The Westside Danville real estate market has slowed to the point of non-existence
In general this area within Danville has been a bright spot for homes sales and wealth building. The Westside Danville real estate market has historically attracted buyers from the entire bay area. The proximity to downtown and award winning schools has been a draw for some time. Of late we have seen buyers shy away from this once highly desireble area and look elsewhere in Danville where prices are lower and homes are newer. Many of the Westside Danville homes were built between 1948-1955 and have had virtually no updating. We are finding buyers unwilling to pay in excess of $1,000,000 for a home that will need to be remodeled or knocked down and rebuilt. As a result the areas of Greenbrook and Sycamore have become a much more desireable area and have seen inventory levels remain stabile as well as an inventory absorption rate that is considered neutral.
The current activity is Westside Danville.
There are 25 active listings within the Westside Danville Real Estate market and no pendings. The inventory absorption rate is incalcuable. The average price for these active listings is $1,569,224 with the highest listing priced at $4,500,000 and the lowest at $654,750. The average price persquare foot is at $509 ith the highest being at $818.18 and the lowest at $332.16. The average days on market is at 102 with the longest being at 278 and the shortest at 4.
The real estate market in Westside Alamo is still fluxuating from stabile to volatile.
The current inventory absorption rate for Westside Alamo is a little over 10 months. While this is high and considered a buyers market, it is lower than the absoprtion rate we saw last month. The relatively low inventory and low turnover contributes to the volatility because a change in status from active to pending for only 1-2 homes can significantly change the rate. The active inventory levels have remained stabile in that we are seeing between 20-23 active listing on a continuous basis. Compared to Danville, the Westside Alamo real estate market is much slower and more closely resembles that of Westside Danville.
The current activity is as follows:
There are currently 20 active listings in the Westside Alamo real estate market. The average price for these active listings is $1,940,536 with the highest being at $5,215,000 and the lowest at $599,000. The average price per square foot is at $529 with the highest being at $1,070.95 and the lowest at $309.03. The average days on market is at 171 days with the high being at 626 and the shortest at 5 days. In addition there are 2 pending sales. The list prices for these pending sales were at $869,000 and $1,495,000. The price per square foot for these homes are $569.46 and $477.64. The days on market are 109 and 152.
Current Danville real estate activity is consistent with past weeks and months
The current market is stabile even though we are in the holiday season which has historically meant lower sales and less activity. As I have mentioned in past blog entries, the market in Danville has semonstrated it’s strength and resiliance by maintaining and inventory absorption rate of 6-8 months. Where some areas within the Danville market have slowed, i.e. Westside Danville and Westside Alamo, other areas like Sycamore and Greenbrook have demonstrated sales activity very similiar to Danville as a whole.
Current market statistics
The current active inventory within the Danville market sits at 184 homes. The average list price for these active homes is $1,381,756. The highest price active listing is at $5,200,000 and the lowest priced home is listed at $585,000. The average price per square foot is $428 with the highest being at $1,339.52 and the lowest price per square foot is at $239.26. The average days on market is at 101 days. The longest on market is at 622 and the shortest at 4. There are also 25 Pending listings in Danville. The average price for these pending listings is $981,760. The highest price pending was listed at $1,895,000 and the lowest price pending was at $465,000. The average price per square foot for these pending listings is at $345 with the highest being at $488.98 and the lowest at $217.82. The average days on market is 82 days with the longest being at 254 and the shortest at 0.
The real estate market in Westside Alamo has been fluxuating widely and seen the inventory absorption rate change in one week from 20 months to 6 months.
The instability of this market has been caused by the low inventory rates and the impact that only 1 or 2 pendings has on the calculation. There currently are 19 active listings within this market with 3 pendings. The average price for the active listings is at $1,964,504 with the highest listing being priced at $5,215,00 and the lowest at $699,000. The average price per square foot $539 with the highest being at $1,070.95 and the lowest at $347.71. The average days on market is 177 days with the high being at 619 days and the shortest at 26 days.
This market has closely resembled that of Westside Danville 
until this past week.
As I mentioned earlier, the inventory absorption rate for this market will swing widely due to the smaller sample size. The fact that in one week we have seen the metric move from 21 months to 6 month with only 3 pendings indicate the sensitivity. In general we expect inventory to drop over the next one to two month and them begin picking up in the second half of 2009.
Based on the most current MLS data, the Westside Danville market has slowed to the point of no activity.
There are currently no Pending listings in the area of Danville while having 23 active homes for sale. There is much speculation surrounding this non-existent activity level but intuition and a keen ear tell me it is a lack of percepted value. This market has been highly desired for many years because of it’s close proximity to downtown Danville and walking distance to award winning schools. And while these factors still make this a desireable area, many home buyers are asigning less utility to the “Walking Distance” factor and more to the price per square foot variable. Many homes within this Westside Danville market were buit in the later 40′s and early 50′s. In fact many still house the original homeowners and while it demonstrates the “stick” factor of the neighborhood, the high price per suare foot and lack of updating have caused many buyers to look in the areas of Greenbrook and Sycamore. This situation also exists with the market in Westside Alamo.
The average price for the 23 active listings is currently at $1,614,167. The highest price listing is at $4,500,000 and the lowest is at $675,000. The average price per square foot for these homes is $515 with the highest at $818.18 and the lowest at $331.16. The average days on market for these homes is 105 days with the longest at 271 and the shortest at 1.
The Danville real estate market continues to be stablile even during a time of the year that is traditionally slow. Currently there are 191 active listings in Danville. This includes the entire town of Danville. Of the 191 active listings the average sales price is $1,390,611 with the highest listing being at $5,400,000 and the lowest price listing at $585,000. The average price per square foot is $429 with the highest price per square foot being at $1339.52 and the lowest at $242.53. The average days on market are at 98 days with the highest at 397 and the lowest at 1.
In general real estate in the Town of Danville has faired quite well
The areas of Greenbrook and Sycamore continue to track with the 7 month absorption rate experienced by the town as a whole with the areas of Westside Danville and Westside Alamo experiencing a much slower market. We expect that inventory will continue to drop for the next 2-3 months while sellers wait out the downturn. More traditional sales should pick up later in 2009.
The westside Danville Real estate market has slowed to a snails pace of the last several weeks
Currently there are 21 active listings on the westside of Danville. The average price for these active listings is $1,640,273. The highest price active property is listed at $4,500,000 with the lowest priced at $675,000. The average price per square foot is at $516 with the highest being at $818.18 and the lowest at $331.16. The average days on market for these homes is 105 with the longest being at 265 and the shortest at 5 days.
The westside Danville real estate market is drastically different than that of Danville as a whole.
The Danville market has consistently displayed inventory absorption rates of 5-7 months while the westside has been fluxuating between 7-24 months. In fact there are no pendings currently in the westside so the absorption rate in incalculable. The westside market very closely resembles the Westside Alamo real estate market in terms of size, number of active properies and absorption rate with the differences being that homes in the Westside of Alamo are more expensive and they tend to be on the active market for longer periods of time. Conversely, the homes in the Greenbrook and Sycamore areas of Danville perform at a level more consistent with Danville as a whole with the difference being that homes in Greenbrook and Sycamore tend to be less expensive than those on the Westside of Danville.
The real estate market within the Westside of Alamo has continued to jump around from week to week in terms of inventory and absorption.
The inventory absorption rate within this market over the past 3 months has moved between a low of 5 months to a high of 24 months the current market is at 12 months. There is currently 24 acive listings within the Westsde Alamo market. The average price for these listings is at $1,914,889. The highest price listing is currently on the market for $5,215,000 and the lowest is active at $699,000. The average price per square foot for these listings is at $526 with the high being at $1,070.95 and the lowest at $311.44. The average days on market is currently at 169 days with the longest at 613 and the shortest at 20. There are 2 pending listings in the westside Alamo area. These pendng listings were prices at $599,000, and $869,000 with a price per square foot of $435.32 and $569.46. The days on market for these 2 homes is at 75 and 109.
Comparisons to Danville are in order.
The Westside Alamo real estate market closely resembles that of Westside Danville in terms of inventory absorption. There is a difference in price per square foot and the homes in Westside Alamo on average are on the market for more days. In contrast the overall Danville market, and specifically Greenbrook and Sycamore, have experienced a lower absorption rate. These areas have experienced absorption rates of between 5-8 months consistently.
With the holiday’s rapidly approaching the Danville real estate market has continued to be consistent and has help it’s own against the economy.
The current inventory absorption rate in Danville as a whole is at 7.65 months. This breaks down to 191 active listings and 25 pending sales. The average list price for these active sales is $1,368,090 with the highest price listing at $5,400,000 and the lowest price at $599,000. The price per square foot has been very stable over the last few months with the average for active listings at $425 per square foot. The highest price per square foot for active listings is $1,339.52 and the lowest at $217.82. The average days on market has crept up slowly and is now at 98 days with the longest at 390 and the shortest at 3. The number of pending listings has also remained fairly stabile and is currently at 25 pending sales. The average list price for these pending sales is at $1,024,220 with the highest being at $1,975,000 and the lowest at $465,000. The price per square foot for the pending sales averages $359 with the highest being at $488.98 and the lowest at $238.15. The average days on market is currently at 66 days for these pending listings with the longest being at 34 and the shortest at 0.
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The town of Danville offers a wide array of activities for people during the holiday season. In particular, I like to just stroll down the downtown streets and enjoy the festive decorations and lights. I would also encourage people to patronize our local downtown merchants during this holiday season.
The real estate market in Westside Alamo has been very unstabile over the last several months
While home prices are not dropping, inventory levels are fluxating from week to week. During the month of Novermber there were no closed sales in this market. There is only one pending sale. This is a short sale and was listed at $595,000 or $419.61 per square foot. This pending listing was on the market for 25 days. There are 24 active listings currently on the market. The average price for these active listings is $1,831,690 or $523 per square foot. The highest price active listing is priced at $5,215,000 and the lowest price listing is priced at $699,950. The highest price per square foot for these listings is $1070.95 and the lowest price per square foot is $311.44. The average days on market for these listings is 158 days with the longest being 605 days with the shortest being 12 days.
Westside Alamo market analysis
The inventory absorption rate is currenly at 24 months which is far greater than it was in October which saw levels at 6-8 months. The reasons for this are varied but we are finding that many buyers have decided that homes are not upgraded enough for the price being asked. In addition the sellers are not desparate to sell and are holding the line on prices. This market closley resembles that of Westside Danville. Many buyers who have considered Westside Alamo have decided to look in Danville and more specifically Greenbrook and Sycamore
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