Market Update - Focus on Davis
The city of Davis (zip code 95616) seems to be holding up well in this turbulent market. When contrasted with a few other cities, the number of active listings in Davis have fallen along with the number of solds which keeps prices fairly stable.
In 2006, 406 single family residences sold for a median price of $587,500. This year so far 189 homes have sold and 8 more are pending sale for a median price of $560,000. A drop in prices of less than 5% - not bad. But here’s what’s interesting. There are only 67 more houses for sale and their median price is at $630,000.
We see the same result with condos in Davis. In fact, the median value of condos is up since last year, when 57 condos sold for a median price of $329,900. This year, fewer condos sold - 21 to be exact - but the median price was $336,000. 4 more condos are pending sale. There are currently only 16 condos for sale between $259,500 and $577,900.
The Sacramento Bee today reported that Davis is the 56th most expensive place to live in a survey of 317 American housing markets. Sacramento ranks as the 197th most expensive.
