In spite of the holidays we are seeing the activity level for sales and pending’s of Danville real estate continue to increase.
The inventory absorption rate is continuing decline and is now at 1.2 months which is down from my last Danville blog just 1 week ago. An interesting statistic is with the average days on market. You would expect the average days on market to be less than 40 days but as a result of many of the pending sales being “Short Sales” the average days on market for Pendings are at 61 days and the average days on market for “Sold” homes is at 70 days. We are still seeing many listings not selling and as a result the average days on market for the 97 active listings is 120 days. A few reasons for this condition are that the homes priced between $950,000 and $1,300,000 seem to be sitting, see my past Danville Real Estate blog about this situation, and if you compare the average price per square foot of the sold against the active you will see a large gap.
Current Danville Real Estate Statistics:
There are 97 active single family detached homes currently on the market in Danville. The average list price for these homes is $1,262,406 with the highest priced listing at $3,595,000 and the lowest priced at $520,000. The average price per square foot for these homes is at $432 and the average days on market at 120 days. There are 80 pending sales in Danville with and average list price of $921,033. The highest priced pending sale was listed at $2,395,000 and the lowest at $449,000. The average price per square foot is at $323 and the average days on market at 61 days. In the month of December there have been 27 closed sales. The average sales price is $890,615 with the highest priced sale at $2,050,000 and the lowest at $540,000. The average price per square foot for these sales is at $339 and the average days on market at 70 days.
