The Danville market has stabilized with available inventory hovering at about 2 months, but this is not the whole story.
Over the past year we have seen the statistical strength of the Danville Market relative to local and national markets. However, the Danville market has segmented and homes at the price points less than $1,000,000 account for over 80% of the total sales. So, statistically speaking the overall market looks quite strong and robust. What we are seeing though is that the homes priced between $1,000,000 and $1,200,000 are sitting for long periods of time. The homes over $1,300,000 seem to be selling faster than those in this middle segment. In speaking with perspective home buyers what we are finding is that people are really looking for value and in many cases the homes priced between $1M and $1.2 M are listed at a fairly high price per square foot. Many of them are older homes that need remodeling or updating and buyers would rather pay more for a home that is already remodeled and priced well, or one that is not remodeled and priced low.
Current Danville Statistics:
There are 162 active listings for single family detached homes in Danville. The average list price for these homes is $1,302,245 with a high of $4,500,000 and a low of $529,000. The average price per square foot for these homes is $421 and the average days on market is 107 days. There are 83 pending sales in Danville with an average list price of $920,263. The highest priced pending sale was listed at $1,550,000 and the lowest at $484,900. The average price per square foot for these pending sales is $354 and the average days on market of 69 days.
