The housing market in Davis for most of 2007 has been fairly brisk with fewer homes on the market than during the corresponding time in 2006 and equal or greater number of closed sales than what was seen last year. July was an exception.
July 2007 there were 135 single family homes listed for sale, 31 homes pending and 44 closed sales.
Inventory is still lower than last year, July 2006 saw 191 single family homes listed for sale, 47 homes pending and 61 closed sales.
There are several factors that seem to be slowing the market down in Davis.
1. The troubles in overall housing market. Worries over financing, short-sales and foreclosures, while not a significant factor in the Davis market are starting to have a spill over effect even in a much more stable area.
2. The media. Constant stories about the turmoil in the housing market is worrisome to buyers who are only fed spoonfuls of information.
3. Average active price is increasing. The average active price in 07/2006 was $699,000. Nearly every other place in the Sacramento Region has a lower average active price from one year ago. Today the Average Active Price is $712,000.