Monthly Archives: March 2021

Davis, Woodland, and Northern Yolo County Small Acreage Residential Market Update for March, 2021

The pandemic has changed all of our lives in the past year. In local real estate, activity paused in March and April as shelter-in-place orders took effect. The Fed dropped interest rates to zero, pushing mortgage rates to historic lows. Homes became more affordable but inventory (the amount of time to sell the current number of active listings in a market) tightened because people didn’t want strangers walking through their homes during a pandemic. Low rates combined with low inventory has supercharged the local residential market.

Davis and Woodland have very few homes for sale at present with multiple offers received on most listings. The lack of inventory, very low interest rates, and lots of competition are pushing prices up as shown on the graphs below.

Davis has relatively few sales in January and March so take the 26% price increase with a grain of salt-that number is likely influenced by a change in what sold, potentially a compositional effect. I wrote about compositional effects recently.

Woodland prices have increased relatively rapidly during the pandemic on a price per square foot basis but have leveled off on a sale price basis.

Because of seasonality, I look at 12 month change in prices for Davis. Prices have increased the past 5 months compared to the previous year. Davis is a clearly appreciating market at present.


Much of my work is in unincorporated Yolo County appraising small acreage residential properties. The graph below shows a significant upward trend in these types of properties. Once again, part of the increase can be attributed to a compositional effect: the average size of homes and lots have increased, pushing up the sale price trendline somewhat. That said, prices are still increasing in this market.

Inventory was 2.5 months when I compiled this graph at the beginning of the month, shockingly low. I have not seen this market with less than 5 months of inventory in the past 10 years. Buyer preferences have shifted to having more space away from neighbors.


My friend Ryan Lundquist posted an interesting question last week: How much have prices risen since 2012?

This was the bottom of the market for the Sacramento region. Here’s the summary from his post:

If your timing was great, your median home purchased in 2012 for $199,000 has increased $311,000 to $510,000 today!

The Best Part Of My Job As An Appraiser

I enjoy many aspects of my career as a residential real estate appraiser. I’m self employed so I have no one to blame but myself; I set my own hours; I get to see a lot of places in the region; I spend much of my time trying to find meaning in data then communicating my findings; I even get to use a laser.

The best part of my job is the great animals I get to meet every day. I grew up with dogs in the house and have always gotten along with them. After college in the first year of our marriage, a friend offered us a kitten, Damien, who enriched our lives for 21 years. Thanks Dave.

Being able to read animals and owners is a key skill. I have yet to be bit after entering more than 5,000 homes over the past 18+ years which shows I’ve been successful.

(So that means I’ll get bit on my next inspection, I know how it works)

Anyway, here are pictures of some of the animals I’ve met over the past year.

I even met some goats recently.

And this is Brooke, our rescue from the pound, and Cat, who showed up on our patio.

Brooke, the walker who loves to play fetch
Cat. My son gave him a name but it doesn’t work for me.

What has been your experience with animals while inspecting? Any harrowing stories to share? Or have you been lucky like me and not yet bitten?

Analytics for Appraisers Zoom class

This REAA Zoom class will be on Thursday, March 18 from 6:30-8:30 PM and is approved for 2 hours of continuing education in California (only). Brian Melsheimer and I will provide a walk through of using Microsoft Excel for residential appraisal analysis. Given the limitations of our time in the class, this will be a relatively quick run through of some basic skills including creating a scatter graph, linear trendline analysis to determine time and GLA adjustments, contrasting/grouped pairs analysis, and basic Excel setup tips. We’ll also discuss online tools for appraisers.

Cost is $20 for members/$30 for non-members. Registration closes on March 17. Sign up now at this link: Leveraging Analytical Tools to Assist the Appraiser

To receive CE, you must connect to the Zoom class with video and stay in frame during the class. Also, you must have a free account on the REAA website.

Let me know if you have any questions. Hope to see you soon at the class.