Focus on neighbor city - Woodland
UC Davis attracts many students and employees which has caused a housing crisis for the past five plus years. With rents of $800+ per room, and the average price of a starter home having surpassed $600K, people are finding Woodland to be a good alternative to live in. Woodland’s Springlake and Sycamore Ranch communities are just an easy 15 minute commute to Davis.
Home buyers in Woodland can enjoy more square footage and only pay an average of $183 per sq ft instead $515 in Davis. For example in Davis a 1,000 sq ft 3 bedroom 1 bath starter home will cost on average of $515,000* whereas in Woodland the same investment will buy a large 2,800 sq ft home with 5 bedrooms, 3 bathrooms and a 3 car garage
How’s the Woodland inventory?
After sustaining a sluggish winter, there has been a resurgence of demand with 64 properties sold in the five week period from April 1 to May 6, 2019. Current inventory consists of 111 active listings and 62 pending sales. The average days on the market is 52 days
Graphical views of 15 months of data show March 2019 inventory in light green at 80 homes for sale, 63 pended transactions in red and 35 sold in dark green. The graph reflected Average Price Sold (red line) vs For Sale (green line) indicates houses are selling for less than asking price. The graph with the orange bars reflects the average days on market at 59 days and the green line at the top of the chart indicates houses are selling for 97% of asking price. The last graph with the blue bars reflect an average price per square foot of $241.
In a nutshell, what do these charts mean?
In summary, the above statistics reflect that Woodland is still in a seller’s market which is slowing towards a neutral market. The average days on the market is just below two months, and is considered a seller’s market. A neutral market is 2 months to 6 months from day listed until sold. Buyers are waiting to negotiate on the sales price and the price per square foot is neutral. With increased inventory buyers have more to chose from and are better able to negotiate compared to a year ago. Many Davisites have done the math and are moving to Woodland to enjoy more house for their bucks.
*1424 Drexel Dr. & 1326 Nutmeg Ln OMD 5/3/19 = Avg price of $515K
** All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker.
All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information.
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U.S. Patent 6,910,045