Market Rebound.......By The Numbers.

I have been sensing an increase in activity in the Davis real estate market , as well as the rest of Yolo County, for the past 6 to 8 weeks. As my previous posts revealed, the buyers came out with the spring weather in northern California.

The numbers year-to-date bear this out for existing homes sales, as the number of homes sold increased again in April, after an up-tick in March.  Asking prices had to come down to spur the volume of home sales, thus the median price was going lower in April and down significantly from April of last year.

The existing home sales are being driven largely by first time buyers and investors who are snapping up the condos, entry level homes, bank owned & short-sales. They are driving the volume increase as the same market  forces we see nationwide, are driving the median price decline.

New Home sales are not fairing as well. Builders in this area are burdened with an overage of larger, more expensive homes, and are marketing these to the move-up buyer. The numbers reveal that although sales remain sluggish, the median price is actually increasing, as the remaining inventory is largely in the higher priced homes.

Here are the year-to date sales numbers:

 Many people contact me through my website seeking information about relocating to Davis. They often experience "sticker shock" when they see median home prices like the ones above, particularly if they are coming from the midwest.  But I guess that is true for almost all of California.

The good news is that spring has brought new life to the Davis and Yolo County real estate market, and from what I see in my own business and around the office, the volume of sales in May will top the April numbers for sure.

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