The Davis market continues to be reasonably solid despite the mortgage issues. The lack of new homes continues to lessen the impact of the mortgage crisis. Davis is a much more balanced market for buyers and sellers than our surrounding communities.

New subdivision tracts in Davis are less likely to be built because Measure J requires voter approval of any new subdivision outside of the existing City limits..

Probably due to limited new construction, the number of homes sold in Davis has steadily declined over the years. The number of sales in 2011 were down almost 46% from 2002. 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 a market improvement.

Interest rates for conforming loans are currently near record lows. Loans over $417,000 but, at or under $474,950, are considered jumbo conforming and, with add-ons are, for Yolo County, somewhat higher. Above that asking price, rates are somewhat higher. Also, the sources for no document and no down payment loans have disappeared. Many buyers are now using FHA loans to get into homes with only 3.5% down plus FHA closing costs. Rates and fees are changing constantly so check with a good lender to find what rate and max loan you can get.

Residential sales prices rose steadily and peaked in 2006. (Rural properties not included.) We saw prices drop every year since then. Last year's median sales price is still almost 19% higher than 2002 prices. Davis homes are still selling at close to the asking price. Data for 2009 showed even fewer sales than 2008. Number of sales grew slightly in 2010 and 2011 but the median sales price slid slightly. Homes requiring jumbo loans appear to be hit the hardest. For actual monthly market data back into the late 1990s, contact Julie.

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There are still relatively few short sales and foreclosures in Davis. The steady demand from the University is keeping Davis values solid.

Data used for the Davis tables are from the Yolo County Association of Realtors' Multiple Listing Service. It is believed correct but is not guaranteed. It does not depict all sales in Davis.