March is often a transitional month in terms of real estate closings, with activity somewhere between the slow winter months and the fast spring months.  March 2007 was just that.  March 2007 was a bit stronger than last year (sales were up 14% for the second newsletter in a row). 50 homes, condos, and halfplexes closed escrow during March 2007 (up from 43 in March 2006) (note that these numbers are actually indicative of market activity in February 2007 when most of the sales actually went pending).

In February, the average time on market of sold properties rose to 89 days as several very old listings finally sold, approaching the high of 96 days in December.  Housing prices using my favorite measure, median price per square foot, were $312.09 in March, down from $329.17 in February.  The average price per square foot also fell modestly to $322.00 in March from $329.00 in January.  On the other hand, the volatile median sale price spiked to $543,000, up from $450,000 in February (February's number was an obvious statistical aberration).  Taken as a whole, the data again show that prices at least held their ground in March, and have come off their late 2006 lows.

The overall inventory of homes, condos, and halfplexes in Davis rose modestly to 151 units, up from 129 at the writing of the last Newsletter, (and still quite low compared to the high of about 265 units in the Spring of 2006).  Increasing inventory is a normal part of the beginning of the Spring season.

The sub-$300,000 market continues in technical "neutral' market" territory with four units on the market and one sale in the last 30 days.  Buyers are getting only small price concessions, if any, on average.

This price range continues in a "sellers market."  There are 31 units on the market, and 13 sales in the last 30 days.  That's an inventory of less than 2.5 months.  Price concessions have generally been $10,000 to $15,000.

With 19 units on the market, and 22 pending sales in the last month, this price range has rocketed into very strong "sellers market" territory with under one months' inventory.  Price concessions are getting small or nonexistant, and we have again seen some units sell for over the list price (possibly due to a little bidding war).

After a strong showing at year-end in this segment, there are now 25 units on the market, and 7 pending sales in the last month.  This market segment has thus slipped back into into "neutral market" territory.  Price concessions have been all over the board, but you can probably negotiate $15,000 off most homes in this category.  One would suspect that the extremely hot market in the $400,000 to $500,000 range will start to push into this segment before long.

Inventory in this price range is currently 27 units.  There have been 7 sales in the last month, placing this market segment in a technical "neutral" market.  Price concessions were all over the board, but you can probably negotiate $15,000 off most homes in this category.

Inventories stand at 16 listings in this price category.  With six pending sales in last 30 days, this price range moved sharply into technical "sellers' market" territory.  You can probably negotiate $25,000 off an average home in this category.

With 18 listings, and seven pending sales in the last 30 days, this price segment continues (for the fourth letter in a row) in technical "sellers' market" territory.  The inventory is now at just under three month's supply.  There continues to be strong demand in this price category, where you can currently get a very nice house for under $1 million.  You should be able to negotiate $25,000 to $50,000 off list prices in this price range.

Inventory in this price range is now at 11 listings, and there was one pending sale in the last 30 days, placing this segment in "buyers market" territory.  Prices have been lowered by as much as $250,000 over peak prices.  It may be a good time to buy in this segment.  

With 12 listings and no pending sales in the last month, the income property market has moved into technical "buyers' market" territory.  

North Davis 2/1.25 for $360,000: Great architecture, 1460 square feet, active solar system, parquet floors, North Davis location, this 2/1.25 is a steal at $360,000, or about $250/sqft.  Schedule a showing.

Aspen 2/1 for $390,000: Modern Halfplex in Aspen near wildlife pond on large 4300 square feet lot. Room to add on, or have a really big garden.  Great opportunity for senior or young professor who wants top quality Davis living for under $400,000.  Schedule a showing.

Stonegate 4/2 for $410,000: Four bedroom for about $400,000 makes a perfect investment property.  Great condition.  Great rental location.  Schedule a showing.

Willowcreek 4/3 for $550,000:  Still on the market?  What's up with that?  Special circumstances mean good deal.  Newer 4/3, over 2000 square feet in nice South Davis neighborhood.  Could get it for around $550,000.   Schedule a showing.

Downtown 2/2 for $680,000:  Amazing downtown location, fully remodeled 1300 square foot home unit, plus detached garage, for $680,000.    Schedule a showing.

Northstar 4/3 for $720,000:  Great 4/3 in Northstar.  2200-plus square feet.  It's a good time to make offers in this price range.  Schedule a showing.

Central 3/2.5 for $879,000: Amazing 1900 square feet 3/2.5 on large lot in prime Central Davis location.  Very nice finishes and updates, elegant layout, large yard with pool.  Short walk downtown.  A good property at $879,000.  Schedule a showing.

Aspen 5/4.5 for $999,000:  Premier location on the West Davis wildlife pond.  3470 sqft.  Marble and hardwood floors.  Free form pool.  Balcony overlooking pond.  Or you could just live in Mace Ranch....  Schedule a showing.

North Davis Farms home for $1,500,000:  If you want to live in the most prestigious Davis neighborhood, and can afford it, there is currently a 4000-plus square foot property available.  Amazing property in every way, as you would expect.  Very rare opportunity.  Schedule a showing.

Investment Property:  Prime location, about 6% gross CAP.  Excellent deal that will go fast at $1.1 million.  Schedule a showing.