As the majority of real estate markets throughout the United States and especially the West Coast was pummeled by the housing downturn, our local market was torpedoed, but we did not sink. Davis, California real estate by the numbers would indicate a model of consistent stability over the last three and a half years. By no means were we not affected by the housing crash, just to a lesser degree than most communities. Many of our neighbors in Northern California saw over a fifty percent drop in housing prices, Davis had a twenty percent decrease during that same period. The average sales price was $484,857 in 2009 and an average price per square foot of $279. In 2010 the average sales price was $485,172 with a $277 price per square foot. The average sales price for 2011 was $476,533 and the average price per square foot was $259. That’s less than a two percent change in prices in that three-year window. Here’s the sales breakdown for Davis through May 24th for the year 2012.
Central Davis:Sold- 22 Avg. Square Footage- 1786 Avg. Sales Price- $541,141
North Davis: Sold- 39 Avg. Square Footage- 1579 Avg. Sales Price- $372,988
East Davis: Sold- 38 Avg. Square Footage-1676 Avg. Sales Price- $424,571
West Davis:Sold- 32 Avg. Square Footage- 1749 Avg. Sales Price- $440,289
South Davis:Sold- 25 Avg. Square Footage- 2326 Avg. Sales Price- $581,900
Projecting those numbers for the entire year, Davis would have a six percent increase in the number of sold homes and a slight drop in home prices. We do expect the sales prices to fall more in line with the last three years, that would make a four-year run in housing stability at the end of 2012. That’s a stunning feat when you consider the affordability aspect. You can purchase two homes in most neighboring communities for the price you might pay for one home in Davis. Many of those homes outside of Davis are bank-owned and short sales, where as the majority of properties that are sold in Davis are the traditional seller and buyer transaction. The supply of homes on the market are well below the normal seasonal inventory and that has created a supply and demand factor that have favored the seller. The consistently low mortgage rates have kept the demand high. We would certainly prefer an increase in housing prices, but stability is a nice alternative to the downturn that affected our local housing market prior to 2009. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and our surrounding communities.