– MARKET UPDATE –
Hello, hello! We are enjoying these long, toasty days and are grateful the weather is tolerable! Next week promises to be hot, hot, hot with temperatures over 100 degrees every day. It seems like a great time to take a break from the heat and escape to the Bay Area, Santa Cruz, Monterey, or one of the other nearby coastal areas. Real estate is also heating up with 30 new listings in the past two weeks! Of those, 11 have already gone pending. There were actually six options under $500K: five condos and one affordable townhouse.
Eighteen properties
went pending in the past two weeks (including the eleven mentioned above). Of the pending properties, only half received multiple offers. Of those that received multiple offers, there were only two or three offers each. So, if you are a buyer who is watching
the market and recalling the uber-competitive situations in 2021 and 2022, have no fear. If you write a reasonable offer, you stand a good chance of getting it accepted! The Davis real estate market is ticking along steadily.
Exactly half of
the twenty-two closed transactions in the past two weeks received multiple offers (the other half received only one offer). We were surprised by how many of the closings were lower than the list price. This is consistent with what we see for the pending
transactions as well as the trend over the past couple of months. High interest rates may be having the intended impact. Technically, we are still in a seller's market, but the market seems to be adjusting a bit. Of the closed escrows, only six were cash,
which is down from a few months ago when almost half of the closings were cash. We are seeing a fair number of buyers using UC Davis's MOP loan, which has been a wonderful resource for incoming faculty.Image description: Metrolist Chart showing active and pending listings in Davis
– NEARBY HAPPENINGS –
4th of July Celebration I 203 East 14th Street I 4:00 PM to 10:00 PM
The City of Davis will host a free celebration in honor of Independence Day on Thursday, July 4, 2024. The schedule and activities include, but are not limited to:
-
4:00 - 9:30 p.m.: Snacks and treats available for purchase from local non-profit groups. Please consider supporting them at the event.
-
4:00 - 8:00 p.m.: A free game zone coordinated by Discovery Christian Church.
-
6:30 - 9:30 p.m.: Live music, coordinated by the Davis Live Music Collective, featuring Boca do Rio at 6:30 p.m. and Dustbowl Revival at 8:00 p.m.
-
9:35 p.m.: A 15-minute fireworks display.
All attendees to Community Park are encouraged to ride a bike or walk if possible, as vehicle parking will be limited. The off-leash dog area in Community Park will be closed on July 4. Self-serve bike parking will be available in Community Park, however bike parking may get full quickly. Additionally, attendees are encouraged to pack plenty of water, sunscreen, and a picnic dinner while supporting local non-profit groups by purchasing snacks and treats at the event.
– PICK OF THE WEEK –
The 44th Annual Helen Pool 4th of July Criterium I Downtown Davis I 8:00 AM - 5:10 PM
Picked by Lori Prizmich
The Davis Bike Club's annual Fourth of July Criterium will feature a day full of bike racing action on a new figure eight course in Downtown Davis, with the Start/Finish located on Third Street between E & F Streets. Races start at 8:00 a.m. with the final race starting at 5:10 p.m. There are races for pros, amateurs, juniors, masters, and elite men and women. For more information go to https://davisbikeclub.org/4th-of-july-criterium/
P.S.
Use the QR code below to follow our team Instagram account! Here you'll get the hottest updates on our listings and upcoming open houses!
