The Danville Market is still very stable and sales look strong.
Based on what we are seeing and experiencing, the Danville Real Estate market continues to improve and sales are more than keeping up with new listings. In fact the amount of available inventory is now down to 2 months. This statistic does not include the areas of Blackhawk but does include Westside Danville, Greenbrook, and Sycamore. The wildcard here is with the inventory of bank owned homes still with the banks. It is unclear what the banks will do in the future but as of now, in spite of the lower prices, the market seems strong.
Current Danville statistics are as follows:
There are 192 active listings in Danville with an average list price of $1,292,858. The highest price listing is at $4,500,000 and the lowest is priced at $539,900. The average price per square foot is at $412 with the high at $2,002.40 and the low at $230.21. The average days on market is at 100 days with a high of 426 and a low of 3. There are 93 pending listings in Danville. The average price for these pending listings is $996,331 with a high of $3,299,000 and a low of $399,950. The average price per square foot is at $361 with a high of $1,656.25 and a low of $204.86. The average days on market is 72 with a long of 288 and a short of 0.
Analysis:
Based on the statistics we see that many of the active listings are priced a bit high. The buyers currently making offers are not “Low Balling” like we saw last year but are studying the comparable sales quite closely. Also, with the new regulations and rules on appraisals it has become increasingly difficult to have appraisals come in where they should be. The rule of the day is if you wantto sell your home, you really need to study the most recent sales and price accordingly.
