The number of days on market in 2015 to get an accepted offer was about the same as it was in 2014.
Davis home prices will stay stronger than most communities because Measure J that was passed several years ago requires voter approval of any new subdivision outside of the existing City limits. Some small infill projects are underway.
The Cannery is the only large subdivision that is currently on the market.
Residential sales prices last year continued to climb but haven't reached the previous peak in 2006. Davis homes are still selling at close to the asking price. Partially due to limited new construction, the number of homes sold in Davis has stayed low over the years. The number of sales in 2016 was down almost 28% from the peak in 2004. All markets, stocks, bonds, homes, etc. are driven by supply and demand. The current supply in Davis is lower than normal partially because discretionary sellers are waiting for further market improvement and the lack of new affordable homes.
This has happened before in Davis.
For 2017, prices are up 11% & number of sales is down 14%
For all of 2016, sales and prices are up only slightly from 2015.
* Based on data from the Metrolist Multiple Listing Service. The numbers may not represent all Davis sales.
The Davis market continues to be strong. Mortgage underwriting issues make getting a loan more difficult than in the past but there are still a number of programs available that do not require a 20% down payment.
Some buyers are using FHA loans to get into homes with only 3.5% down plus FHA and other closing costs.
Rates and fees are changing constantly so check with a good lender to find out what rate and max loan you can get, what all the closing fees are and what your payment would be.
The number of sales in 2015 were almost 10% higher than in 2014.
*Data used for the Davis tables and graphs are from the Metrolist Multiple Listing Service. It is believed correct but is not guaranteed. It does not depict all sales in Davis.
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