The real estate market in Westside Alamo continues to fluxuate but seems to be trending to less inventory
The inventory absorption rate has been swinging up and down for a while but the last several weeks have seen the amount of inventory drop as a whole. The current absorption rate is at 6.67 months which is slightly higher than last week but shorter than we have seen in a while. The reasons for this reduction in rate is caused by less raw inventory on the market and increased sales. We do find that there is less downward pressure on prices so they seem to be stabile as well. What we expect to see is inventory continuing to drop over the next few months with an uptick beginning in May. It is still unclear whether the current improvement is short term or a sign of a market change.
The current statistics for pending and avtive listings in Westside Alamo is as follows:
The average sales price for the 20 active listings is $1,769,056 with the highest price active listing currently priced at $4,498,000 and the lowest priced at $650,000. The average price per square foot is at $505 with the highest price per square foot at $1,070.95 and the lowest priced at $296.63. The average days on market is at 167 with the longest being at 354 and the shortest at 10 days. There are 3 pending listings which are priced at $595,000, $869,000, and $1,000,000. The price per square foot for these pending sales are $435.32, $569.46, and $347.71. The days on market for these homes are 96, 109, and 336.
As with the Town of Danville as a whole, the Westside Danville real estate market has improved dramatically over the last several weeks.
Inventory in the highly desireable area has dropped while sales have increased. The market change has caused the inventory absorption rate to drop significantly. The current rate is 4.25 months of inventory. This is considered a normal market. While some homes are still taking time to sell, others are selling rather quickly. We have seen 2 sweet spots develop in this area. The first is for fixers priced below $750K and the other is for completely remodeled homes with a price per square foot under $475.
The current market statistics for Westside Danville homes is as follows:
The 17 active listings for single family detached homes have an average list price of $1,676,002 with the highest price listing sitting at $3,695,950 and the lowest at $654,750. The average price per square foot for these active listings is $493 with the highest being at $608.29 and the lowest at $320.04. The average days on market is at 123 with the longest at 307 and the shortest at 3 days. There are 4 pending listings in Westside Danville. These listings were priced at $599,000, $799,000, $915,000, and $1,199,000. The price per square foot for these pending sales are $301.61, $560.31, $331.16, $543.18. The days on market for these homes are 92, 6, 65, and 8.
The real estate market in the town of Danville continues to improve.
The inventory absorption rate is now down to 5.6 months of inventory. Last week we were at 6 months. This is becoming a downward trend because raw inventory is dropping while sales are picking up. The dynamics of this market have relieved the downward pressure on prices and we are seeing a stabilization. Time will tell if this is a true trend or aboration but my personal business has seen a significant uptick in activity with many buyers now actively engaged in home searches. There has been a reduction in the absorption rate in most Danville sub markets. The areas of Greenbrook and Sycamore continue to track with Danville as a whole while the Westside Danville and Westside Alamo 
markets lagging a bit. The two latter markets however can change overnight.
Current Danville statistics
There are 164 active listings in Danville for detached single family homes. The average price for these active listings is $1,335,434. The highest price listings is currently priced at $5,200,000 with the lowest price at $585,000. The average price per square foot is at $411 with the highest being at $1,259.79 and the lowest at $232.92. The average days on market is at 109 days with the longest at 439 and the shortest at 3 days. The average list price for the 29 pending sales is $980,703 with the highest price pending listed at $2,750,000 and the lowest priced at $465,000. The average price per square foot for these pending homes is $378 with the highest at $800.58 and the lowest at $217.82. The average days on market for these homes is 84 days with the longest at 650 and the shortest at 0.
The Westside Alamo Real estate market has fallen in line with the surrounding areas
Much like the real estate market in the town of Danville and the specific Danville areas of Greenbrook, Sycamore, and Westside Danville the Westside Alamo market has seen it’s inventory absorption rate drop to 6.5 months. There are 20 active listings and 3 pendings. The stability, or reduced absorption rate, is due to several factors not the least of which is a reduction in active listings, lower interest rates, and more confidence in the economy. The market is expected to remain at this level at least in the near future.
Current Market Statistics:
The average list price for the active Westside Alamo listings is at $1,911,056 with the highest being at $5,215,000 and the lowest at $699,000. The average price per square foot is $525 with the highest at $1,070.95 and the lowest at $309.03. The average days on market is 151 with the longest being at 654 and the shortest at 3. The prices for the 3 pending listings are $599,000, $869,000, and $1,000,000. The prices per square foot are $435.32, $569.46, $347.71. The days on market are 96, 109, and 336.
The Westside Danville real estate market has seen the inventory absorption rate drop to 6 month over the last week.
This is due to fewer active listings and new pending sales in the area. The market activity in terms of showings and open house activity also is increasing with many buyers now making the decision to buy. In part this is due to the low interest rates, desirability of the westside area, and large pent up demand. We are finding that many buyers have been studying the selling and price trends in the area and are now seeing value coupled with more confidence in the economy. This lower absorption rate is more in line with what we are seeing in Danville as a whole and the areas of Greenbrook and Sycamore
Market statistics:
The average list price for the active listings is at $1,620,394. The highest price westside listing is at $3,695,950 with the lowest at $599,000. The average price per square foot is at $482 with the highest at $608.29 and the lowest at $301.61. The average days on market is at 128 with the highest at 300 and the lowest at 5. The prices for the 3 pending listings are $799,000, $915,000, and $1,195,000. The prices per square foot are $560.31, $331.16, and $543.18. The days on market are 6, 65, and 8.
The Danville Real Estate market is still performing well and has stabilized over the last several weeks.
The inventory absorption rate has dropped to 5 weeks even with a total of 158 active listings and 28 pendings. In some cases homes are selling at or near asking price in less than a month. While it is still too early to tell, there are many economists who feel that the market as a whole is stabilizing. Some of the factors causing the experts to conclude that the market is improving are the low interest rates, a new administration and large pent up demand.
The current market statistics are as follows:
The average sales price for the 158 active Danville listings is $1,354,177 with the highest at $5,200,000 and the lowest price listing at $585,000. The average price per square foot is $411 with the highest at $1,259.79 and the lowest at $242. The average days on market is 112 days with the longest at 650 and the shortest at 3 days. The average list price for the 28 pending listings is $1,022,470 with the highest at $2,750,000 and the lowest at $465,000. The average price per square foot for these pending listings is $389 with the highest at $800.58 and the lowest at $217.82.
Specific areas
The areas of Greenbrook and Sycamore have performed much the same as Danville as a whole with the Westside Danville market being the slowest and the Westside Alamo 
market being inconsistent.
The Westside Alamo real estate market continues to swing widely
Within the Westside Alamo market we have seen the inventory absorption rate swing from over 20 months to 6 months. We have also seen inventory drop over the last few weeks. This drop in inventory has been instrumental in the shorter absorption rate and is consistent with the real estate markets in Danville and Westside Danville. We expect inventory levels to remain flat or slightly decrease over the next month or two while sales levels should remain flat or increase. As a result there will be less downward pressure on prices and overall sales prices should flatten out.
Current market activity
Within the Westside Alamo real estate market there are 19 active listings. The average price for these listings is $1,934,296 with the highest price listing at $5,215,000 and the lowest priced at $699,000. The average price per square foot is at $523 with the highest at $1,070.95 and the lowest at $296.63. The average days on market is at 170 with the longest at 647 and the shortest at 4. There are currently 3 pending sales. The prices for these pending sales were at $599,000, $869,000, and $1,495,000. The prices per square foot for these pending sales is $435.32, $569.46, and $477.64. The days on market for these homes are 96, 109, and 152.
The Westside Danville real estate market continues to swing widely in terms of absorption rate
Currently there are 18 active listings in the Westside of Danville which is down from the 25 we saw at the end of December. There are also 2 pending listings which gives us an inventory absorption rate of 9 months. This nine month absorption rate is higher than the 6.52 months that the Town of Danville is currently experiencing but much lower than the rates in December which saw no pendings and 25 active listings. The expectation is that sales will begin to pick up while inventory will stay flat or drop.
Current activity
There are currently 18 active listings within the Westside Danville market. The average list price for these homes is $1,532,005 with the highest priced listing at $3,695,950 and the lowest priced listing at $599,000. The average price per square foot is $485 with the highest at $608.29 and the lowest at $301.61. The average days on market is 121 days with the longest at 293 and the shortest at 3. There are 2 pending listings that had a list price of $915,000 and $1,195,000. The price per square foot for these listings is $331.16, and $543.18. These 2 homes were on the market for 65 days and 8 days.
The real estate market is Danville is continuing to pick up with inventory down and sales up
The Danville market has been very stabile during the economic downturn and has actually improved in terms of a reduced inventory absorption rate. The number of active listings have dropped to 163 and there are 25 pending listings. This gives us an inventory absorption rate of 6.52 months. By all accounts we expect active inventory to drop over the next month or two and sales are expected to be flat at about 25 a month. The smaller sub markets within Danville are seeing dramatic differences. The areas of Greenbrook and Sycamore are performing very close to Danville as a whole while the areas of Westside Danville and Westside Alamo 
are slower with a longer absorption rate. This will continue to push the absorption rate lower and remove downward pressure on prices.
Current statistics
The average price for the 163 active listings in Danville is at $1,352,966 with the highest price listing at $5,200,000 and the lowest at $585,000. The average price per square foot is at $415 with the highest at $1259.79 and the lowest at $235.26. The average days on market is at 108 with the longest at 643 and the shortest at 3. There are 25 pending listings with an average list price of $934,474 with the highest priced at $1,895,000 and the lowest at $465. The average price per square foot is $369 with the highest at $543.18 and the lowest at $217.82. The average days on market is at 87 with the highest at 274 and the lowest at 0.
The Westside Danville real estate market continues to under perform
The current inventory absorption rate for Westside Danville is at 20 months which is dramatically higher than both Danville as a whole and Westside Alamo. This desireable area has slowed drastically over the last half of 2008. Ironically the total home sales in 2008 were much higher than that of 2007 and prices were stabile at only a 3% decline from the previous year. There is much speculation on the reasons for the slowdown but my educated guess is that many buyers are waiting for prices to come down, and the homes priced between $1,000,000 and $1,200,000 have become less attractive. This attractiveness, or lack of, is that many buyers are either looking for a ‘fixer’ or a home that is move-in ready. The price expectation for fixers on the Westside of Danville is less that $800K. The homes that are move-in ready are usually priced over $1,300,000.
Currently there are 20 active listings in the Westside if Danville. The average price for these listings is $1,471,805 with the highest priced listing at $3,695,950 and the lowest priced at $654,000. The average price per square foot for these listings is $482 with the highest being at $608.29 and the lowest at $320.04. The average days on market is 109 with the longest at 286 and the shortest at 18. There is one pending sale in the Westside of Danville which was listed at $1,195,000. The price per square foot for this pending sale is $543.18 and it was active for 8 days.
