- Market Updates -
Hello, hello!
Hope everyone is enjoying these slightly longer days. As we had a new listing hit the market, it was more work than adventure this weekend. I did manage to fit in a nice (early!) trail run. Our latest listing went on the market Wednesday and should be going pending today with a happy seller! As you might imagine, the most commonly asked question I get is "what is happening in the market?" Let's look at the data! We are starting to see more properties with multiple offers as well as a higher number of offers on what I call the "A" properties (the most desirable property in the category). We went from 1 to 2 offers on average to 3 or 4 offers just over the past month. Buyers appear to be adjusting to the new normal interest rates in the 6% range.
In the past two weeks in Davis real estate, we have seen the following:
- Forty-five new listings came on the market, and 16 have already gone pending.
- The median price is $899,000 (average price $912,000)
- Prices range from $399,000 to $1,749,000
- Interesting tidbit, the median year built is 1977 (compare this to the year built for pending's).
- Thirty two homes have gone pending.
- The median price is $834,000 (average $960,000)
- The median year built is 1985 (average 1983). My comment here is just that even though older homes are dominating the new activity, the "newish" homes are the ones that are going pending.
- Twenty-three of the pending listings received multiple offers and eight had three or more offers! This is an upward trend.
- Thirteen homes closed escrow.
- The median price is $795,000 (average $836,000)
- Median year built 1990 (average 1986) - again, this tells us that at the moment buyers are opting for the newer homes. My experience is that buyers don't want to take on deferred maintenance, so if you are selling an older home getting the obsolete roof or air conditioning fixed could put you at an advantage. Something to think about. Deferred maintenance isn't the only reason buyers opt for homes built after 1980. In working with buyers, I've heard higher ceilings, increased storage, and avoiding the possibility of lead and asbestos cited as well.
- Nearby Happenings -
Midnight Jazz Trio at the Davis Wine Bar I Saturday March 22nd, 7:00 PM I 611 2nd St, Davis
- Pick of the Week -
Book: The Book Thief
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