Available Properties

135 properties :  8 residential income properties :  11 short sales

Pending Properties

79 properties
average price : $555,000
average price sq ft : 292.60
average days on market: 43
average size: 1929 sq ft

Sold Properties (since Jan 1)

75 properties
average price: $482,900
average price sq ft: 286.40
average days on market: 66
average size : 1726 sq ft

A Notable Sale…

309 10th Street - open, airy, breezy small home with a beach cottage feeling walking distance from campus. This is not a fancy neighborhood but it is friendly, built on a human scale, and it has sort of a nostaligic homey feel.  This house had been added on to (master suite upstairs, garage integrated into home as a entertainment room) for a total of 2056 sq ft with no garage. The garden had a wonderful jetted dipping pool, new deck and tropical landscape. So delightful was this house, it sold at a whopping $730,000 list price in just a couple of days…

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19. Davis, Calif.

Population: 68,660
Location: Between Sacramento and the Bay Area, though definitely solidly part of the Sacramento metro area.
Median income: $52,322

Strongest categories: Davis attracts a high share of people with a bachelor’s degree or higher (70%) and international workers with education (who represent 6% of the adult labor force). A college town, it’s stocked stocked with plenty of restaurants and bars.

Drawbacks: It’s a decent hike to Northern California business capitals San Francisco and San Jose. It lacks the world-class entertainment those cities regularly attract. Further, Californians earning $52,322 have a difficult time making ends meet.

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The spring market is up and running.  Here is  a snapshot of the market today:

We have 64 new listings, but 99 new pendings and solds - very short supply of homes, particularly for this time of the year.  Here is a breakdown of the year so far:

So, why a good time to buy?  Those sellers who have listed their homes have done so because they REALLY need to sell (the others are still waiting)!  AND the interest rates have almost never been lower.  Two weeks ago I had two clients secure loans (with 50% down and amazing over-800 credit scores) of 4.3% with a couple of points.

From listening to buyers, sellers, friends, disinterested parties, interested parties, - from all of them I gather that there is a lot of pent up desire - some want to sell their homes and downsize, some are looking for larger homes. They have stopped their search in the past 18 months due to market conditions.  My guess is that we are going to see people coming out of the woodwork in droves ready to buy, ready to sell.

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  Number of sales is only 55% of the past 3 year average.  Average home price is down 5% from 2007.  Price per sq ft is down 7%.  But also down is DAYS on the MARKET - homes are selling faster.  (The selling price/ list price ratio is holding at 96.5%, but be aware that this is a misleading number - the MLS only measures the difference between the LAST listed price and the sales price.  I have corrected this glitch in chart of sold homes below.) The good news? We have 23 sales pending.  Average price is $493k, $280 sq ft and 105 days on the market.   

With only 105 properties on the market no Davis homes should be languishing, yet some are. It seems to me that sellers are understandably having a hard time coming to grips with lower prices.  Many of our homes are priced as if it were 2006.  Being only 15 miles from the countries foreclosure capital, buyers from the bay area are looking for bargains.  Sorry, only 16 of these homes are short sales… If you are curious to know, here is what has sold so far in 2009:  

More buyers are visiting my listings in the past two weeks and I *think* that we are about to start our spring market in earnest.   -Jamie Madison  

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Greetings friends - checking in to report to you what our market looks like so far in 2009.  We have a phone system at Coldwell Banker that agents phone in to when they have a new listing, offer or sale to report.  That phone systems has been mighty quiet lately. Slow to get started this year, the spring listings are beginning to trickle in (we currently have a 2.8 month supply of homes).  But the announcements of sales have not yet started. I took a look at January 2008 vs. 2009 to see what it looks like on paper. The truth is, January is just plain slow, no matter what the year!

                                                          2008                     2009
Davis Home Sales                           10                           14         +40%
Days on Market                                 88                           81
Median Price                                   $525k                    $435k    -17%
Average Price                                  $549k                   $455k     -17%

Yolo County Home Sales                46                           58          +26%
Days on Market                               107                          68
Median Price                                   $322k                    $299k     -26%
Averagae Price                                $391k                    $273k     -30%

I am sure that it is obvious to you, but the increase in sales/decrease in time is a reflection of investor interest in short sales and foreclosures in Woodland, not Davis.

-Jamie Madison

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REHAB - Kitchens and Baths Matter Most!  4 Rehab “must-do’s”

1. Universal bath design - roll-in showers with grab bars that match other fixtures (can you say aging demographic?)

2. Kitchen island - not a boring square, but one that is furniture-like and filled with storage

3. Sealed shower - with multiple shower heads and an outside vent for moisture reduction

4. Stainless steel appliances - the only choice for ALL kitchens

The kitchen has become a living space, not just a work space.  Open it up to the extent that you can, and create a kitchen island.  Preferences:
 
Materials - light colors, white walls, shaker style cabinets, white soapstone or marble counters (or quartz  silestone in my book), or soft cream white stones with recycled copper accents.  Add glass panel doors to some cupboards.  Update hardware.  Paint the upper kitchen cabinets….(yes, that is what their designers suggest).  Stainless steel is still a must for appliances.

Accents - use small areas of strong, saturated colors and warm grays.  A little bit of shimmer - glass or metalic small tiles on the backsplash - will pop the colors.  Bright colors are popular for the laundry room.

Lighting -be excessive with natural and manmade lighting.  Add skylights, have light come from multiple walls AND from above.  Use LED lighting under countertops and around glass doors and cabinet shelving for inexpensive ambiance. Place inexpensive fixtures on top of cabinets that don’t reach the ceiling.  Put dimmer switches everywhere.

Storage - you can never have enough. If possible, add a pantry.  Turn kitchen islands into storage with built-in wine racks and appliance storage.  Add roll-out shelves. Garage and ample laundry room storage is a huge hit with buyers.

Earth-friendly - the move towards sustainable products is big now.  Try using eucalyptus wood that can be harvested in just 10 years.  Use recycled copper. Find water-saving features that allow you to preset water volume and temperature. (while in Davis visit Case Verde Designs for a really great introduction to green materials.)Custom is king - even if you are trying to spruce up your house on the cheap, add just a couple of luxury features - a kitchen island with the feel of fine furniture, a custom hutch in the bathroom, a panel to blend your refrigerator or dishwasher with the cupboards, for example. Or splurge on a wonderful light fixture over the island.

Five features that buyers want most:1. 36% want a separate enclosed shower in the master bath
2. 31% want an eat-in kitchen
3. 24% want high-end appliances
4. 23% want granite counter tops
5. 21% want a kitchen island.

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If this snapshot were better lit and closer up you would see how remarkably silver my hair is now!  Small price to pay for the honor of being the Number One Buyers Agent in Davis for all of 2008 (based on dollars sold.)  Awards were handed out today. This one is worth a frame.  It was a challenging year to find good homes in Davis.  Fortunately, I had the most amazing and wonderful clients - across the board!  Thank you very much for making me a stand out.

-Jamie Madison

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Consider the percentage of change in average price for single family homes in Davis: up 18% in 2005, up another 2 % in 2006, down 8% in 2007, and down 6.6% in 2008.  Overall home prices are still up 5.4% from 2004….

However total revenues from homes sold are considerably down however - almost 50% from 2004 - as the number of sales has dropped from 805 in 2004  to just 423 in 2008:

Looking back over quarterly average price fluctuations for the past three years we see the same shallow descent, but look at the fourth quarter of December.  Davis home prices were up at a time when the world was in an economic tailspin, and there was considerable uncertainty.  Always bucking the trends in Davis…

Let me know if I can help you think about this in the context of your needs. 

-Jamie Madison

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Easy, gracious living at 5612 Tufts Street.  When my clients/friends bought the home across the street, Betsy noticed that people treated her more nicely when she gave them her Tufts Street address.  Tufts is a micro-neighborhood with children playing in the street, nice well-tended homes, a little diversity and more of a sense of place than you would expect to find in a neighborhood of 6 year old homes.  I know several people who live on Tufts and can personally attest!

At 2836 sq ft (on an 11,300 sq ft lot), this single story floorplan is spacious and well laid out - several large areas for casual and formal entertaining and generous private space too.  Wonderful back yard features a lap pool with automatic cover, and the kitchen has great counter space and good features (granite, 6 burner gas cooktop, etc.).  If you are passionate about cooking, you can cook while your friends stand right next to you drinking their wine, and there is still plenty of space to get the job done.

 Exactly one year ago a similar home in the same block was sold in multiple offers for  $40,000 over the asking price.  This home is well priced at $819,000, or $288 sq ft.

-Jamie Madison, 530.574.0596

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Side note: an agent in our office just wrote an offer for a home in Tahoe Park that was listed for $33,000.  You could buy a home in California on your credit card - providing you were the winner in multiple offers.

Sacramento and Yolo Counties           2007        2008      %

Number of homes sold                      6,695        12,132     +81%
Median price                                    330,000    212,000   -36%
Average price                                  369,000     236,000   -36%

Best performing       Average price        % Change from 2007

Davis                            $535,000               -6%
East sac/midtown      $416,000               -9.5%
Granite Bay                $802,000               -12.8%
Folsom                        $423,000                -13.7%
El Dorado Hills           $571,000                -16.4%
South Land Park       $412,000                -18%
Roseville                     $339,000                -19%

Worst performing     Average price      % Change from 2007

Sac - Arden Park     $163,000                  -45%
Madison/Esparto     $208,000                 -43%
North Highlands       $117,000                  -42%
Sac - Florin                $193,000                 -40%
Sac - Natomis            $209,000                 -36%

Our office, Coldwell Banker Doug Arnold Real Estate had a stunning 62% market share in Yolo County.  The next highest market share for a region was just 29% and that went to the Lyon office in South Land Park.

 Stay tuned for more specific year end results for Davis.

-Jamie Madison, 530.574.0596

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