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.
