Davis Housing Market Report-Fourth Quarter 2016

Overall Market

The Davis housing market in the fourth quarter saw fewer sales. However home values were up and homes sold at a quicker pace compared to the same quarter a year ago.

  • One hundred thirteen (113) homes (detached, half-plex, and condos) sold in the fourth quarter which is a 6% decrease from the same quarter a year ago.
  • Average home value increased two percent to $639,500 from the same quarter a year ago.
  • Average square foot price increased two percent to $340 in the fourth quarter from $333 in the fourth quarter of 2015.
  • Homes were on the market an average of 38 days which is a 10 percent decrease from the fourth quarter of 2015.
  • Sixty-five percent of homes sold below list price compared to 35% that sold over list price.
Davis Q4 2015 Q4 2016 % Change
Number of solds 120 113 -6%
List price $644,000 $667,300 4%
Sold price $626,000 $639,500 2%
Days on market 42 38 -10%
SP/ OLP 99.3% 98.5% -1%
Price per Square foot $333 $340 2%
% Sold below list price 66% 65% -2%
% Sold at or over list price 34% 35% 4%
SP=Sold Price, OLP=Original List Price

By Area

  • North Davis had the most sales with 28 followed by South, East, West and Central Davis.
  • South Davis had the highest average sale price of $725,000 followed by Central, North, East and West Davis.
  • Homes sold the quickest in Central Davis followed by West, East, South, and North Davis.
  • Homes in Central Davis on average sold at value, while all other areas of Davis sold on average at a one to two percent discount.
  • More than half of the sales in Central Davis were at or list price or above list price.
  • Central Davis was the hottest area for home sales when considering the high sale to list price ratio and how quickly homes sold in the area.

By Type

Over 83% of home sales were detached home, 11% were condos and six percent were half-plexes. The average sale price for detached homes was $688,000. Half-plexes sold for on average $445,000 and condos on average sold for $340,000. Half-plexes sold the quickest followed by detached homes and condos.

Average Home Sold in Q4

The average home sold in Davis in the fourth quarter had 3 bedrooms, 2 bathrooms, 1,921 square feet of living space, was 35 years of age and was situated on a 7,058 square foot lot.

Average home characteristics
Size (SQF) 1,921
Bedrooms 3
Bathrooms 2
Lot size (SQF) 7,058
Age 35

By Price Range

Sales in Davis ranged from $229,000 for a condo in North Davis to $1.7 million for a single family detached home in South Davis.

  • Over fifty percent of sales were between $400,000 and $699,000.
  • The hottest price range was $400,000 and $499,999. There were 20 sales and the average days on market was less than three weeks.
  • Homes priced between $900,000 and $999,999 sat on the market for over two months.

Financing

A majority of home buyers took out a mortgage to purchase their home in the fourth quarter.

  • Approximately 70% of the homes purchased were made with conventional financing.
  • Cash sales made up only 24% of sales.
  • FHA and VA made up 3% of sales.

First Quarter 2017 Forecast

For the first quarter we are forecasting sold prices to increase; day on market to decrease; number of sales to increase; inventory to increase and interest rates to remain flat.

Find out the value of your home in this market by following the link. Or contact us today to learn more about the buying and selling process.