The summer real estate season is over in Davis and the students have come back to town to fill up the rental homes and apartments. The number of homes sold in Davis was down in the summer quarter compared to the same period in 2008.
Why are sales down? One reason might be the change in lending standards that have occurred since the financial “meltdown” that took place last fall. With tighter credit standards, it’s harder to get home loans, so less people are qualifying as prospective buyers. Fewer buyers can mean fewer sales, and usually lower prices. The median price is also affected by the simple fact that entry level homes and first time buyers are moving faster than the rest of the market due to the $8,000 first time buyer tax credit currently in place. So more low end and entry level homes are selling.
The numbers below provide the details:
There is one silver lining. Homes are taking less time to sell. Last year the average days on the market for a listing was 59 days, in 2009 it took 51 days, on average to sell a home.
If you are interested in selling a home in the Davis area, contact me for a free home value estimate and check out my tips for Davis Home Sellers for some great tips on how to sell your home in a tough real estate market.
source: Metrolist MLS
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Thanks so much for the information. Great real estate stuff. skyline brickell
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