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THE DAVIS CALIFORNIA REAL ESTATE
NEWSLETTER
Note from Joseph: "In the last three months, the data
housing prices in Davis have been very stable. However, the month
of July gives cause for some concern, as sales appeared to slow
considerably. As of this Newsletter, there have been only 37 pending
sales in Davis in the last 30 days. The house/condo/halfplex inventory stands at
191 units. Suddenly, there is in excess of five months' inventory,
after several months of less than three months' inventory through the
Spring. That puts the overall
market in technical "neutral market" territory after a
Spring "sellers' market." However, if sales remain slow,
it is quite possible that new listings will push inventories higher and
lead us into a flat-out buyers' market. Is the Davis market
finally being dragged down by the horrible Sacramento-area market?
Davis still does not have the problems in the sub-prime area that
Sacramento has, and there
are still very few foreclosures. But only time will tell.
The good news is that buyers have suddenly found themselves with a
very large amount of bargaining power, and a good selection. In this market, it is imperative that buyers be willing
to walk away if they can't get the deal they want.
Joseph Whitcombe is a REALTOR, real estate broker,
and attorney at law, and holds an economics degree from UCLA. Mr. Whitcombe
specializes in serving buyers and sellers of homes, condos, and
investment properties in Davis, California. Whitcombe & Co.
had the highest average transaction value of any real estate agency in
Davis in 2005 and 2006.
"I'm here to help,
and I need and appreciate your business. If you need a REALTOR,
please give me a call at (530) 219-1000..."
Email Joseph at: contact@davismls.com
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WHITCOMBE & CO. FEATURED
LISTING |
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In This Issue:
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* June 2007 Real Estate Market Report For Davis |
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* Joseph Whitcombe third out of
100 agents in July closings |
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* Listings of note |
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June 2007 Market Report For Davis:
Good sales clip ahead of last year's pace, time on market falls
again, overall inventory rises a bit in normal seasonal
adjustment, and prices continue to solidify |
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June is usually a busy month in terms of real
estate closings. June 2007
was strong, with closings up to 79 from 63 in May.
June 2007 was also stronger than the same month last year, with sales up
a modest 7%(note that
these numbers are actually
indicative of market activity in March 2007 when most of the sales
actually went pending).
In June, the average time on market was 51 days, a
slight rise from the 46 days in April. Overall
housing prices
using my favorite measure, median price per square foot,
were $325.00 in June, essentially unchanged from April. The average price per square foot
also dropped a bit to $330.00 in June, down from $337.00 in
April. On the other hand, the volatile median
sale price rose a bit to $539,000, from $529,000 in April.
Taken as a whole, the data again show that prices at least
held their ground through June. We now have at least
eight months in a row
of relative price stability, although the numbers so far in
July give some cause for concern. July prices also remained
solid (see the next newsletter).
The overall inventory of homes, condos, and halfplexes in
Davis rose modestly to 191 units, up from 180 at the writing of
the last Newsletter, (and still moderate compared to the high of about 265
units in the Spring of 2006).
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| Price Range |
Current
Market Conditions |
| Up to
$300,000 |
With 11 listings and
four sales in the last
month. This price range is currently in a technical "sellers' market".
However, it's hard to consider a price category to be in
a "buyers'
market" with only three listings.
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| $300,001-$400,000 |
This
price is still in a technical "neutral market".
There are 34 units on the market, and six sales in the
last 30 days. That's an inventory approaching six
months and a buyers' market. Price concessions have
become larger, and you should try for about $25,000 off
the list price.
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| $400,001-$500,000 |
With 34 units on the market, and
five pending sales in the last
month, this price range is now in a technical "buyers'
market". You should drive a hard bargain.
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| $500,001-$600,000 |
This
segment has now heated up. There are 32 units on the market, and
nine pending sales in the last
month. This market
segment has fallen from "sellers'
market" to "neutral market"
territory. If you negotiate well, you should be
able to get a very nice house in this price range.
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| $600,001-$700,000 |
Inventory
in this price range is currently 27 units. There have
only been four in the last month, for an inventory of
over six months. Thus, this market segment
is now in a technical "buyers' market."
If I were buying, I would be offering $50,000 off the
list price of the average home.
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| $700,001-$800,000 |
Inventories
stand at 21 listings in this price category. With
two pending sales in last 30 days, this price range
moved into serious "buyer' market" territory
after its very strong showing earlier in the year.
You can probably negotiate at least $30,000 off an average home
in this category.
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| $800,001-$1,000,000 |
With 18 listings, and
four pending sales in the last 30
days, this price segment is now experiencing technical "neutral' market".
There continues to be relatively strong demand in this price
category, where you can still get a very nice house
for under $1 million. Price concessions may be
rising in this range, however,
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| Over
$1,000,000 |
Inventory
in
this price range is now at 15 listings, and with three pending sale in the last 30 days, this segment
continues in "neutral market" territory.
There appears to be around 10 buyers shopping in this price
range.
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| Income
Properties |
With 18 listings and
no pending sales in the last month, the income
property market has moved into technical "buyers' market"
territory. Sellers are asking too much for
their properties, given that you can earn up to 6% on
your money in a savings account.
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| Estimates
reflect Whitcombe & Co.'s subjective assessment of
Davis real estate market conditions based on sales and listing
data from the MLS, general
market activity, and buyer and seller attitudes. A
sellers' real estate market is indicated when homes sell quickly at
or above their listing prices, and/or when inventories are
low. A
neutral real estate market is indicated when homes sell at or just
below their listing prices within a reasonable period of
time, and/or
inventories are moderate. A
buyers' real estate market is indicated when homes tend
to sell for
significantly less than their list prices, remain on
the market for longer periods of time, and/or inventories
are high.
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July Big Month for Whitcombe & Co. |
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I was tied for third place among the more than 100
Davis-focused real estate agents in terms of the number of
closings in July, 2007.
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| Listings of
note: These are listings I believe are special because
of the quality of the property or the price. Prices
reflect a target price rather than the list price. |
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North Davis 6/3 for $850,000: Covell Park beauty,
almost 3300 sqft., right on the greenbelt. This is
true Davis living. Drive a hard bargain, and get a
great house.
Willowbank 5/3 for $1,000,000: On 1/3 of an
acre, this 3800 sqft. home is quite amazing.
North Davis 4/3 for $580,000: Great 4/3 in
Covell Park. 2000-plus square feet. Down from
almost $700,000.
Modern 3/2 for $400,000: Great deal on a 1350 sqft.
3/2 in South Davis. A perfect starter home or
investment property. Price down from $445,000.
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The information in this
newsletter is thought to be accurate, but not guaranteed and should not
be relied upon for any reason. The opinions in this Newsletter are
provided in good faith, but are not guaranteed to be accurate and
should not be relied upon. If you want advice you can rely on in
making decisions about real estate matters, you
should directly consult a real estate broker. The information
regarding market conditions in this newsletter was derived on July 30, 2007, and is believed to be accurate as of that date.
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Copyright
© 2007 Whitcombe & Co., ALL RIGHTS RESERVED
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NEED
REAL ESTATE SERVICES? CALL
JOSEPH AT (530) 219-1000