Back to business:  September 2006 was another busy month for the Davis real estate market.  58 homes, condos, and halfplexes closed escrow (note that this number is actually indicative of market activity in August 2006 when most of the sales actually went pending).  That was on par with year-ago-sales of 62 units during the hot market of September 2005.

In September, the average time on market fell significantly from the month before, from 69 to 59 days.  Housing prices using my favorite measure, median price per square foot, fell a significant amount, from $332.51 in August to $310.12 per square foot in September.  On the other hand, the median price fell just a bit from $580,000 in August to $575,000 in September, and the average price per square foot fell only slightly from $330 in August to $323 in September.

The overall inventory of homes, condos, and halfplexes in Davis fell further to 228 units, from 235 at the writing of last month's Newsletter, and down from a high of about 265 in the Spring.

The sub-$300,000 market remained in "buyers market" territory from after only one sale in August.  There are currently 11 units, all condos, in this price range.  That's obviously a supply of over 6 months.  Buyers are getting an average of about $10,000 off list prices.

This price range slipped deep into "buyers' market, as only one unit in the range went pending in September, while there are currently 40 active listings.  About 10 properties were removed from the market through listing cancellations.  Sales recorded in September showed that most buyers are still not getting significant discounts from list prices.  However, it stands to reason that list prices in this range will fall in coming weeks.

With 45 units on the market, and 3 pending sales in the last month, this price range remained in "buyers' market" territory.  Still, only a few well represented buyers negotiated significant price reductions from list prices.

With 45 units on the market, and 7 pending sales in the last month, this market segment technically moved into  "buyers' market" territory during September.  Some buyers are getting significant price concessions in this price range in the $20,000 range, but most are closer to $5000 to $10,000.  Still, many of the homes in this range are selling after significant price reductions.

With 35 units on the market, and 7 pending sales, this market segment remained in "neutral market" territory.  Price concessions were less impressive in this segment, usually in the $5000 to $10,000 range.  The lower $600,000s is where a family can get a good all-around house, and it continues to be an active range.

With 21 listings and 4 pending sales, this price range moved from "sellers' market" territory to "neutral market" territory in September.  Price concessions up to about $20,000 were not uncommon.  

With 19 listings, and a flurry of 6 pending sale in September, this price segment made a huge swing from "buyers' market" territory to "sellers' market" territory.  It appears that a significant number of affluent home buyers have been waiting until the end of summer to make their purchases, and are now buying, but driving hard bargains too.  It also appears that sellers in this range are in no hurry, as 9 properties were removed from the market.  Price concessions were all over the board, some as high as $100,000, bringing several homes from above to below the $1 million price range.

Inventory in this price range is now only 17 listings, but there was only one pending sale in September, placing this segment in "buyers' market" territory.  Open house traffic has picked-up a bit, and we should expect some sales before too much longer.  Buyers continue to secure significant price concessions.  

With 10 listings and two pending sales in the last month, the income property market is technically in "neutral market" territory.

Cosmetic Fixer 3/2 in the $350-$400K range on decent lot and in a good location.  Excellent investment opportunity or starter home.  For info, call (530) 219-1000.

Modern 1624 Sqft. 3/3 In South Davis in the $450-$500K range:  After a further $25,000 price reduction, this is the best deal on a newer home this size now on the market. For info, call (530) 219-1000.

Core Area Cottage:  It's been a while since we've seen an antique downtown cottage for under $600,000.  I'm tempted to buy this one myself.  For info, call (530) 219-1000.

Amazing modern 5/4 home in A+ West Davis Location in the $800-$900K range:  For info, call (530) 219-1000.

Incredible Aspen Home at $1,125,000:  This listing (by Whitcombe & Co.), a 5/4.5 3470 Sqft. home, is one of the marquis homes and locations in all of Davis.  It has been reduced by almost $200,000.  For info, call (530) 219-1000.

Large 2/1 Condo In North Davis:  At $369,950 and with 1460 square feet, a large living area, a large den with a fireplace, and a breakfast nook, this listing (by Whitcombe & Co.) is in an A+ location in North Davis, complete with a fully functional solar heating and hot water system.  For info, call (530) 219-1000.

Rare Halfplex In Aspen at $399,000:  This 2/1 halfplex (listed by Whitcombe & Co.) is in an A+ location in Aspen, has new tile and carpet, and a large back yard.  These units are loved by all, and come on the market only rarely.  For info, call (530) 219-1000.

Income property:  A 6-unit apartment complex presents a great opportunity for an investment or 1031 exchange.  This is excellent cash flow for a Davis investment property.  For info, call (530) 219-1000.