Our local housing market is as different as night and day when comparing last years numbers to this year. As our economy improves more buyers are entertaining purchasing larger more expensive properties. The lack of inventory certainly has a say in this equation. The entire state has had huge increases in sales prices and limited inventory is the big factor.
This time last year, buyers were cautious and paying over 4% for a 30 year fixed rate mortgage. That was record lows to that point and then rates continued the downward spiral through the rest of 2012. The plummeting mortgage rates and the decreased inventory are the main reasons our housing prices have made huge gains through the first two months of this year. Let’s take a look at both the Davis and Woodland markets in 2013.
Davis Housing: There are presently 47 homes for sale. The average listed price for those homes are $552,074. They average 1,918 square feet a piece. Year-to-date there have been 52 properties sold with an average sales price of $482,183 and those homes averaged 1,846 square feet. Through the same time period in 2012, there were 42 sold properties that averaged $411,720 and 1,616 square feet a piece. That’s a 15% increase in sales price. In 2011 there were 44 properties that sold with an average sales price of $449,390 and 1,717 per square foot. Davis real estate has few bank owned homes or short sales, which makes this increase in property values even more amazing.
Woodland Housing: Currently Woodland has 47 homes for sale. The average listed price is $304,074 and those homes average 2,024 square feet a piece. Year-to-date for 2013, Woodland has had 64 properties sold. They averaged $225,420 sales price and 1,683 square feet. In 2012, Woodland had 84 sold properties with an average sales price of $182,180 and 1,588 square feet a piece. That’s a 20% increase in property values this year compared to last year. In 2011, there were 83 homes that sold. Those properties averaged $197,238 per home and 1,633 square feet each. A high percentage of the present inventory and the homes that have sold over the last three years were either bank-owned or short sales.
We can probably expect more of the same in both Woodland and Davis as we head into the second quarter of 2013. Which means an extremely low number of homes to choose from and many properties receiving multiple bids. 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 the surrounding communties.