Davis, CA

Today, May 15th is the 4th Annual Celebrate Davis festival at Central Park. Celebrate Davis is a chance to get to know the businesses in Davis. There will individual booths where information, prizes, giveaways to fit a number of different needs. I'll be at the Progressive Business Exchange's booth for a while this afternoon. Don't miss the fireworks that will start at dusk (probably about 9:15 to 9:30). In addition to local business booths, there will be live music, many different food booths and did I mention the giveaways, raffles and prizes. Celebrate Davis is sponsored by the Davis Chamber of Commerce and is a nicely run event. It is another way that helps keep Davis a close knit community.

Contributed by Carolyn Gjerde-Tu who specializes in Davis CA Real Estate

Wondering what's going on with the Davis, CA real estate market? Every person I know asks how things are in the Davis Real Estate Market. Let me just share some numbers taken directly from Metrolist over the past few days.

I like to look at absorption rate (among other variables) of local markets. Absorption rate is the number of months it will take to absorb current inventory based on sales history. This can be done looking at previous sales for the last month, 6 months, 1 year, etc. Looking at each interval can give a person an idea of whether inventory is shrinking or growing.

In order to determine the absorption rate for a particular market such as "condos in Davis"...you

1) determine the number of condos that sold over the past year

2) divide by 12 to find the average number of condos that sell each month

3) divide the current inventory by that number

4) the resulting number is the absorption rate (or number of months it will take to absorb current inventory).

Some industry experts say less than five months of inventory is considered a buyers' market.

As you can see from the far right column in the table below, some categories have fairly limited inventory (namely >$500k single family homes). Some categories have a sizeable inventory (ie: >$800k). This could probably be attributed to the fact that homes in this price range are generally considered "move up" homes. Many homeowners are uncertain about whether or not now is a good time to buy and/or sell. Well, if you have an entry level home in Davis to sell, and are looking to purchase a move up home...it appears to be a pretty good market for you!

If you would like to know whether it is a good time to buy or sell in Davis, CA let me calculate statistics based on your specific scenario and give you my opinion. I welcome all real estate questions!

I look forward to hearing from you...


Lori Prizmich, Realtor
Keller Williams Realty
The Lori Prizmich Team
530 845 3325 (cell)
530 231 2988 (fax)
http://www.loriprizmichhomes.com/

DOM and DOMMER

DOM, or Days on Market, is a helpful gauge as to the health of the real estate market. The average DOM for residential solds in Davis for 2008 is 71, per MetroList MLS. In 2007, solds from Jan 1 through April 29 averaged a nearly identical 70 DOM. In 2006, the figure for the same dates was an incrediblely brisk 11 DOM. By comparison, the Woodland DOM for solds in 2008 YTD is 92. It was 92 last year at this time and a microscopic DOM of 8 in 2006 YTD.

DOM can range from 0 days to a year-plus. Most importantly, even though the average DOM has swelled since the housing bull market, 37% of all closed residential sales in 2008 sold within 30 days. (The figure was 48% in 2007 and 88% in 2006.) Even in a tepid market, if your home is priced correctly, presents well, is marketed properly, and you or your tenants are flexible for showings, it very likely will receive a strong offer in the first 30 days on the market. Pricing is the key, of course, but the other intangibles certainly increase the probability of success.

A lot of school districts in California are hurting with proposed state budget cuts. Davis has one of the highest regarded public schools in this part of California and consistently has high test scores. One of the unique features has been the focus on small neighborhood schools where children can either walk or ride their bikes to school. There is not a city wide school bus system. The number of students per classroom has also consistently been smaller than state averages. There is a potential $4,000,000 dollar shortfall for funds for the next school year. Many Davis teachers have been given notice that they may not have a job next year. The community of Davis has rallied around this issue and in about a months time the Davis Schools Foundation has raised over $700,000 dollars toward this shortfall. All monies raised will directly go to buying back teachers that may otherwise be laid off.

I believe the community and the Davis Schools Foundation will be able to bring back a good number of teachers and programs that are currently in jeopardy, there are ways almost every day to contribute to this cause. Budget decisions for the next school year are going to be made in the next few weeks so it is critical that funds be raised quickly.

Many young families move specifically to Davis because of the schools and they are an important component to this community. Visit www.davischoolsfoundation.org to learn more about this and find out how to donate to this important cause.

Contributed by Carolyn Gjerde-Tu, specializing in Davis Ca Real Estate

A week from Wednesday on the 30th of April the Davis Fighters Local 3494 and the Davis Oddfellows are hosting a Tri-tip And Chicken BBQ

Every dollar raised will go to the Davis School Foundation to help make up for the budget cuts to our schools.

Where: Odd Fellows Hall 415 2nd St, Davis

When: Wednesday April 30, 5:30 p.m. to 8 p.m.

Cost: $25 per person/ kids under 10 are free

Tickets can be purchased at the door Live music by Hardwater