The real estate market in Danville has seen a flurry of activity of late.
While active listings continue to increase, pending sales have increased at a higher rate. Currently the inventory absorption rate is at 2.75 months which is down from 3 months last week. Certain areas seem to be moving faster than others. The areas of Greenbrook and Sycamore have picked up while Westside Danville and Westside Alamo remain slow.
Current statistics for Danville Real Estate:
The average list price for the 193 active listings is $1,366,001 with a high of $5,300,000 and a low of $559,900. The average price per square foot is $426 with a high of $2,243.09 and a low of $214.44. The average days on market is 94 days. The average list price for the 70 pending listings is $934,907 with a high of $3,998,000 and a low of $399,950. The average price per square foot for these pending listings is $334 with a high of $554.32 and a low of $202.38. The average days on market for these listings is 68 days with a high of 364 and a low of 0. There have been 15 homes sold in April. The average sold price is $922,300 with a high of $1,625,000 and a low of $595,000. The average price per square foot for these sold home is $346 with a high of $558.20 and a low of $227.92. The average days on market for these sold homes is 71 days with a high of 192 and a low of 10 days
The real estate market in Danville is heating up
The available inventory, or absorption rate, is currently down to 3 months. While more houses are coming on the market, we are seeing sales increase as well. There are currently 192 active listings in the Danville real estate market and 64 pending sales. The homes that are selling the fastest are in the price range of $400K-$900K. This has a lot to do with interest rates for conforming loans and a higher level of confidence from buyers. The areas who are benefitting the most are Greenbrook and Sycamore. The areas of Westside Danville and Westside Alamo have not started to rebound yet.
Current market statistics
The average list price for the 192 active Danville listings is $1,362,823 with the highest priced listing at $5,300,000 and the lowest at $499,000. The average price per square foot is $428 with the high at $2243.59 and the low at $235.59. The average days on market is 93 days with the longest at 378 and the shortest at 1 day. The average list price for the 64 pending sales is at $937,291 with the high at $3,998,000 and the low at $399,950. The average price per square foot is at $333 with the high at $508.98 and the low at $202.38. The average days on market is 71 days with a high of 364 and a low of 1.
We have seen an uptick in sales for homes on the Westside of Danville.
An increase in consumer confidence over the last two weeks coupled with lower interest rates and aggressive pricing have contributed to an increase in pending sales with the Westside Danville market. The expectation is that this short term jump will become the trend over at least the next few months. It is also expected to have inventory levels rise as well but the increase in sales should outpace the rise in inventory which will provide for a lower inventory absorption rate. As of today there are 19 active listings in the Westside and 4 pending sales.
Current Westside Danville Statistics:
The average price for the 19 active listings is at $2,025,460 with a high of $3,900,000 and a low of $795,000. The average price per square foot is $551 with a high of $1,656.25 and a low of $374.69. The average days on market is 111 with a high of 301 and a low of 11. There are 4 pending sales that had list prices of $599,000, $615,950, $924,900, and $1,359,999. The price per square foot for these $301.61, $317.34, $296.16, and $508.98. The days on market for these homes are 92, 107, 7, and 116.
The real estate market in Danville continues to move ahead with an increase in both inventory and pending sales
As of today there are 197 active listings for detached single family homes in Danville. Additionally there are 56 pending sales which gives us 3.5 month of inventory currently active. The uptick in both sales and pendings may have something to do with the increased confidence in the buying public as a result of the positive news on the financial markets. In addition the current interest rates for loans are extremely low. There is also some concern regarding a period of high inflation looming in the future so we are seeing savey buyers looking to secure their new homes with low interest fixed rate mortgages as a hedge against future, and undoubtetly higher interest rates.
The average list price for the 197 current active listings is $1,334,110 with a high of $5,300,000 and a low of $525,000. The average price per square foot is at $420 with a high of $2,243.59 and a low of $235.26. The average days on market is 93 days with a high of 370 and a low of 1. There are 56 pending listings on the market with an average price of $851,530 with a high of $1,899,000 and a low of $399,950. The average price per square foot is $328 with a high of $508 and a low of $202.38. The average days on market is 67 with a high of 364 and a low of 0.
Homes sales in Westside Danville continue to be consistent albeit slower that Danville
The inventory absorption rate in the Westside of Danville currently sits at 7.3 months while the town of Danville as a whole is at 3.86 months. This type of sales activity, with Danville being more robust than the Westside, has been consistent throughout the last 2 years.
The current statistics for the Westside Danville Real Estate market as of April 6, 2009 are as follows:
There are 22 active listings in the Westside of Danville with the average price being $1,881,118. The highest priced listing is priced at $3,900,000 and the lowest is priced at $615,950. The average price per square foot is at $527 with the highest at $1,656.25 and the lowest priced at $296.16. The average days on market is 99 with the longest at 293 and the shortest at 3. The 3 pending sales had a list price of $599,000, $799,000, and $1,500,000. The price per square foot for these homes are $301.61, $550.31, and $384.62. The days on market for these homes are 92, 30, and 32 days.
The real estate market in Danville continues to be strong:
With an inventory absorption rate of 3.8 months the Danville market still continues to roll along. While inventory has risen, so has sales. The active inventory of detached homes is now at 193 with the Pending sales at 50.
The statistics as of April 6, 2009 are as follows:
The average list price for these 193 active listings is $1,346,445 with the highest priced listing at $5,300,000 and the lowest at $300,950. The average price per square foot is $424 with the high at $1,656.25 and the lowest at $223.57. The average days on market is at 91 with the longest at 362 and the shortest at 5. The average list price for the 50 pending sales is $837,237 with the highest priced at $1,515,000 and the lowest at $551,900. The average price per square foot is at $329 with the highest at $560.31 and the lowest at $232.91. The average days on market is 63 with the longest at 364 and the shortest at 0.
