Davis - March 19, 2025

 

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.

 

Fed Chair Jerome Powell announced this week that rates would remain for the meantime but also forecasted two cuts in 2025. In terms of inventory, at this point last year, we had closed 69 listings. In 2025, we closed 65 listings. So, at the moment, things appear similar to last year. I will be keeping a close eye to see if the trend changes over the next month or so. 

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.

 

It is important for sellers to understand what is happening in the current market. Strategic pricing is critical to avoid price reductions, delays in selling, properties stagnating or becoming stigmatized. This is why the team, and I look to the data and share this information. If you prefer a deep dive, whether buyer or seller, contact me for a consult. 

 

The next newsletter will be Thursday, April 3rd. To access the Refresh Newsletter featuring neighboring communities, click or scan the QR codes at the bottom of this email.

 

 

 

World-class jazz in the heart of Davis! Join Davis Wine Bar Saturday night for an unforgettable evening of smooth tunes, vibrant vibes, and great company—all for free! 

 

Sip on wine by the glass or bottle, and savor bites or full plates. It’s the place to be for an elevated, yet cozy Saturday night out. Bring friends, enjoy the music, and make it a night to remember! 

 

 

Picked by: Lori Prizmich

 

The Book Thief is a story narrated by a compassionate Death who tells us about Liesel, a girl growing up in Germany during World War II. She steals books, learns to read, and finds comfort in words. She and Max, the Jew her family protects, are the only main characters that survive the war.

 

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