The real estate market in Danville continues to sizzle as we enter into the prime selling season
These days it is not uncommon to see multiple offers on homes. Many homes are now being sold within the first week of two. Prices seem to be stabilizing and the amount of available inventory has dropped to 2.37 months. This is a continuing and consistent downtrend in inventory levels and is primarily responsible for the stabilizing home values. We have also seen this trend withing the smaller submarkets in Danville such as Greenbrook, Sycamore, Westside Danville, and Westside Alamo.
Current Danville statistics are as follows:
There are 202 active listings within the Danville market. The average list price for these active listings is $1,255,947 with a high of $4,500,000 and a low of $499,900 the average price per square foot for these listings is $412 and the average days on market is 96 with a high of 413 and a low of 0. In addition there are 85 pending sales. The average list price for these pending sales is $1,034,913 with a high of $3,299,000 and a low of $399,950. The average listing price per square foot is $354 with a high of $736.38 and a low of $208.33.
We expect new listings to increase over the next few months while sales to increase at roughly the same level. The inventory absorption rate should hover between 2-3 months which is indicative of a balanced market and as such should keep prices fairly flat. There is some expectation that interest rates will raise in the near future so those wishing to lock in a low rate are encouraged to quickly regarding a home purchase. Many economists are predicting that there is not and will not be a better time to buy a home than now.
