Peaks and Valleys: Davis Real Estate June 1008

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