- Market Update -
Hello, hello! Hope everyone had a great weekend. The theme of conversation for our team meeting this morning was recognizing our upper limits physically, emotionally, and professionally. Our team places a high value on work/life balance. Taking time for life outside of work keeps us refreshed (see what I did there?) and pushing our upper limits keeps us growing and sharp.
In real estate news, the season is in full swing! Davis currently has 83 active and 31 pending homes.
Over the past two weeks, we have seen the following:
Thirty-eight new listings came on the market (12 have gone pending).
Median active price is $889,000 and average active price is $1,000,012.
Median pending price is $994,000 and average pending price is $1,144,000.
Seven of the pending listings received multiple offers - including six for 1213 Purdue which I mentioned in the last newsletter.
As we can see, the options have increased for buyers and therefore the demand is better distributed (ie: fewer multiple offer situations).
Almost half of the sales closed above the list price and five closed below the list price.
Median closed price $960,000, average closed price $957,000.
Five closings were cash, one private, and the remainder were conventional financing.
I'm going to reserve comments to see what happens over the next few weeks with the volatility in the stock market, impending tariffs, and unchanging interest rates. Interesting times.
Watch for our next newsletter on May 1!
Image description: Metrolist Chart showing active and pending listings in Davis.
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