There are currently 21 active listings with an average list price of $1,617,000 and an average price per square foot of $544. The highest price listing is at $4,500,000 or $818,000 per square foot. The lowest price listing is at $685,000 or $378 per square foot. The average days on market for these listings is 78 with the longest being 209 and the shortest being 13. There are currently 6 pending listings with and average list price of $866,521 or $338 per square foot. The highest price pending is listed at $1,495,000 or $396 per square foot and the lowest price pending is listed at $669,800 or $326.41 per square foot.
The entire Danville market has slowed
The Danville real estate market, while robust, has slowed over the last several weeks. Prices have dropped 6% from the previous year which is consistent with Greenbrook, Sycamore, Westside Danville, and Westside Alamo real estate. The inventory absorption rate for homes in Westside Danville has actually decreased from a high of 12 months to 7 months. A 7 month absorption rate is still considered a buyers market but it is becoming more neutral.
The current activity post weekend in Westside Alamo is as follows:
There are 30 active listings in the Westside Alamo. The average price for these listings is $1,983,000 with an average price per square foot at $563. The highest price listing is at $8,498,000 or $2,023 per square foot. The lowest price listing is at $595,000 or at $419.61. The average days on market for these West Alamo homes is 111. The longest being at 557 and the shortest at 6. 
Additionally there are 3 pending listings the list price for these homes being $815,000, $869,000, and $1,299,000. The price per square foot for these homes is $414, $569, and $498.
The Westside Alamo real estate market has slowed.
The westside alamo market has slowed to be close to the Danville market in performance. The difference being in sales price.
The current activity with the Danville real estate market is as follows:
There are currently 190 Active listings for detached single family hom
es in Danville. The average list price for these homes is $1,388,000 which is an average price per square foot of $432. The highest price listing is listed at $5,400,000 or $770 per square foot. and the lowest price is at $599,000 or $379 per square foot. The average days on market for these listings is 88 days with the longest being at 553 and the shortest being at 4. There are 44 Pending listings on the market. The average price for these pending listings is $1,130,000 with an average price per square foot of $377. The highest price pending home is at $2,750,000 or $423 per square foot with the lowest price being at $500,000 or $489 per square foot. The average days on market for these Pending Danville homes is 65 days with the longest being at 224 days and the shortest at 0.
All areas in Danville are changing
I am seeing the homes within the westside of Danville take longer to sell with prices experiencing a modest reduction from last year of 6%. The homes with Greenbrook and Sycamore are also seeing longer days on market with prices also seeing a 6% drop from last year. The Westside Alamo area is very close to Danville as a whole with homes taking longer to sell and prices experiencing a slight downturn.
The recent economic news has not detered buyers interested in the Greenbrook area
We are seeing home showing pick while open house traffic has remained flat but robust. There seems to be pent up demand for homes and many buyers are actively searching for the right home. The issue we are currently seeing as a result of the failed mortgage market is the difficulty obtaining financing for home purchases. Once approved buyers re now seeing the loans denied while in escrow. The key to insuring that your home purchase will be funded is to not rely on the once traditional preapproval and go straight for a full loan approval prior to submitting an offer. This will save you time, aggrevation, and emotional duress.
The current activity in Greenbrook is as follows:
The are currently 16 active listings in the Greenbrook area of Danville. The average price for these active listings is $911,000 with an average price per square foot of $382. The highest price active listing is at $1,125,000 or $442.56 per square foot. The lowest price listing is at $759,000 or $329.71 per square foot. The average days on market is 87 days with the longest being 276 and the shortest being 8. There are 2 pending listings. These are priced at $779,000 and $1,350,000 respectively. The price per square foot for these homes is 400.93 and $447.76. There have been no closings this month so far.
In spite of the current economic condition homes are still moving in Westside Alamo
The current activity is as follows: There are 31 active Westside Alamo listings. The average list price for these homes is $1,972,000 and and average price per square foot of $565. The highest price listing is at $8,498,000 or a wopping $2,023 per square foot. The lowest price active listing is at $679,950 or $479 per square foot. The average days on market is 104 days with the longest being 552 days and the shortest being 1 day. There is 1 pending listing. This listing was priced at $815,000 or $413 per square foot. This listing was on the market for 35 days. There have been no closings this month
With the amount of active inventory, the inventory absoprtion rate is now at 32 months. This is a bit misleading because there werer several closing late last month with a few new listings this month. In general we have been seeing an absorption rate of 5-7 months. We will monitir this closely in order to see if the current level is only a short term anomoly.
The current real estate market in the Westside of Danville is as follow:
There are 23 active listings with an average list price of $1,516,000 and an average price per square foot of $517. The highest price active listing is listed at $4,500,000 with a price per square foot of $517. The lowest price Westsie Danville listing is at $669,888 with a price per square foot of $326. The average days on market is currently at 67 days with the longest being at 204 and the shortest being at 3 days. In addition there are 4 pending listings. The average price for these pending listings is $924,500 with an average price per square foot of $395. The highest priced pending listing is at $1,495,000 or $396 per square foot and the lowest priced pending is at $543,000 or $364 per square foot. The average days on market is 20 with the shortest being 4 and the longest being 53. There have been no closings this month.
Economic impact on the Westside Danville home market
The current national economic situation has not driven buyers out of the market. In fact I am seeing more showings on active listings of late. The effect has been mainly related to the availability of home mortgages. There are plenty of people submitting offers on Danville homes. In particular we are seeing many escrows being opend for sales in the eastern part of Danville, The area along 680, Greenbrook, and Sycamore, and in Westside Alamo.What we are finding, however, is that many escrows are falling out due to the change in the mortgage market. Previously approved buyers are sometimes seeing there loans pulled during escrow.
Prepare for Escrow
In order to minmize the chance of having an escrow fall out, we recommend bypassing the preapproval process and going right for full loan approval prior to writing an offer on a home. By doing this you will significantly reduce the the chance of an escrow falling out which will save you time, and reduce anxiety.
The current activity in Danville is as follows:
There are currently 189 active listings in Danville. The average price of these listings is $1,396,000 or $433 per square foot. The highest price listing is $5,400,000 or $770 per square foot. The lowest price listing is $599,000 or $371 per square foot. The average days on market for current Danville homes is 84 days with the shortest being 1 and the longest being 387 days. There are also 46 Pending listings with an average list price of $1,098,000 or $376 per square foot. The lowest price pending listing was at $543,900 or $365 per square foot with the highest price being at $2,750,000 or $423 per square foot.
Sold listings for October
To date we have had 3 homes close in October. The average sales price for these 3 homes is $1,123,333 or $354 per square foot. The actual sales prices were $540,000, $980,000, and $1,850,000 respectively. The days on market for these sold homes were 64, 180, and 41.
Effect of the economy on homes sales.
The economy has not affected the demand for homes n Danville. There are stll plenty of buyers looking in all areas of Danville. In particular we are seeing many people looking in Greenbrook, Sycamore, and Westside Danville
. The issues regarding our current economic situation have caused the lenders to be much more selective when approving loans. The result is that many deals are falling apart during the escrow process because the buyers lender will not fund.
Solutions to the lending situation.
In order to insure that you do not get rejected during escrow I recommend that anyone seriously looking to but a home not get preapproved but get an actual loan approval. This will take a little more effort up front but will help insure a smooth and rapid close to home sales.
The current Sycamore real estate market is as follows:
There are 6 active listings in Sycamore. The average price of these listed homes is $947,750 with the highest price listing being at $1,125,000 or $443 per square foot. The lowest price listing currently in the Sycamore real estate market is listed at $799,000 or $342 per square foot. The average days on market for these homes is 87 with the longest being 273 and the shortest being 6. Additionally there is 1 pending sale. This pending home was listed at $1,350,000 or a price per square foot of $448. This home was on the active market for 6 days.
Home sales in the third quarter of 2008
In Q3 2008 there were a total of 1 home sold in the Sycamore area. This home sold for$900,000 or $432 per square foot. This home was on the market for 122 days
.
Market analysis
In general the Sycamore area has not seen significant reductions in home prices. because of the low turnever it is near impossible to develop or uncover any trends. Anecdotely, I know that home sales have slowed significantly and that most sellers are not biting on low offers. This area is very similiar to the Greenbrook area in home styles and neighborhood charistaristics expect that there are slightly lower prices in Greenbrook and much more turnover of late. Compared with Westside Danville the Sycamore area is less desireable to to proximity to downtown Danville. I expect the turnover in the area to remain low through next year.
The current Greenbrook real estate market is as follows:
Within Greenbrook there are 13 active listings. The average price of these listing is $913,000 with the highest price listing being at $1,249,000, or $467 per quare foot, and the lowest price listing being at $725,000 or $383 per square foot. The average days on market for these active listings is 94 days with the longest being 274 days and the shortest being 6 days. There are also 3 pending listings. The highest price pending is at $1,098,000, or $413 per square foot and the lowest price listing being at $779,000 or $401 per square foot.
Third quarter sales in Greenbrook:
In the third quarter there were 7 homes sold in Greenbrook with the average price of these homes being $852,000. The highest priced sold home closed at $969,000 or $394.50 per square foot with the lowest priced home selling for $695,000 or $421 per square foot. The average days on market for these sold homes was 57 days with the longest being 150 days and the shortest being 2 days.
Market analysis
The Greenbrook market has always remained relatively strong due to it’s lower price point compared with westside danville, westside alamo, and sycamore and has tracked pretty closley to the entire market of Danville in terms of average sales price and inventory absorption rate.
The current real estate inventory in the Westside of Danville is as follows:
There are currently 23 active listings in the Westside of Danville. The average list price for these homes is $1,518,000 with the highest price listing at $4,500,000. The price per square foot for this home is $818. The lowest priced home on the westside is $670,000 which is a price per square foot of $326. The average days on market for these active listings is 65 with the longest being 202 and the shortest being 1. In addition there are 4 pending listings. The average price of these pending listings is $924,000. The highest price pending listing is at $1,495,000 and the lowest being $543,900. Th eprice per square foot of the highest price pending is $396 and the lowest is $364.
Homes sales in the third quarter of 2008
In Q3 there were 8 homes sold with an average sales price of $1,194,000. The highest price sale was at $2,025,000 and the lowest at $585,000. The price per square foot of the highest priced sale was $516 and the lowest priced sale was at $392. The average days on market for these sales was 48 with the longest being 113 and the shortest being 7.
Market analysis
Unlike other areas within Danville the highly desireable westside homes have seen a significant slowdown in sales. However I have seen the Inventory absorption rate decrease over the last 2 weeks for 12 months to 7. I do believe that this rate will remain steady through the first quarter of 2009. The westside real estate market at one point closely resembled westside alamo in absoprtion rate and price. The alamo homes now seem to be much more expensive and in general sell faster. The areas of Greenbrook and Sycamore in Danville are comparable in home and neighborhood styles but are less expensive than the westside homes.
