The Westside Alamo real estate market has remained steady in that it fluxuates from a high to low inventory absorption rate.
Currently the inventory absorption rate is at 7.5 months. The changes in the market are more in line with the types of homes selling. As with the Westside Danville 
market, the homes actually selling in Westside Alamo are either fixers or already fixed up. The comments from buyers are that they want to get a deal on a home that needs work or they want a home that has been totally remodeled. As a result we are seeing a whole segment of the market remain slow.
The current statistics for Westside Alamo are as follows:
There are 23 active listings in Westside Alamo. The average list price for these homes is $1,762,423 with the highest priced active listing at $4,498,000 and the lowest priced at $699,950. The average price per square foot is at $511 with the highest at $1,070.95 and the lowest at $309.03. The average days on market is 150 days with the longest at 689 days and the shortest at 10 days. There are currnetly 3 pending sales. The pending homes are priced at $650,000, $1,000,000, and $1,049,000. The price per square foot for these homes is $501.54, $402.58, and $283.14. The days on market for these homes is 190 days, 160 days, and 49 days.
The real estate market in Westside Danville continues to plug along.
We are seeing an interesting phenomina with homes in this area. In the past homes in the Westside of Danville seemed to sell on their own with multiple offers. Due to the desireability of this area, the buyers were not as concerned about condition and would put up with an older home just for being in this location.
The current situation is one in where buyers are either looking for a home that needs to be completely remodeled or rebuilt of a home that already is remodeled. This has caused the homes priced between $800K and $1.1M to basically sit because they are priced to high for fixers and are not updated enough to be considered remodeled.
There are 21 acrtive listings in the Westside with an average list price of $1,837,062. The highest priced listing is at $3,695,950 with the lowest priced at $675,000. The average price per square foot for the homes is at $487 with the highest at $599.78 and the lowest at $349.38. The average days on market for these homes is 114 days with the longest at 335 days and the shortest at 12 days. There are also 3 pending sales in Westside Danville. The homes were listed at $599,000, $654,750, and $1,099,000. The price per square foot for these homes is $301.61, $337.33, and $529.64. The homes were on the market as active for 92 days, 42 days, and 18 days. This gives us an inventory absorption rate of 7 months.
The real estate market in Danville is reflextive of the overall desireability of the area.
Danville reale estate has always been highly prized. The community as a whole, the Town leaders, and the countless activities for children, in addition to award winning schools, have led to the robustness of it’s real estate market. Some areas are stronger than others and have faired well over the last two years. In particular the areas of Sycamore and Greenbrook have proven to provide a good mix of traditional Danville ranchers, great schools, close knit neighbors, and space. While being more afordable than the homes in Westside Danville and Westside Alamo.
Based on the amount of activity in terms of showings, the Danville market is picking up.
Over the last several weeks we have seen sales increase while inventory is dropping. Many homes that were on the market have been pulled off and leased so only the most motivated properties remain. This is not to say that prices are dropping. In fact we have seen prices stabilize and they now seem to be flat. There was an overall drop in home prices during 2008 of 10% on average and 4% in the Westside.
The current Danville real estate market continues to remain stable
With an inventory absorption rate being stable at 5 months, the real estate market in Danville has shown it’s true strength and robustness. The consistency of this market has defied the downturns in many outlying areas and has given it’s residents something to be pleased about. Additionally we have seen inventory drop over the last several months and have also seen sales increase.
Current statistics
There are currently 171 active listings in Danville which have an average sales price of $1,324,181 with the highest price listing at $4,900,000 and the lowest price at $585,000. The average price per square foot is currently at $421 with the highest at $2,243.59 and the lowest at $235.36. The average days on market is at 96 with the longest at 321 and the shortest at 2. There are 32 pending sales currently in Danville. The average price for these pending sales is $985,214 with the highest priced at $2,750,000 and the lowest priced at $524,900. The average price per square foot is at $359 with the highest at $800.58 and the lowest priced at $217.82. The average days on market for these pending sales is 110 with the longest at 650 and the shortest at 0 days.
The real estate market in Westside Alamo continues to fluxuate from week to week.
With a current active inventory of 22 homes and only 1 pending sale and 1 closed sale, the market has seen it’s inventory absorption rate swing from a high of 22 months to a low of 6 month over the last 4 weeks. We expect to see inventory decrease over the next few months with sales beginning to slowly pick up. The price for homes in this area has been fairly stable with an overall decrease in average sales price by 5 % from last year. This market has been much slower and much less stabile than the overall Danville market and until this past week tracked closely with the real estate market in Westside Danville
Current market activity:
There are 22 active listings for single family detached homes in the Westside of Alamo. The average list price for these homes is $1,723,915 with the highest priced listing at $4,498,000 and the lowest at $650. The average price per square foot for these homes is $493 with the highest at $1,070.95 and the lowest at $309.03. The average days on market for these homes is 152 days with a high of 668 and a low of 1. There is 1 pending sale that is priced at $599,000. The price per square foot for this pending sale is $435.32 and it was on the active market for 96 days. The was 1 closed sale in January. The home sold for $1,390,000 and was listed at $1,495,000. This represents a discount of 7%. The home was on the market for 152 days.
Westside Danville homes sales stabilize through January
Even though there were no closed sales for homes in Westside Danville the market has seemed to stabilzed at an inventory absorption rate of 6-7 months. Homes in this area have maintained there prices over the last year with only a 4% reduction in average sales price. We expect that inventory and prices will remain stable over the next few months. We find this market to be a bit slower than the overall Town of Danville real estate market and those sub-markets of Greenbrook and Sycamore and to be more consistent with the real estate market in Westside Alamo
.
Current performance:
The average list price for the 19 active homes on the market is $1,770,068 with the highest being at $3,695,950 and the lowest at $675,000. The average price per square foot is at $495 with the lowest at $320.04 and the highest at $608.29. The average days on market is 115 with the longest at 314 and the shortest at 3. There are 3 pending sales in Westside Danville. The list prices for these pending sales are $599,00, $654,750, and $1,195,000. The price per square foot for these listings is $301.61, $337.33, and $543.18. These homes were on the market for 92, 42, and 8 days.
Sales have continued to improve for Real Estate in Danville
Currently there are 153 active listings and 30 Pending sales in Danville. The number of closed sales in January were 12. Based on these statistics the inventory absorption rate in Danville as a whole is at 5.1 months. This continues to demonstrate the strength and resiliance of this real estate market. The projections are that inventory will continue to drop over the next few months with sales and prices remaining stabile. The resultant performance will show a quicker sales time for most homes. We do not expect prices to increase but we do expect them to remain flat. The areas that have been doing well over the last month is Greenbrook, Sycamore, Westside Danville and Westside Alamo.
Current activity is as follows:
The average list price for the 153 active listings in Danville is $1,347,623 with the highest price listing being at $5,200,000 and the lowest at $585,000. The average price per square foot is at $413 with the highest at $1,259.79 and the lowest at $235.26. The average days on market is 110 with the longest being at 446 and the shortest at 3 days. The average list price for the 30 pending sales of detached homes is $953,021 with the highest priced at $2,750,000 and the lowest at $524,900. The average price per square foot for these homes is $361 with the highest at $800.58 and the lowest at $217.59. The average days on market for these homes is 94 days with the longest at 650 and the shortest at 0. There were 12 homes sold in January. The average price for these sales was $981,583 with the highest being at $1,485,000 and the lowest at $725,000. The average list price for these homes was at $1,022,083 which suggests a 4% discount for sales. The average price per square foot for these homes is $354 with the highest being at $462.67 and the lowest at $239.26. The average days on market for these sold homes was 76 days with the longest at 254 and the shortest at 0.
