different… pretty typical in fact. The average price per square foot for these 2009 home sales was $251.0 which is 7.5% lower than the average price per square foot of all homes sold in the 4th quarter of 2009. If you look at 2008 4th quarter sales, the larger homes (over 2200 square feet) sold for $270.69 which was only 5.2% lower than the average price per square foot that all homes sold at in that same time period.