Local News

Real estate market continues to heat up, statewide and locally

By From page A1 | July 21, 2013

Several indicators point toward an increasingly busy real estate market, both at the statewide level, and locally in Yolo County.

This week, the California Department of Finance issued its monthly finance bulletin, reflecting an analysis of transactions during the month of May. Among the conclusions:

* “Residential real estate markets (statewide) were characterized by rising prices, increased sales and tight inventories,” the department reported. “Sales of existing, single-family detached homes increased — the third consecutive month-over-month increase.

* “The median price of existing, single-family homes sold (statewide) in May was $417,350, an increase of nearly 32 percent from a year earlier. Existing home inventories continued to erode in May. The unsold inventory index inched down to 2.6 months. The median number of days needed to sell a home also improved, falling to 27.1 days — the lowest level since May 2005.”

Market conditions in Davis reflect many of these trends, according to Cory Gold of the Coldwell Banker-Doug Arnold Real Estate office. Gold said the median home price in Davis has risen to about $448,000 — as compared to $420,000 at the same time last year — which is a bit higher than the statewide median.

The median is the point at which half of homes sell for more, and half sell for less.

Gold said the average home price, which some observers regard as more indicative of market conditions, is running about $496,965 in Davis.

Gold added that the Davis market is bucking the statewide trend in one regard — the number of homes listed for sale locally has actually increased during the past two months, from roughly 55 homes two months ago to about 75 homes on the market now.

According to the real estate statistics firm DataQuick, the median price paid for a home in the nine-county Bay Area in May was $519,000, up 29.8 percent from $400,000 a year ago.

— Reach Jeff Hudson at [email protected] or 530-747-8055.

Jeff Hudson

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