Housing inventories in Davis are very low. This post examines housing inventories (months of supply) for single family detached homes in the City of Davis over a 12 month, 6 month and 3 month period as of 2/7/2013. All housing data is gathered from the MLS. The first table is a snapshot of the entire Davis market, while the second table is broken down by price range over the same 12 months.
The first table shows the number of closed transactions , the average homes sold per month, the number of actives, the months of supply and the absorption rate over the three periods.
For the past 12 months there has only been a one months supply of homes. The low inventory levels in Davis for single family detached homes is an indication of a sellers market.
The absorption rate is the inverse of the months of supply and measures the percentage of homes that the market absorbs over a given period. For example, if there are 500 active listings and 100 of those listings sell in a given period then the rate of absorption is 20%. Or, 20% of the market is being sold in a given period. In Davis 68% of the market has sold since December of 2012.
Digging deeper into the data, the table below shows the number of active listings, the number of closed transactions over 12 months, the number of closed per month, the market share and the months of supply for home prices between $75,000 and $1,000,000+, in $25,000 increments over the past 12 months.
In Davis over the past 12 months 70% of home sales were between $325,000 and $600,000. Additionally, most of the current active listings fall between the same price range. Housing inventory levels are very low, 0 to 2.4 months of supply, for the majority of price levels below $600,000. The data indicate that it is a sellers market for homes priced less than $800,000. However, the market is more balanced, indicated by a 6 months supply, at the $800,000 to $850,000 price range and the $925,000 to $950,000 price range.