The Westside Alamo real estate market seems to be lagging relative to other local markets
In the Westside of Alamo the real estate sales have not picked up to the extent that we are seeing sales in Danville. The inventory absorption rate for the Town of Danville is at a very low 3.5 months and is considered a neutral market. In comparison the inventory absorption rate for homes in the westside of Alamo is at 8.6 months which is very similiar to the 7 months that Westside Danville is seeing. As a result, the Westside Alamo real estate market is considered a buyers market.
There are 26 active listings in the Westside of Alamo with and average list price of $1,662,774. The highest priced listing is at $4,498,000 and the lowest is at $699,950. The average price per square foot is at $487 with the highest at $1,070.95 and the lowest at $309.03. The average days on market is at 160 with the longest at 417 and the shortest at 3 days. There are 3 pending sales in the Westside of Alamo. The list price for these homes are $650,000, $1,000,000, and $2,795,000. The price per square foot for these homes are $501.54, $402.58, and $559.34.
The homes sales in Westside Danville continue to lag relative to the town of Danville.
As opposed to the inventory absorption rate of 3.5 months for the town of Danville, the real estate market in Westside Danville has an inventory absorption rate of 7 months. This is indicative of a buyers market. What we are finding is that the homes in Westside Danville and Westside Alamo, while a highly desired area, do not offer the perceived value in price per square foot and home condition that the homes in Greenbrook and Sycamore offer. This is not to say that the westside has lost it’s appeal. There are many buyers “on the fence” waiting to see if prices will come down before they make offers. Also, many of the homes in this Westside Danville real estate market are neither tear downs or new remodels. We are finding that many buyers are either looking for a deal on a fixer, or for a home already remodeled with the latest ammenities.
There are 21 active listings in the Westside of Danville with an average list price of $1,936,414. The highest priced listing is at $3,900,000 and the lowest at $615,950. The average price per square foot is at $549 with the highest at $1656.25 and the lowest at $317.34. The average days on market for these homes is 125 with the longest at 370 and the shortest at 15. There are 3 pending sales. The list price for these pending sales are $599,000, $799,000, and $1,500,000. The price per square foot for these homes are $310.61, $560.31, and $384.62. The days on market for these homes are 92, 30, and 32.
The inventory absorption rate in Danville continues to drop.
In spite of the fact that inventory has started to rise and prices have stabilized, the inventory absorption rate for Danville real estate continues to decline. For single family detached homes the rate has dropped to 3.5 months. This indicates a neutral market. We have also seen prices stabilize over the past several months. Only time will tell if this is just a short term annomaly or a sustainable trend but one thing is for certain, this is a great time to buy a Danville home. With interest rates low and sellers pricing homes to sell it seems, at least in the short term, that Danville is pulling out of the housing crisis. Within the Danville real estate market there are some areas that people are focusing on. The Greenbrook and Sycamore areas have become more desirable than in past years due to great schools and a great family neighborhood, and more importantly to the perceived value as compared to the more expensive areas like Westside Danville and Westside Alamo.
The current statistics for Danville are as follows:
There are 179 active listings in Danville. The average list price for these homes are $1,368,433 withe the highest priced listing at $5,300,000 and the lowest priced at $499,950. The average price per square foot is at $432 with the highest at $1339.52 and the lowest at $235.26 The average days on market is 98 days with the longest at 355 and the shortest at 3. There are 51 pending sales in Danville with an average list price of $854,567. The highest priced pending listing is at $1,515,000 and the lowest at $551,900. The average price per square foot is at $333 with the highest at $560.31 and the lowest at $221.58. The average days on market are at 71 with the longest at 395 and the shortest at 0.
The following home listed by Andrea Scott of Alain Pinel is just such an opportunity. Located within the most desireable area of Westside Alamo, this short sale home provides easy access to schools, shopping and to the 680 freeway. As Andea puts it “CHARM HAS AN ADDRESS! UPDATED WESTSIDE RANCHER, BEST-END-OF COURT LOCATION, SUPREME PRIVACY, ENCHANTING YARD, SLAB GRANITE OPEN TO FAMILY RM, SS APPL, FIREPLACE IN DINING RM, WOOD FLOORS, RECESSED LIGHTING, NEWER ROOF, NEWER WINDOWS, NEW LANDSCAPING & FENCING – LOVELY!”
To see this home, or any other Alamo property just shoot me an email at bob@gibbsrealestateteam.com.
The Westside Danville Real Estate market is still strong, but we are seeing some bargains.
The following home, listed by Ed Antenucci, is in a great location near downtown Danville, is on a 1/3 acre lot, can be rebuilt and have up to a 1000 sq. ft. In-Laws quaters added on. “Highly Sought After Desirable Westside! Walk to downtown and schools. All on a beautiful tree lined private court. New siding, new windows, electrical and plumbing but home needs to be finished. Bring your contractor and get a great deal in this established westside neighborhood” This home is not a foreclosure or short sale and offers a great opportunity for growth.
Even though the Danville Real Estate market is extremely robust, we are seeing some foreclosures
The following home listed by Mark Rodriguez of Coldwell Banker is an example of a great Danville buy. If you have any interest in the home or any other Danville home just shoot me an email and we can discuss your needs:
This home is in Bettencourt ranch which is a gated community near Blackhawk “Marble floors greet you and vaulted ceilings carry you through this spacious view home. A center island w/second sink highlight the kitchen. The expansive family room features a wet bar and access to the rear yard. An office or retreat await with fireplace in the master bedroom.”
The Danville real estate market has remained stabile during the first quater of 2009.
This market has been very strong and stabile for the last several months. Much of this is caused by the overall desireability of the Danville Real Estate Market and because there are far fewer bank owned and short sales than in the surrounding area. People selling and buying in Danville are transacting business in a manne consistent with a normal market. The inventory absorption rate of 4 months is indicative of a neutral market and this is exactly the rate being experienced within Danville.
Some areas within Danville are more consistent than others.
The areas of Greenbrook and Sycamore have proven to be more consistent that the areas of Westside Danville and Westside Alamo. This consistency is caused by the relatively lower prices in the areas of Greenbrook and Sycamore and due to the proximity to downtown and freeways from these two areas. The areas of Westside Danville and Westside Alamo, while offer a very desireable location, are considered to be priced too high for the square footage and age.
The Westside Alamo real estate market is beginning to pick up and we are seeing sales increase.
While inventory is now holding steady sales are beginning to pick up. The Westside Alamo market has been very unstable over the last year but we are seeing signs of improvement. Only time will tell if sales will continue to rise but for now we have an inventory absorption rate of 6 months. This is still indicative of a buyers market but is much improved over the 20+ months we had in 2008.
Current statistics
There are 24 active listings in the Westside of Alamo with an average sales price of $1,687,343. The highest price listing is at $4,498,000 with the lowest at $699,950. The average price per square foot is at $501 with the highest at $1,070.95 and the lowest at $309.03. The average days on market is at 155 days with the longest at 397 and the shortest at 6 days. There are 4 pending sales in this area. The list prices for these pending sales are $650,000, $1,000,000, $1,049,000, and $2,795,000. The prices per square foot for these homes are $501.54, $402.58, $283.14, and $559.34. The days on market for these homes are 190, 160, 49, and 110 days.
Danville real estate market continues to remain stable through the first quarter of 2009.
The current inventory absoprtion rate for the residential real estate in the town of Danville is at 3 months. This signifies a strong market and supports the common belief among real estate professionals that the Danville Market has not seen the downturn as with someother east bay markets. The areas of Danville doing well are Greenbrook and Sycamore with other areas such as Westside Danville and Westside Alamo being less stable.
Current market statistics
In Danville there are currently 183 active listings for detached single family homes. The average list price for these homes is $1,330,571 with the highest priced listing at $5,300,000 and the lowest at $549,950. The average price per square foot is at $420 with the highest at $2,243.59 and the lowest at $235.26. The average days on market for these active listings is 92 days with the longest at 350 and the shortest at 1. There are 48 pending sales in Danville with an average list price of $912,763. The highest priced pending sale was priced at $1,999,990 with the lowest priced at $529,000. The average price per square foot for these pending sales is $361 with the highest at $576.22 and the lowest at $232.92. The average days on market for these homes is 85 days with the longest at 650 and the shortest at 0.
The real estate sales in Danville continues to increase.
The current inventory absorption rate has decreased again and is now at 4 months. However, in spit of my last blog where inventory had dropped, in this case total inventory had picked up but sales outpaced the increase in inventory. We are seeing many buyer coming into the market and actively bidding on homes. Many homes are now selling relatively quickly and at prices close to asking. As an example, Debbie and I listed a home in Danville for $1,250,000. This home sold in less than 3 weeks for $1,245,000. You may say that it was underpriced but it is actually the highest priced home in terms of price per square foot ever sold in this neighborhood. I am not ready to say that the slowdown is over but I am willing to say that we are seeing a significant increase in activity and sales.
The current statistics are as follows:
There are 182 active listings in Danville. The average list price for these homes is $1,337,668 with the highest listed at $5,300,000 and the lowest at $549,950. The average price per square foot is $415 with the highest at $1,259.79 and the lowest at $235.26. The average days on market is 90 with the longest at 342 and the shortest at 2. There are also 46 pending sales in Danville with and average list price of $916,362 and the highest priced at $1,999,900 and the lowest priced at $529,000. The average price per square foot for these pending sales is $361 with the highest at $576.22 and the lowest at $232.92. The average days on market for these pending sales is 93 days with the longest at 650 and the shortest at 0.
