Octobers are usually pretty slow months in the housing market, and October 2006 was no exception. 28 homes, condos, and halfplexes closed escrow (note that this number is actually indicative of market activity in September 2006 when most of the sales actually went pending).  However, that was higher than last October's 21 sales.

In October, the average time on market of sold properties fell to 50 days, down again from 59 days in September and 69 in August.  Housing prices using my favorite measure, median price per square foot, were $326.84, up significantly from  $310.12 per square foot in September.  The more volatile median sale price also rose significantly to $605,000 in October from $575,000 in September, and the average price per square foot rose to $330 in October from $323 in September.

The overall inventory of homes, condos, and halfplexes in Davis fell sharply to 176, from 228 units at the writing of the last Newsletter, and down from a high of about 265 in the Spring.

The sub-$300,000 market remained in "buyers market" territory.  There are currently 8 units, all condos, in this price range, with only one sale in the last 30 days.  That's obviously a supply of over 6 months.  Of the two recent sales, one buyer got more than $25,000 off the list price.

This price range continues in "buyers' market, with five pending sales in the last 30 days, while there are currently 33 active listings.  Price concessions achieved by buyers have increased, some getting more than $20,000 off list prices.

With 33 units on the market, and 6 pending sales in the last month, this price range moved into technical "neutral market" territory.  Price concessions are now in the $10,000 to $15,000 range.

With 43 units on the market, and 3 pending sales in the last month, this market segment continues in "buyers' market" territory.  Some buyers are getting significant price concessions in this price range in the $20,000 range.

Inventory in this price range fell substantially to 23 units as listings were cancelled and expired without being renewed.  Only one pending sale was registered in the last 30 days, placing this market in "buyers" territory.  Price concessions were substantial.  The lower $600,000s is still the price range where a family can get a good all-around house.

Inventory fell significantly to 13 from 21 listings in this price category.  With three pending sales, this price range is in "neutral market" territory.  A buyer in this range can expect to get about $20,000 off list prices. 

With only 12 listings, and four more pending sales in the last 30 days, (after a flurry of 6 pending sale in September) this price segment continues in "sellers' market" territory.  To reiterate, it appears that a significant number of affluent home buyers have been waiting until the end of summer to make their purchases, and are now buying, but driving hard bargains too.  Price concessions were again all over the board, some as high as $100,000, bringing several homes from above to below the $1 million price range.

Inventory in this price range is now only 14 listings, but there were no pending sales in the last 30 days, placing this segment in "buyers' market" territory.  I still believe that this market will pick up before long.

With 10 listings and two pending sales in the last month, the income property market is technically in "neutral market" territory.

Newer 3/3 at about 1500 Sqft. in the $400K-$450 range.  After five similar homes have recently sold, this may be one of the last of these types of homes to sell in this price range.  For info, call (530) 219-1000.

Remodeled 1600 Sqft. 4/2: In South Davis in the low $500K range:  This is a rare opportunity for a complete home in this price range.    For info, call (530) 219-1000.

1900 Sqft. 4/3 in North Davis in the low $600K range.  Great house, great location.  For reasons that I will not now disclose, this home looks like a steal.  Call and I'll explain why. For info, call (530) 219-1000.

2800 Sqft. 5/3 in Aspen in the $800K range:  After a $40,000 price reduction, and now at less than $300 per square foot, this looks is a very good deal to own a large home in one of the best Davis neighborhoods.  For info, call (530) 219-1000.

Incredible Aspen Home at $1,060,000:  DRAMATIC price reduction offers a chance to own one of the marquis homes and locations in all of Davis at very remarkably low price.  For info, call (530) 219-1000.

Large 2/1 Condo In North Davis:  At $369,950 and with 1460 square feet, a large living area, a large den with a fireplace, and a breakfast nook, this listing (by Whitcombe & Co.) is in an A+ location in North Davis, complete with a fully functional solar heating and hot water system.  For info, call (530) 219-1000.

Rare Halfplex In Aspen at $394,000:  This 2/1 halfplex (listed by Whitcombe & Co.) is in an A+ location in Aspen, has new tile and carpet, and a large back yard.  These units are loved by all, and come on the market only rarely.  For info, call (530) 219-1000.

Income property:  A 6-unit apartment complex presents a great opportunity for an investment or 1031 exchange.  This is excellent cash flow for a Davis investment property.  For info, call (530) 219-1000.