A recent spurt of activity has drastically reduced available inventory of Westside Danville homes
There are now 20 active listings in the Westside of Danville along with 7 pending sales. This has moved the inventory absorption rate, or amount of available inventory, from 20 months to 2.86 months. This increase in activity is happening sooner than the seasonally expected increase in sales. This seems to be due to an increase in consumer confidence and availabilty of great loan products The uptick in sales is lining up very closely to the Town of Danville as a whole which has been a more robust market over the past two years.
There are currently 20 active listing in Westside Danville with an average list price of $1,741,090. The highest priced listing is at $3,900,000 and the lowest at $795,000. The average price per square foot is at $551 with the high at $1,656.25 and the lowest at $374.69. The average days on market is 112 with the shortest at 13 and the longest at 284 days. There are 7 pending sales with an average list price of $1,417,564. The highest priced pending is at $2,750,000 and the lowest at $599,000. The average price per square foot is $404 with a high at $554.32 and a low of $208.33. The average days on market is 61 with a high of 116 and a low of 2.
WOW!!!! The Danville market seems to be on fire along with most areas of the East Bay.
There are currently 200 active listings in Danville for detached single family homes. While this number is consistent with past weeks and months, the number of pendings has jumped to 77. This results in an available inventory level of 2.59 months which is the lowest in quite awhile. There is some seasonality to the uptick but typically we see sales increase during the first few weeks of June and escalate through August. This market shift is occurring earlier than normal. There are many speculative reasons for this shift, and I have my thoughts as well, but an almost unanimous reason is the increase in consumer confidence along with the availability of some great loan products. Some areas of Danville are moving quicker than others. The areas of Greenbrook and Sycamore seem to be moving faster than the areas of Westside Danville and Westside Alamo
. The easiest reason to explain is that the Greenbrook and Sycamore areas have a lower price point for the same square footage. This price point falls within the conforming loan limits which offers the best rates. Additionally buyers are looking for value. And while there is a premium placed on the Westside locations many buyers are concerned about age of Westside homes and the money to will take to make the homes conform to their needs.
The real estate market in Danville has really heated up over the last few months.
There is currently 3 months of inventory in the active real estate market in Danville. Just 2 months ago we were averaging between 5-7 months. Many of the homes selling are in the $500-$800K price range. This is mainly as a result of the great loan products available for homes in this price range. The consensus is that in spite of an expected uptick in listings of foreclosed properties, the Danville real estate market will continue to heat up through the summer.
Current statistics:
There are currently 209 active listings in Danville of single family detached homes. The average price for these listings is $1,321,653 with a high of $5,300,000 and a low of $559,000. The average price per square foot is $417 and the average days on market is 89 days. There are 69 pending sales. The average list price for these pending home sales is $968,687 with a high of $3,998,000 and a low of $399,950. The average price per squre foot is $344 and the average days on market is 75 days.
The Westside Danville real estate market has improved over the last week.
The inventory absorption rate is now at 5 months which is higher than the overall Danville market as a whole but an improvement over the last several weeks. The uptick in activity follows in line with some recent economic projections that we are either at or near the bottom of the residential real estate downturn. With interest rates being low for fixed rate mortgages and with the expectation the we will be entereing a period of higher inflation in the near future, many buyers are now realizing the attractiveness of the current market and are submitting offers on homes.
There are 20 active listings with an average list price of $1,829,840. The highest priced active listing is at $3,900,000 and the lowest is at $795,000. The average price per square foot is $545 with a high of $1,656.25 and a low of $374.69. The average days on market is 94 days with a high of 269 and a low of 5 days. There are 4 pending listings in Westside Danville. These pending listings had list prices of $599,000, $615,950, $1,359,999, and $1,999,999. The prices per square foot for these pending homes are $310.61, $317.34, $508.98, and $554.32. The days on market for these homes are 92, 104, 116, and 7.
The real estate market in Danville is resembling more of a sellers market of late.
What we are seeing in many cases are multiple offers that are over asking price. This is in line with many economists who are suggesting that we may have hit bottom in the residential real estate market. In addition to the increased confidence of the buying public we still have very low fixed rate mortgages available. Many savy buyers also understand that as we pull out of this recession we will most likely see inflation increase and an end to the great low rates.
The average list price for the 192 active listings in Danville is $1,339,906 with a high of $5,300,000 and a low of $529,950. The average price per square foot is $423 with a high of $1,656.25 and a low of $214.44. The average days on market is 89 with a high of 369 and a low of 2. There are 68 pendings with an average list price of $942,698. The highest priced pending was listed at $3,998,000 and the lowest priced was listed at $399,950. The average days on market are 79 days with a long of 384 and the shortest at 0 days.
