Note from Joseph: July 2008 was a very slow month, with
only 45 transactions closing escrow. Given that there are about 100 Davis real
estate agents, that means that each agent saw, on average, only one deal
close in July (there are two sides to every transaction), traditionally
one of the year's strongest months. Given the fact that a few
"celebrity-model" agents (i.e., agents that like to put their pictures on benches) had five or more sales, about half the agents
had literally nothing to do in July. Many will surely be finding
new lines of business before long. Real estate is a very tough
business right now.
Interestingly, despite the subdued level of sales, inventories have
dropped to low levels for this time of year, far, far, below what they
were during the falling markets of the last two years. There are
currently only 134 units on the market in Davis, down from...