Hello hello! Be advised, it's Picnic Day weekend - meaning, you probably will not be able to get into a restaurant or get a parking spot Friday evening or Saturday midday forward. It should be nice weather unlike last weekend's stormy weather. In spite of the downpour, I held open houses at my latest listing on La Playa and it was quite busy! Met a lot of great folks who are reading the market update already or happy to be new subscribers!

Things went as planned, and we received six offers on La Playa and are in contract with a backup offer. Other than the weather, there were no real "adventures" last weekend. However, I will be running a trail half marathon Saturday morning. At the start, it feels like there is so much ahead but before you know it - finish line! Same with transactions. The pre-market preparation takes a long time, but negotiation and contract seem to go fast (because we like to get the work done in advance!). Yes, I love a good segue. 😉

As for the market, There are currently 98 active and 44 pending properties in Davis. Over the past two weeks, we have seen the following: 

• Thirty-two new listings came on the market. Thirteen have already gone pending. 

• Median active price was $769,000 (average $920,763).

• Prices range from $400,000 to $1,799,000. 

• Twenty-three listings went pending. Nine were on the market for less than a week. 

• Median pending price was $890,000 (average $918,339). 

• Twelve of the pending listings received multiple offers - most notably seven on Estrella, six on Harrier, and five on La Playa. 

  • Estrella was priced such that multiple offers were almost guaranteed. La Playa was priced to attract a lot of attention/probable multiple offers. However, Harrier was a bit of a surprise to a lot of agents. I didn't get the chance to see it before it went pending, but North Davis/greenbelt lots are typically competitive. 

• Seventeen listings closed escrow.

• Median closed price was $848,000 (average $987,000).

• Five closings received multiple offers.

• Six closings went over the list price - El Cemonte was 16% over (bright/open floorplan and huge kitchen). 

• Nine closings were cash, and the remainder were conventional financing.

Overall, the Davis housing market is behaving predictably. Early in the year, it can be a little bit of a guess as to how strong the market is going to be. Once we settle into April, we (local agents) have an inkling of how much supply and demand is in the pipeline. It seems to me; the current cohort of buyers are looking for value relative to other homes and pricing needs to reflect what is being offered. This is what happens when buyers have options. They take their time, consider the options, and compare value. What causes buyers to move fast is when the value is clear. Hope this makes sense. Would love to hear what y'all out there think. Agree? Disagree? 

Questions? We offer complimentary buyer and seller consultations. Even if you are in the early exploration stage, we encourage you to reach out! 

The next newsletter will be sent your way April 30th! To view the Refresh Newsletter featuring neighboring communities, simply click the corresponding image at the bottom of this email. 

Image description: Metrolist Chart showing active, pending, and closed listings in Davis

-NEARBY HAPPENINGS-

Picnic Day I April 18th I Various times and locations

Picnic Day is one of UC Davis’ most revered traditions and serves as the university’s annual Open House for prospective and current students, families, alumni, staff, faculty, and the greater Davis and regional communities. 

-PICK OF THE WEEK-

Vininni I 1206 Lake Blvd Ste 116 I Thursday & Friday 3-9PM, Sat 12-9PM, Sun 12-7 PM

Vinnini is a family owned wine bistro in the West Lake community of Davis offering wine, panini sandwiches, soup, charcuterie, Italian soda, and desserts. A cozy setting for friends to meet for a drink and a small plate. They also have live music on occasion!