Davis Housing Market Report-Third Quarter 2016

The Davis housing market saw little change in the third quarter of 2016 compared to the same quarter a year ago.

  • One hundred and fifty-seven (157) homes (detached, half-plex, and condos) sold in the third quarter which is a 7% decrease from the same quarter a year ago.
  • Average home value for the quarter was $585,533 which is unchanged from the same quarter a year ago.
  • Average square foot price increased four percent to $350 in the third quarter from $338 in the third quarter.
  • Homes were on the market an average of 34 days which is a 22 percent increase from the third quarter of 2015.
  • Fifty-eight percent of homes sold below list price compared to 29% that sold over list price.
City of Davis Q3 2015 Q3 2016 % Change
Sold units 169 157 -7%
List price $600,776 $602,314 0.3%
Sold price $586,594 $585,333 -0.2%
DOM 28 34 22%
Sold price / Original list price 99.4% 99.3% -0.1%
Price per square foot $338 $350 4%
% Sales below list price 56% 58% 4%
% Sales over list price 30% 29% -3%

By Area

North Davis had the most sales with 48 followed by East, West, South and Central Davis.

Central Davis had the highest average sale price of $726,000 followed by South, East, North, and West Davis.

Homes sold the quickest in East Davis followed by Central, West, South, and North Davis.

Homes in East Davis on average sold at a 0.2% premium, while all other areas of Davis sold on average at a 0.2-3% discount.

More than 70% of sales in Central and North Davis were below list price compared to less than 25% of sales over list price.

East 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

Approximately three-quarters of home sales or 74% were detached home, 16% were condos and less than 10% were half-plexes. The average sale price for detached homes was $665,000. Half-plexes sold for on average $423,000 and Condos on average sold for $300,000. Condos on average sold in 41 days compared to detached and half-plexes which sold in 33 days.

By Property type Detached Halfplex Condo
Sold units 116 15 25
% of total sales 74% 10% 16%
List price average $686,626 $428,400 $303,588
Sold price average $665,023 $423,167 $300,684
DOM average 33 32 41
Sale price to Original List price 99% 100% 99%
Price per Square foot $366 $348 $281
% Sold below list price 60% 40% 56%
% sold over list price 29% 47% 20%

Average Home Sold in Q3

The average home sold in Davis in the third quarter had 3 bedrooms, 2 bathrooms, 1,894 square feet of living space, was 33 years of age and was situated on a 7,600 square foot lot.

By Price Range

Sales in Davis ranged from $213,000 for a condo in North Davis to $1.72 million for a single family detached home in Central Davis.

  • Over two-thirds of sales were between $300,000 and $700,000.
  • The hottest price range was $400,000 and $499,999. There were 33 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 three months.

Financing Type

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

  • Approximately three quarter, or 78%, of the homes purchased were made with conventional financing.
  • Cash sales made up only 19% of sales.
  • FHA and VA made up 2% of sales.

Fourth Quarter Forecast

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

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.